The insurance industry comprises all establishments engaged in insurance and related activities such as underwriting (assuming the risk and assigning premiums) policies, brokerage and reinsurance. The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some firms might come under multiple categories. Contributions and premiums are set on the basis of actuarial calculations of probable pay-outs based on risk factors from experience tables and expected investment returns on reserves.
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The market is valued at more than $5 trillion in 2017 due to the increasing demand for property & casualty insurance products and rising insurance penetration in developing regions such as Asia and the Middle East & Africa is expected to drive growth in the market.
The market in the report is segmented into: insurance providers, insurance brokers & agents and re-insurance providers.
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The USA was the largest country in the insurance market in 2017, accounting for more than one-fourth of the market share. This was mainly due to the presence of a large number commercial establishments seeking property & casualty insurance. The USA was followed by China and Japan.
The top five competitors in the market made up around 9% of the total market in 2017. UnitedHealth Group was the largest competitor, followed by AXA, Munich Re, Allianz and Generali. UnitedHealth Group was the largest competitor in the insurance market in 2017 with almost 3% share of the market. UnitedHealth Group is a diversified health and well-being company based in Minnetonka, Minnesota, US. It was founded in 1977 and employs around 230,000 people globally.
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