Segments covered: By Type – Insurance, Insurance Brokers & Agents, Reinsurance; By Mode – Online, Offline; By End User – Corporate, Individual

LONDON, Aug. 25, 2021 (GLOBE NEWSWIRE) -- The Business Research Company’s research report on the global insurance, reinsurance, and insurance brokerage market describes and explains the market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.

Market Size And Forecast

The global insurance, reinsurance and insurance brokerage market is expected to grow from $5.23 trillion in 2020 to $5.85 trillion in 2021 at a compound annual growth rate (CAGR) of 11.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The brokerage, insurance and reinsurance market is expected to reach $7.40 trillion in 2025 at a CAGR of 6%.

COVID-19 Impact

The coronavirus pandemic that has swept the world is affecting every industry in more ways than one. The insurance, reinsurance and insurance brokerage market is experiencing its fair share of the impact of COVID-19 on players in this market. People around the world have faced a severe shock with an increase in demand for life insurance. The virus can be widely spread through human contact, and governments worldwide are urging people to minimize this contact in efforts to contain the spread of the disease.

Due to this, the life insurance organizations are trying to digitalize the process, to allow buying and disbursements of life insurance to continue as usual. The pandemic has taken a toll on new premiums on certain business lines, such as travel, events, and trade credit insurance, and losses from these lines of business may become significant. In 2019, top insurance players had delivered an annual Total Shareholder Return (TSR) of 20% since 2014. However, by the second quarter of 2020, the insurance sector underperformed the market by nearly 12% due to the impacts of the pandemic.

The Business Research Company’s report titled Insurance, Reinsurance And Insurance Brokerage Global Market Report 2021: COVID-19 Impact and Recovery to 2030 covers major insurance, reinsurance, and insurance brokerage companies, insurance, reinsurance, and insurance brokerage market share by company, insurance, reinsurance, and insurance brokerage manufacturers, insurance, reinsurance, and insurance brokerage market size, and insurance, reinsurance, and insurance brokerage market forecasts. The report also covers the global insurance, reinsurance, and insurance brokerage market and its segments.

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Market Trends To Counter COVID-19 Impact

Digital Process Implementation In Insurance

Insurance providers understand that by going digital, they can ensure that their services are readily accessible for their customers and reduce the time taken to offer various services. The shift to digital has marked a shift towards paperless and penless processes for buying insurance, to expecting virtual assistance during service requests. Digital processes are no longer a differentiator but a survival requirement. Customers can now receive any required guidance through digital aids. The current situation has hastened customer migration towards a more virtual life where most interactions are driven by digital and social media. The COVID-19 crisis has only accelerated the need for digitization. For example, Bajaj Allianz Life Insurance aims at a complete transformation to becoming a totally digital business. Apart from developing their own mobile application, Bajaj also aims at investing heavily in analytics. It has developed a model for predictive analysis for renewals.

Cover For Pandemics

2020 proved a very uncertain year with the onset of the coronavirus pandemic. To safeguard the coverage of the policyholder, multiple insurance companies have begun offering protection against diseases caused by viruses that may be a side effect or a result of an epidemic or pandemic. Insurers all around the world have now taken precautions to ensure that they are not caught off-guard again by a pandemic resulting in a high number of deaths. For example, some of the life insurance companies that include coverage for the coronavirus pandemic include Brighthouse, Lincoln Financial, Prudential, AIG, Banner and Mutual of Omaha.

Insurance, Reinsurance And Insurance Brokerage Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Here Is A List Of Similar Reports By The Business Research Company:

Financial Services Global Market Report 2021 - By Type (Lending And Payments, Insurance, Reinsurance And Insurance Brokerage, Investments, Foreign Exchange Services), COVID-19 Impact And Recovery

Insurance Brokers & Agents Global Market Report 2021 - By Type (Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries), By End User (Corporate, Individual), By Mode (Online, Offline), By Insurance (Life Insurance, Property & Casualty Insurance, Health & Medical Insurance), COVID-19 Impact And Recovery

Life Insurance Providers Global Market Report 2020 - By Type (Term Life Insurance, Whole Life Insurance, Variable Life Insurance, Equity Indexed Life Insurance, Accidental Death Insurance), By Application (Agency, Brokers, Bancassurance, Digital And Direct Channels), COVID-19 Impact And Recovery

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