COVID-19 Has Caused Decline In The Insurance (Providers, Brokers And Re-Insurers) Market

Insurance(Providers, Brokers And Re-Insurers) Global Market Report

Insurance(Providers, Brokers And Re-Insurers) Global Market Report 2020-30: Covid 19 Impact And Recovery

The Business Research Company’s Insurance (Providers, Brokers And Re-Insurers) Global Market Growth Research Report 2020-30: Covid 19 Impact And Recovery

LONDON, GREATER LONDON, UK, June 23, 2020 / — The global insurance (providers, brokers and re-insurers) market size is expected to decline from $5939.5 billion in 2019 to $5807.3 billion in 2020 at a compound annual growth rate (CAGR) of -2.3%. The decline is mainly due to economic slowdown across countries owing to the coronavirus outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $6840.7 billion in 2023.

The insurance market consists of sales of insurance by entities (organizations, sole traders and partnerships) that engage in insurance and related activities such as underwriting (assuming the risk and assigning premiums) policies, insurance brokerage and reinsurance. The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some insurance firms may offer other services, financial or otherwise. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves. The value of the market is based on the premiums paid by those insured, both commercial and personal, as well as the fees or commissions paid to brokers.

The insurance (providers, brokers and re-insurers) market segmentation by type is classified into insurance providers, insurance brokers & agents, and reinsurance providers. By mode, the market is segmented into online, and offline. By end user, the market is segmented into corporate, and individual. The subsegments covered in the market include life insurance providers, property & casualty insurance providers, health & medical insurance providers, insurance agencies, insurance brokers, bancassurance, other intermediaries, property & casualty reinsurance providers, and life & health reinsurance providers.

According to the insurance (providers, brokers and re-insurers) market trends, the global payments industry has witnessed rapid increase in the adoption of EMV technology. This growth is driven by a higher level of data security offered by EMV chip and PIN cards as compared to traditional magnetic stripe cards. EMV is a security standard for various payment cards including debit, credit, charge and prepaid cards. The chip carries data of the cardholder and the account, which is protected using both hardware and software security measures. According to global technical body EMVCo, the number of EMV chip payment cards across the world reached 4.8 billion by the end of 2015. In line with the rest of the world, the adoption rate of EMV chip payment cards has steadily grown across various regions in the world, reaching 71.7% in Canada, Latin America and the Caribbean region, 61.2% in Africa and the Middle East region, and 32.7% in Asia-Pacific region.

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Source: EIN Presswire