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The Advent of Peer-To-Peer Insurance

Author: Praneeth Tbrc
by Praneeth Tbrc
Posted: Dec 16, 2018

Historically, the global insurance providers market, one of the segments of the financial services industry, grew at a compound annual growth rate (CAGR) of 3.80%. The strong growth in the historic period is due to the increasing insurance markets in many developing countries such as India and China, supported by a gradual finical recovery in Western economies.

The global insurance providers market size is expected to reach $5000 billion by 2021, growing at a CAGR of around 4%. Going forward, a steady growth rate is forecasted for the global insurance providers market mainly driven by the growth in Asia, the Middle East and Africa.

Find TBRC’s report on the insurance providers market: https://www.thebusinessresearchcompany.com/report/insurance-providers-global-market-report-2018

Peer-to-peer insurance is gradually gaining prominence both in emerging and developed markets. This growth is expected to be driven by reduced cost of premium resulting from improved internet penetration in developing regions. Peer-to-peer insurance is based on pooling insurance premiums of participating individuals that can be used to compensate future uncertain losses and share the left-over amount among participants. It aims to reduce premium and overhead costs when compared to traditional insurance providers, decrease inefficiencies and increase transparency of businesses.

Download a sample report: https://www.thebusinessresearchcompany.com/sample.aspx?id=231&type=smp

The insurance providers market is segmented into Life Insurance Providers, Property & Casualty Insurance Providers and Health & Medical Insurance Providers.

Life Insurance Providers are entities engaged in direct underwriting annuities and life insurance policies, disability income insurance policies and accidental death and dismemberment insurance policies. This includes both government and private owned insurance providers that underwrite both linked policies which act as insurance as well as investment policies and non-linked polices or annuities against events such as death, permanent disability and temporary disability. Clients of these insurance providers are the general public who buy life insurance policies, it can be either through intermediary or direct selling.

Health and Medical Insurance Providers are companies primarily involved in directly underwriting health and medical insurance policies. Group hospitalization plans and health maintenance organization HMO establishments (except those providing health care services) that provide health and medical insurance policies are included in this industry. Clients of these insurance providers are the general public/companies who buy medical and health insurance policies, it can be either through intermediary or direct selling.

Property and Casualty Insurance Providers are engaged in direct underwriting insurance policies that protect policy holders against future uncertain losses that may occur as a result of property damage or contingent liability. This market includes direct Insurance Providers which underwrite polices for protection against events such as natural calamities, burglary, fire accidents, riots and terrorism related incidents. Clients of these insurance providers are the general public/companies who buy property and casualty insurance policies, it can be either through intermediary or direct selling.

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Author: Praneeth Tbrc

Praneeth Tbrc

Member since: Nov 04, 2018
Published articles: 60

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