Lucintel Estimates Gross Premium of Global Non-Life Insurance Industry to Reach US $2,500 Billion in 2017
The Global Non-Life Insurance industry witnessed moderate growth during 2006-2011 and the growth momentum is expected to continue, reaching an estimated US $2,500 billion in 2017 with a CAGR of 4.2% over the next five years (2012-2017).
- (1888PressRelease) April 15, 2012 - Lucintel, a leading global management consulting and market research firm, has analyzed the Global Non-Life Insurance industry and presents its findings in "Global Non-Life Insurance Industry 2012-2017: Trend, Profit, and Forecast Analysis."
The Non-Life Insurance industry consists of establishments that are primarily engaged in pooling of risk by underwriting insurance and insurance policies that protect policyholders against losses that may occur as a result of property damage and liability. The industry is highly fragmented, and a combination of factors such as demographic condition, interest rate fluctuation, increasing catastrophic events, and government regulations are seen to impact the industry dynamics significantly. The sovereign crisis in Europe is also anticipated to have an impact on market growth.
Lucintel's research indicates that rapid industrialization and increasing trade volume is anticipated to encourage the demand of non-life products such as marine insurance, insurance for catastrophic losses, and insurance for fixed assets. Increasing per capita income in emerging economies such as China, India, Mexico, and South Africa is expected to encourage people to purchase vehicles and build homes, creating opportunities for non-life insurance. Although low interest rates and sluggish cash flows erode growth, the industry is expected to overcome the challenge with increasing use of advanced analytics to reduce fraudulent claims and social media channels to increase market penetration.
This study provides an overview of the Global Life Insurance industry. The report tracks only the non-life segment for four regions of the Global Insurance industry. The scope of this study is limited to annual trends for past five years and forecasts for next six years. This report includes gross premium for non-life insurance as market size. Commission and brokerage received by insurance agents for selling insurance policies is outside the scope of this report.
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