Pune, India, June 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Insurance Protection Products Market.
According to MRFR analysis, the Global Insurance Protection Products Market is expected to register an 8.6% CAGR during the forecast period, 2020 to 2027, and reach USD 154.10 Billion by 2027.
Insurance policy is a contract between the insurer and the insuree to pay the subsequent amount for the losses the insuree has faced. Insurance policy can be taken for life, retirement policy, car insurance, mobile insurance, or fire insurance, among others. The insurance company pools the client’s risks to make payments more affordable for the insured.
The rapid spread of COVID-19 and the increasing instances of life-threatening diseases, including heart-related diseases, are driving the demand for policies across the world. The US is the world’s largest market for insurance protection products, followed by China and Japan. Insurance companies offer a wide selection of policies for insuring every entity owned by a person.
Furthermore, AI, blockchain, digitization, and personalization, as well as hiring and retaining technically skilled talent, are increasing the demand for insurance worldwide. The increasing use of IoT-enabled devices such as sensors and radio frequency identification (RFIDs) has increased the amount of data that can be monitored to generate meaningful insights. Increasing testing and awareness of chronic diseases is creating lucrative opportunities for the growth of the insurance protection products market during the forecast period.
However, the increasing competition, availability of various substitutes of companies, and reimbursement for COVID-19 cases are expected to restrain the growth of the global insurance protection products market during the study period.
Some of the key players, such as Aviva Insurance has introduced a strategy known as simplicity wins- renewal agenda 2.0. Aviva, Prudential, and other companies based in the US and the UK have a benefit of providing income protection insurance as these policies are offered in only a few countries. It is compulsory for citizens in the US to have an insurance policy for life and car, which eventually helps the insurance companies to increase the revenue.
The insurance protection products market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas held the largest market in 2019, owing to the rising demand for insurance policies in the region due to the increase in chronic diseases and governmental restrictions. The insurance protection products market in the Americas has further been sub-segmented into North America and Latin America, with North America divided into the US and Canada.
The European insurance protection products market has been categorized into Western Europe and Eastern Europe. Western Europe has further been classified into Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The insurance protection products market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing rate of chronic diseases and awareness among people and the latest technology, the market in the region is expected to be the fastest-growing regional market during the forecast period.
The insurance protection products market in the Middle East & Africa has been divided into the Middle East and Africa.
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Global Insurance Protection Products Market has been segmented based on the Type and Distribution Channel.
Based on the type, insurance protection products market has been segmented into life insurance, critical issues insurance, income protection insurance, term insurance, long term care insurance, and other insurance. The life insurance segment is further sub-segmented into term life insurance, whole life insurance, universal life insurance, and variable life insurance. The income protection insurance segment is further sub-segmented into disability insurance, long-term disability insurance, disability overhead insurance, total permanent disability insurance, worker’s compensation.
Based on the distribution channel, the global insurance protection products market has been segmented into direct channel and indirect channel. Because of the advancements in technology, direct channels are mostly used by the insurance companies as they are more convenient for the consumer.
A few of the key players in the global insurance protection products market are Allianz (Germany), Aviva (UK), Prudential (US), AXA A.S (France), Covea Insurance plc (UK), MetLife Inc. (US), China Life Insurance Company (China), United Health Group Incorporated (US), Aegon Life Insurance Company (India), and Sun Life Financial (Canada).