Digitalization to Boost the Global Property and Casualty Insurance Market-Ken Research

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The report titled “Property & Casualty Reinsurance Providers Global Market Report 2018 Including: Property & Casualty Reinsurance Providers Covering: Swiss Re,Munich Re,China Reinsurance (Group) Corp,Hannover Re,SCOR SE”, provides a comprehensive analysis of global property and casualty insurance market, advancements, leading players, geography and future of global property and casualty insurance market.

Industry Overview: Almost all the global property insurance companies are recapitalizing, creating start-up capacity, and focusing on generating underwriting profits, to increase their profit margins over the next few years. With the availability of more flexible data management infrastructure and governance architecture, the property and casualty insurance sector will improve its transparency which will help in the better formulation of models and frameworks. Property and casualty insurance vendors are making use of cost-effective solutions in infrastructure, communications, and analytics. Social media platforms are used by insurance vendors to collect customer feedback, resolve queries in real-time, and provide product updates. These platforms offer transparency and provide an efficient platform to evaluate different insurance vendor offerings. Geographically, the global property insurance companies are spread across Americas, APAC and EMEA. The Americas account for a larger share in the global property and casualty insurance market due to favourable insurance environment and pro-business outlook.

Advances, Geography and Leading players in the Global property and casualty reinsurance providers: Digital transformation, market consolidation, and servitization (change in market services) are a few factors that will propel growth in the global property and casualty insurance market. The global property and casualty insurance market is heavily regulated and fragmented with enormous competition among various vendors. The increasing incidence of catastrophic events and decrease in risk tolerance has made reinsurance an indispensable part of the insurance industry. By absorbing the losses of insurers, reinsurers help in the stabilization of the Insurance industry. The leading global reinsurance vendors are Berkshire Hathaway, China Reinsurance, Hannover Re, Korean Reinsurance, Lloyd’s, Munich Reinsurance, SCOR SE, Swiss Re, Axis Capital Holdings, Everest Re, General Insurance Corporation of India and Partner Re. The major market drive of global property and casualty insurance market is the decreased risk tolerance. The global property and casualty insurance market faces a major market challenge due to intense competition. Global property and casualty insurance market is prominent in counties such as Brazil, China, France, Germany, India, Italy, Japan, Spain, Russia, UK, USA and Australia.

Usually the reinsurance providers market includes establishments engaged in assuming all or part of the risk with existing insurance policies originally underwritten by other insurance providers. Asia Pacific accounts for a larger share of the reinsurance market, followed by Western Europe. Africa is the smallest region accounting for around 1% market share. The mortgage insurance category is supporting the growth of the reinsurance market to enhance their risk management strategies. By entering into reinsurance partnerships with mortgage insurance, the reinsurance market will improve their capitals to manage their risk.

Global property and casualty insurance providers are interlinked with other insurance policies that protect policy holders against property damage or contingent liability. Globally, insurance polices are for protection against events such as natural calamities, burglary, fire accidents, riots and terrorism related incidents. Asia Pacific accounts for a largest share in the property and casualty insurance market and the USA is the largest country with a major share and revenue. Global property and casualty insurance market is getting into partnership with many small and midsized reinsurers such as hedge fund companies to enhance their growth. Hedge funds are large purchasers of insurance-linked securities for catastrophe bonds, which pay out only for a significant disaster.

Future of Global Property and Casualty Insurance Market: It was observed that there is an increase in customer connectivity which is gaining momentum in the global property and casualty insurance market. There are tremendous growth opportunities for global property and casualty insurance vendors with the introduction of digital marketing platforms and better products. This trend will drive the global property and casualty insurance market over the next few years.

To know more, click on the link below:

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/property-casualty-reinsurance-providers-global-market-report/143724-93.html

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