Global Insurance Market Outlook to 2015 - Impelled by Strong Growth in Emerging Asia
12-Apr-2011 | News-Press Release
The Report titled “Global Insurance Market Outlook to 2015 – Impelled by Strong Growth in Emerging Asia” provides an in-depth analysis of the global insurance industry. The report covers specific insights on the market size, insurance density, insurance penetration and segmentation, drivers and restraints, recent trends and developments and future outlook of the insurance industry globally and in the six regions including Europe, North America, Asia Pacific, Middle East, Latin America, Africa and Latin America covering 20 countries including the UK, France, Germany, Italy, Netherlands, US, Canada, Japan, China, South Korea, India, Australia, Israel, UAE, Saudi Arabia, Brazil, Mexico, Venezuela, South Africa and Morocco. The report also entails the market size on the basis of gross insurance premium written in case of life and non-life insurance and market share of various companies at the country level. Overall, the report offers a comprehensive analysis of the entire insurance industry.
The market of gross life premium is expected to increase at a CAGR of ~% from 2009-2015. The premium is expected to increase from USD ~ million in 2009 to USD ~ million in 2015, registering growth in each of the year till 2015. Non-life gross premium is also projected to increase from USD ~ million in 2009 to USD ~ million in 2015 at a CAGR of ~%. An increase from USD ~ million to USD ~ million is also estimated for total gross premium written at a CAGR of ~% during 2009-2015.
Insurance Industry in North America
North America insurance premium accounted from nearly ~% of the GDP of USD ~ billion in 2009. This indicates that insurance sector is moderately penetrated in North America with great potential to increase the market share of the insurance premium in the GDP. It is expected that North America economy will grow at an expected 6 year CAGR of ~% till 2015 and overall insurance penetration will decline marginally to ~% in 2015.
Non-life insurance market is dominated by motor insurance segment with the market share of ~%. This is due to the fact that auto insurance covering liability for injuries and property damage done to others is obligatory in most of the states in the US. Property insurance segment is ranked second with the market share of ~% in 2009 which is followed by Liability insurance market with the share of ~%. The rest ~% of the market share is accounted by various miscellaneous general insurance segments in 2009.
Insurance Industry in Europe
Insurance industry in Europe is the largest and impelling force backing the economy. The industry has been severely affected due to the financial crisis, particularly in the second half of 2008 and in the first half of 2009. The gross insurance (direct) premium written in 2009 totaled at USD ~ million, indicating a fall of ~% from USD ~ million in 2008.
The health insurance also increased from USD ~ million in 2001 to USD ~ million in 2009. The health insurance also decreased in 2008 and 2009 because of economic depression. The CAGR during this period increased registered was ~%.
In the near future the premium is expected to increase from 2009 onwards. The premium is expected to increase at a CAGR of ~% from USD ~ million to USD ~ million in 2015.
Insurance Industry in Asia Pacific
Climbing interest rates would have a positive effect on the insurer’s investment returns although will put pressure on available capital. Rising inflation would be a cause of concern in the region which could have a negative bearing on the insurers claim costs. There would be more strengthening of the risk based capital principles and also expect it to be used more commonly. This would insert more pressure on the financial position of the insurers and would raise their requirement for capital. Insurers should concentrate on underwriting and risk management and keep into consideration that the premium rates are adequate to cover the rising risk exposures.
Since the demand for insurance in India is increasing, the density is expected to rise in the coming future. The density for life insurance is expected to increase from USD ~ in 2009 to USD ~ by 2015, at a CAGR of ~%. The density for non-life insurance industry is also expected to increase from USD ~ in 2009 to USD ~ in 2015. The CAGR for this period is expected to be around ~%. Total insurance density would also increase and reach USD ~ by 2015.
Insurance Industry in Latin America
Latin America insurance market is led by Brazil with the market share of ~% and size of USD ~ million in 2009. It is followed by Mexico with ~% market share and gross Insurance premium of USD ~ million. Venezuela is giving Mexico a tough competition with ~% market share and gross insurance premium of USD ~ million. Other countries include Argentina, Chile, Columbia, Peru, Trinidad and Tobago, Ecuador, Panama and other which contributed the rest of the market share of ~% with gross insurance premium of USD ~ million in 2009.
Brazil life insurance market is moderately competitive market with top 10 players accounting for ~% market share in 2009. The life insurance market is dominated by Bradesco Vida E Previdencia S.A with the market share of ~% and gross insurance premium written of USD ~ million in 2009. The second largest life insurer i.e. Itau Vida E Previdencia accounted for the just more than half of the market share (~) of that of Bradesco and gross insurance premium of USD ~ million. There is stiff competition between the third and fourth largest life insurer i.e. Brasilprev Seguros E Previdencia and Santander Seguros respectively with the market share of ~% and ~% respectively. The gross insurance premium of Brasilprev Seguros E Previdencia was valued at USD ~ million in 2009 while the gross insurance premium of Santander Seguros was USD ~ million. It is followed by Caixa Vida E Previdencia at the fifth position with market share of ~% and gross insurance premium of USD ~ million in 2015.
Insurance Industry in Middle East
Insurance industry in Middle East has been growing at a phenomenal growth rate over the past decade, even through the economic recession. It is expected that the gross insurance premium of the region will reach USD ~ million in 2015, registering a 6 year CAGR of ~% from USD ~ million in 2009. This growth will be driven by the motor and health insurance in several countries in the region.
Non-life insurance market in Israel has grown at 8 year CAGR of ~% over the period of 2001 to 2009. The market has increased from USD ~ million in 2001 to USD ~ million in 2009. The market has been on the positive growth trajectory until 2009 when market has declined ~%. It is anticipated that non-life insurance market will increase to USD ~ million in 2015, registering an expected 6 year CAGR of ~% from 2010 to 2015.
Insurance Industry in Africa
African insurance market is dominated by life insurance segments with ~% of the insurance premium written in 2009. The distribution channels have also evolved in the region with new medium of bancassurance gaining more popularity. Distribution channel of Brokers and Agents have continued to remain strong with new association coming up in the region.
Life insurance market in South Africa is highly developed in terms of the distribution channel, technology and expertise. Life insurance premium written in the country was valued at USD ~ million. It has decreased by ~% in 2009 from USD ~ million in 2008 due to the financial turmoil. It is expected that South Africa will require some time to recover and is expected to get back on track from 2011 onwards. It is estimated that life insurance market will reach USD ~ million by 2011 and USD ~ million by 2015.
Scope of Research
The report entails thorough analysis, drivers, restraints and market opportunities for insurance industry globally. The scope of the report includes:
* The market size of life and non-life insurance industry in terms of gross insurance premium written for all the major regions and 20 countries, 2001 to 2015
* Life and Non-life insurance density in USD for all the regions and for all 20 countries, 2001 to 2015
* Life and Non-life insurance penetration, premium as a percentage of GDP for all the regions and for all 20 countries, 2001 to 2015
* Market segmentation on the basis of Geography and on the basis of Product for all the regions and major 20 countries, 2009 and 2015
* Competitive Landscape of the top insurers (Japan Post Holdings, AXA, Assicurazioni Generali, Allianz, Berkshire Hathaway, Munich Re Group) on the basis of revenue globally, 2009
* Competitive Landscape of the major insurers in various countries on the basis of gross premium written
* In-depth analysis of trends and developments, drivers, restraints and future outlook of the insurance industry in all the major regions
* Market opportunities and Future Outlook of the insurance industry in major 20 countries
Get more information about this report: Global Insurance Market Outlook to 2015 - Impelled by Strong Growth in Emerging Asia
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