Market Trends of Global Life and Non-Life Insurance Industry
This section covers the major market trends shaping the Life & Non-Life Insurance Market according to our research experts:
Cyber Insurance is Driving the Market
Cyber insurance solutions enable organizations to mitigate the risk of cyber threat activity, such as data breaches and cyberattacks. It protects businesses from the cost of internet-based attacks affecting information governance, IT infrastructure, and information policy, which often are not covered by traditional insurance products and commercial liability policies. The increasing data breaches and cybersecurity risks drive businesses to implement cyber insurance policies. Also, many countries impose fines and mandate governing terms and conditions on companies for any data breach. Small and medium enterprises are also being targeted for cyberattacks. This fuels the demand for new insurance products for small businesses.
Significant Growth in Insurtech Adoption is Driving the Market
The increasing number of insurance claims worldwide is one of the major factors accentuating the market growth. Auto, life, and home are the most common insurance claims secured by people worldwide. The use of technology in insurance can make products more affordable, businesses more profitable, and provide access to new risk pools. Insurance companies have been integrating digital technologies into their traditional processes and everyday workflows to reduce manual efforts, time, and costs. As the insurance sectors of developing and emerging markets become more sophisticated, it can be expected that digital solutions may filter down through the insurance supply chain, driving operational efficiency and, ultimately, profitability, as is already being seen in more advanced markets.
