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Property & Casualty Insurance Market in India - Global Trends, Industry Competitiveness & Forecasts to 2022
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Property and casualty insurance contracts cover against loss or damage to property, or other kind of liabilities. Under the property & casualty insurance, most commercial coverage includes the following types -
â—Property Damage Related: This includes Boiler & Machinery Insurance, Debris Removal Insurance, Builder’s Risk Insurance, Glass Insurance, Business Interruption Insurance, Law Insurance, and others
â—Casualty, or Liability Related: This includes Errors & Omissions Insurance (the most popular in this type being the fast-emerging insurance class pertaining to cyber risk), Malpractice Insurance, automobile insurance (the sole market revenue generator in developing and emerging economies), Directors’ and Officers’ Liability Insurance, and Workers’ Compensation Insurance.
The following trends define the lucrative opportunities in the property and casualty insurance market:
1.Highest Growth Rates: This lucrative and fast growing sub-domain within the insurance industry boasts of one of the fastest growth rates. Post the economic crisis of 2008-2012, it was observed that life insurance had lower growth rate during the period of recovery (starting 2013), compared with P&C growth rate, which grew in line with the GDP, riding the favorable cycle in typical cyclical insurance markets.
2.Profitability Across Sub-Verticals, Depending on Respective Macroeconomic Factors: As of 2015, this industry reflected a global combined ratio of 98.6%. Highly lucrative in developed markets, P&C has not debuted in a number of APAC and South American markets. This implies virgin markets, which when combined with strong corporate growth forecasted for a number of regions leads us to believe that property and casualty insurance will experience one of the highest growth rates in the insurance market. For now, automobile insurance drives the growth in emerging economies, without a sufficient commercial infrastructure to enable other, more complicated liability insurance types from becoming mainstream.
3.Insurance Industry’s Trends: Technological disruptions across insurance sub-verticals, changing risk dynamics, and atypical capital access opportunities affect the sub-verticals of the P&C insurance industry in different measures, making some opportunities better than the others.
Scope of the Report | Key Offerings by Mordor Intelligence |
Market Size | How much is one of the world's most profitable industry worth, in the current year? How much will it be worth, by 2022? Industry size is segmented by its most profit making sub-verticals (includes: P&C, L&H, automobile, D&O, Catastrophe, cyber risk), with detailed insights provided, geographically. |
Industry Trends & Market Dynamics | Macroeconomic, microeconomic, and even unanticipated factors, ranked according to the extent of the effects, influencing the insurance market at the global level. These include drivers helping the business ride the wave, barriers that could eventually obstruct, and potential opportunities, before they are leveraged by the competition. |
Technological Disruptions | Data and Analytics form an indispensable component of the (re)insurance market. Based on the company’s position in the value chain and the company's vision and mission for the future, Mordor provides the most relevant innovations (operational, technological, disruptive, and others) in the field. |
Capital Trends & Metrics | How is capital access changing in (re)insurance segments, across regions and industry sub-verticals? What are the influencing factors in this exchange of capital? How can these insights be integrated to contribute to the short-term goals? |
Competition Profiling | This is the most comprehensive segment of the report, enlisting competition across pertinent points in the value chain. An analysis of the competition for companies, segmented by their position in the market is provided. The coverage includes re-insurers, alternative capital sources, traditional insurance companies (listed exhaustively by sub-segments), and startups leveraging technologies and innovations. This section of the report facilitates sound and unbiased overview of the respective companies' strategies, in detail and throws light on how and why companies are adapting to the opportunities and challenges they foresee in the future while also competing in the existing structural environment of the P&C insurance products and services marketplace. |
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