New Trends in Insurance

With the internet and other forms of high-speed communication, companies and individuals are now able to purchase insurance and related financial products from almost anywhere in the world. Increasing affluence and a rising understanding of the need to protect wealth and human capital has led to significant growth in the insurance industry.

Given the evolving and growing socio-economic conditions worldwide, insurance companies are increasingly reaching out across borders and are offering more competitive and customized products than ever before.

Global insurance platform has witnessed a phenomenal change over the past decade. The forces of globalization and liberalization have brought the insurance companies across the world closer to each other than ever before. The insurance overview has changed significantly over the years due to many unforeseen incidents around the world like 9/11, SARS, derailment of corporate governance, natural disasters like Tsunami, Hurricane Katrina etc. Waning margins, massive claims disbursement and increasing competition in recent years, especially post 9/11, have compelled insurance companies to improve efficiency and channelize resources towards the core functions like product development and innovation.

Over the past ten years, global insurance premiums have risen by more than 50%, with annual growth rates ranging between 2 and 10%. In 2004, global insurance premiums amounted to $3.3 trillion. The global insurance market grew by 7.6% in 2007 to reach a value of $3,688.9 billion. In 2012, the global insurance market is forecast to have a value of $4,608.5 billion, an increase of 24.9% since 2007. Life insurance dominates the global insurance market, accounting for 59.7% of the market′s value. Europe accounts for 39.3% of the global insurance market′s value.

I hope today’s blog will give you a brief idea of changes in insurance industry and new trends. Have a nice weekend.

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