RnRMarketResearch.com includes Global Property and Casualty Insurance Market 2016-2020 a new research reports in its store. The analysts forecast Global Property and Casualty Insurance Market to grow at a CAGR of 5.77% during the period 2016-2020.
Complete property and casualty insurance market report is available at http://www.rnrmarketresearch.com/global-property-and-casualty-insurance-market-2016-2020-market-report.html .
An emerging trend in the insurance market is the use of big data analytics. Many insurance companies are focusing on expense management in a bid to increase profit margins. This is possible only through the application of technology. Many property and casualty insurers are shifting their focus from stand-alone technology projects to an environment where there is continuous technological improvement. Top vendors are executing M&A and joint ventures to reduce costs and ensure smooth integration between data mining and organizational resources. It is therefore important that property and casualty insurance vendors formulate strategies to attract customers. This can be possible only through multiple distribution and communication channels. Many top property and casualty insurance vendors are making use of cost-effective solutions in infrastructure, communications, and analytics.
According to the report, a key growth driver in the market is the change in customer demographics and economic recovery. The shift in demography has pushed many insurance firms to make use of actuarial and sales model for better pricing. The rise in population of baby-boomers and the emerging generation Y are sparking growth opportunities for different insurance products. It is estimated that a slowdown in the population of insurance buyers may cast a dampening effect on the growth of the insured value for personal line insurance. Growing populations, the expansion of industrialization, the surge in global commercial and entrepreneurial operations, growth in consumer awareness regarding insurance products, and rising disposable incomes across different regions of the globe are forcing the pace of change in the insurance industry. Therefore, brokers that act as intermediaries between the insurer and the insured and insurance companies provide both insurance security support to customers, in addition to various other personalized services.
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The report, Global Property and Casualty Insurance Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Property and casualty insurance policies protect against property losses in business, home, or car, or against legal liabilities that may arise from injury or damage caused to the property of others. These policies protect a person or a business with an interest in the insured physical property against losses.
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The report covers the present scenario and the growth prospects of the Global Property and Casualty Insurance Market for 2016-2020. To calculate market size, the report considers the net premiums earned from the property and casualty market in the Americas, Asia Pacific (APAC), and Europe, the Middle East, and Africa (EMEA).
Main players in the Global Property and Casualty Insurance Market: Allstate Insurance, Berkshire Hathaway, Liberty Mutual, State Farm, and Travelers. Other Prominent Vendors in the market are: American International Group, AXA, Chubb's Federal Insurance, Continental Casualty, Farmers Insurance Group of Companies, Lloyd's, Munich Re, Nationwide Mutual, State Farm Fire & Casualty, Wells Fargo, and Zurich Insurance Group.
Further, the report states that one challenge that could hamper market growth is the number of risk variables in the underwriting process.
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