Insurance Industry: Market Research Report

Date: January 1, 2012
Pages: 506
Price:
US$ 1,995.00
Publisher: Global Industry Analysts, Inc
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: I0200616A1BEN
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Insurance Industry: Market Research Report
The global outlook series on the Insurance Industry provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings.

Illustrated with 68 fact-rich market data tables, the report offers a rudimentary overview of the industry and highlights latest trends and demand drivers.

Regional markets briefly abstracted and covered include United States, Canada Europe (France, Germany, Italy, United Kingdom, Spain, and Russia among others), Asia Pacific (Japan, Australia, New Zealand, China, Hong Kong, India, Malaysia, Singapore, South Korea, Taiwan and Vietnam), Middle East, and Latin America (Argentina, Brazil, and Mexico.

The report offers a compilation of recent mergers, acquisitions, and strategic corporate developments.

Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 2143 companies worldwide.
1.INDUSTRY OVERVIEW

Overview
Insurance Density and Penetration

Table 1. Insurance Density in the Global Market (2011): Breakdown of Premium Per Capita (In US$) by Select Countries
Table 2. Insurance Penetration in the Global Market (2011): Breakdown of Market Penetration Rates (in %) by Select Countries

Industry Paradigm Shifts
Outlook

Table 3. Global Market for Insurance by Geographic Region – USA, Canada, Europe, Asia-Pacific (including Japan), Latin America, and Rest of World Markets Independently Analyzed with Annual Premiums in US$ Billion for Years 2010 through 2015
Table 4. Global 5-Year Perspective for Insurance Industry by Geographic Region – Percentage Share Breakdown of Annual Premium for US, Canada, Europe, Asia-Pacific (including Japan), Latin America, and Rest of World Markets for Years 2011 & 2015

Emerging Markets Take Center Stage
“Look East Policy” of Investors
Mix of the Strategies
Key Market Drivers, Trends & Issues
The New Risk Management Culture Bodes Well for the Insurance Industry
Insurance Brokerage Firms Expand their Offerings to Include Full Suite of Risk Management Services
Insurance for Valuable Collections – An Excellent Opportunity for Insurance Firms

Table 5. HNWI Population Worldwide (2011): Breakdown of Number of High- Net-Worth Individuals (HNWIs) by Geographic Region
Table 6. HNWI Wealth Worldwide (2011): Percentage Share Breakdown of HNWI Wealth Value by Geographic Region

Environmental Risk Insurance – An Emerging Opportunity
Robust Demand in Store for Kidnap and Ransom Coverage And Insurance
Consolidations Continue
Graying of Baby Boomers Boost Insurance Market
Bancassurance Gains Wide Acceptance
New Regulations Improve Corporate Governance
Credit Insurance Sector Poised for Substantial Growth
Anti-Money Laundering Laws for Insurers
Global Warming Posing Threat to Insurance Industry
Traditional Regulations Plague Insurance Markets
Review of Global Insurance Market by Sector

Table 7. Global Insurance Market (2011) – Percentage Share Breakdown of Value of Insurance Premiums by Segment – Life Insurance & Non-Life Insurance

Life Insurance
Renewed ‘Life’ in the Market
Changing Landscape
Regional Markets

Table 8. Global Market for Life Insurance (2011) – Percentage Share Breakdown of Annual Premiums by Region/Country - USA, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America, and Rest of World Markets

Bright Spots
Robust Opportunities in Store
Rising Healthcare Costs Prop Up Health Insurance Volumes

Table 9. US Annual Healthcare Expenditure (In US$ Billion) for Years 2007 Through 2015

Non-Life Insurance

Table 10. Global Market for Non-Life Insurance (2011) – Percentage Share Breakdown of Annual Premiums by Country/Region - US, Canada, Japan, Europe, Asia-Pacific (Excluding Japan), Latin America and Rest of World Markets

Auto Insurance
Homeowners’ Insurance
Health Insurance
Global Health Care Industry – Opportunities Abound
Marine Insurance

Table 11. Global Marine Insurance Industry (2011): Percentage Breakdown of Premiums by Region – Asia-Pacific, Europe, North America, andRest of World

Political Risk Insurance
Competitive Landscape

Table 12. Top-10 Insurance Companies in the Global Market (2010): Breakdown of Revenues in US$ Billion by Leading Players

Top-10 Life/Health Insurance Companies in the Global Market (2010): Players Ranked on Basis of Annual Revenue
Top-10 Players Property/Casualty Insurance Companies in the Global Market (2010): Players Ranked on Basis of Annual Revenue
Global Reinsurance Industry – A Review
Intensification of World Reinsurers
Leading Global Reinsurers

Table 13. Global Reinsurance Industry (2010): Breakdown of Net Reinsurance Premiums Written in US$ Billion by Leading Players

Global – Multi-line Insurance
Competitive Landscape
Leading Players

2.MERGERS AND ACQUISITIONS

3.STRATEGIC CORPORATE DEVELOPMENTS

A REGIONAL MARKET PERSPECTIVE

1.UNITED STATES

Industry Overview
Current Market Scenario

Table 14. Insurance Industry in North America (2011): Percentage Share Contribution of Direct gross insurance premiums to GDP by Country

Market consolidation
Market Analysis By Segment

Table 15. US Insurance Market (2011) – Percentage Share Breakdown of Value of Insurance Premiums by Segment – Life Insurance & Non-Life Insurance

Life Insurance
Challenges in the US Life Insurance Industry
Changing Face of Life Insurance Distribution
Non-Life Insurance
Property & Casualty Insurance
Challenges Facing the Property/Casualty Industry
An Overview of Arson
Health Insurance
Market Parameters
Factors Affecting Growth
Agricultural Insurance – Demand to Grow
Home Insurance Coverage
Seven Basic Kinds of Home Insurance Policies
Covered and Not Covered Events of Casualty/Damage in Home Insurance
Homeowners Insurance Policies – Private Insurers Repulsing
Deductibles in Homeowners Insurance
Renters Insurance in Brief
Marine Insurance
Construction Insurance – Shrinking Coverage
Liability Insurance – A Major Concern
Space Insurance
Trouble Brewing in the US Space Insurance Industry
Space Tourism to Propel the Future
Regulatory Issues
Pet Insurance
Travel Insurance – Key Statistics

Table 16. US Travel Insurance Market (2011): Percentage Market Share Breakdown by Type of Travel Insurance

Auto Insurance
Types of Auto Insurance Coverages
Auto Insurance Premiums: A Review
Factors Affecting Insurance Premium
US Auto Insurers Gear Up to Tap Generation Y Market
Reinsurance
Online Life and Health Insurance
Overview
Market Trends and Issues
Trends Prevailing in the Industry
Regional Insurers Gain Ground
‘Risk’ is the Bait for Business
Small Insurers Keep Afloat
US Insurance Industry Hit Hard by Global Climate Change
Need to Overcome Hurdles
Insurance Frauds – A Major Challenge to the Industry
Insolvencies
Managing Solvencies/Insolvencies
Guaranty Funds
Mails Play a Vital Role in the US Insurance Industry
Demand for LTC Insurance Likely to Pop Up
LTC Insurance Witnesses Rapid Consolidation and Stricter Underwriting
Life/Health Insurance Companies in Transition Mode
Individual Disability Insurance Market Makes a Turnaround
Competitive Landscape
Functioning of Insurance Companies
Comparative Study of the US vis-à-vis Europe
Outlook

2.CANADA

Market Overview

Table 17. Canadian Insurance Market (2011) – Percentage Share Breakdown of Value of Insurance Premiums by Segment – Life Insurance & Non-Life Insurance

Mergers & Acquisition and Overseas Sales: Driving the Market
Insurance-Related Organizations and their Functions
Insurance Rate System
Insurance Types & Coverage
Property
Boiler and Machinery
Crime
Marine
Engineering/Construction
Automobile
Liability
Workers Compensation/Employers Liability
Reinsurance
Trends
Industry Shows Glimpse of Maturity
Changing Face of Canadian Insurance Distribution
Fraud Detection System
Two-Tiered Landscape
The Traditional Channel
Career Agency System
Direct Brokerages
The Contemporary Channel
National Distribution Model
Distribution Consolidators
Bank Distribution
IDA Firms Witness Decline in Insurance Sales
Property & Casualty Insurance
A Fragmented Industry
Key Issues
Mounting Health Care Costs Threaten Industry
Stringent Regulations Create Market Imbalance
Frequent Natural Disasters Hamper Industry’s Growth
High Taxes Burden Industry
Insurance Crimes on Rise
Regulatory Framework

3.EUROPE

Industry Overview
The Changing Face of the European Insurance Market
Deregulation Regulating the Market’s Growth?
Outlook
UK Leads the Way

Table 18. European Market for Insurance by Geographic Region – France, Germany, Italy, UK, Spain, Russia, Rest of Europe Markets Independently Analyzed with Annual Premiums in US$ Billion for Years 2010 through 2015
Table 19. European 5-Year Perspective for Insurance Industry by Geographic Region – Percentage Share Breakdown of Annual Premiums for France, Germany, Italy, UK, Spain, Russia, Rest of Europe Markets for Years 2011 & 2015
Table 20. Insurance Industry in Europe (2011): Percentage Share Contribution of Direct gross insurance premiums to GDP by Select Country

Eastern Europe Promises Huge Potential
Major Trends
Changing Market Environment
Europe Leads in Bancassurance

Table 21. European Life Assurance Products Market (2011): Percentage Breakdown of Number of Products Sold through Banks in Select European Countries

Competition Rules
Multi-Trip Policies Gaining Attention
Analysis by Segment
Life-Insurance

Table 22. European Life Insurance Market (2011): Percentage Share Breakdown of Value of Life Premiums by Type of Contract

Non-Life Insurance

Table 23. European Property & Casualty and Accident Insurance Market (2011): Breakdown of Premiums by Type of Product

Health Insurance
Travel Insurance
In Sync with Health Insurance

3A.FRANCE

Market Overview

Table 24. French Insurance Market (2011) – Percentage Share Breakdown of Value of Insurance Premiums by Segment – Life Insurance & Non-Life Insurance

Life Insurance
Non-Life Insurance
Property and Casualty Insurance: Market Overview
Commercial Property Insurance
Health Insurance
Auto Insurance
High Mortalities from Auto Accidents
Marine Aviation Transport (MAT) Insurance
Distribution Channels Play a Vital Role

Table 25. French Life Insurance Market (2011): Percentage Share Breakdown of Life Insurance Premiums (Gross Written Premiums) by Type of Distribution Channel
Table 26. French Non-Life Insurance Market (2011): Percentage Share Breakdown of Non-Life Insurance Premiums (Gross Written Premiums) by Type of Distribution Channel

3B.GERMANY

Market Overview
Insurance Penetration in German Households

Table 27. German Insurance Market (2011) – Percentage Share Breakdown of Value of Insurance Premiums by Segment – Life Insurance & Non-Life Insurance

Non-Life Insurance Sector – A Review
Health Insurance – Key Focus Area
Principal Issues
Key Distribution Statistics

Table 28. German Life Insurance Market (2011): Percentage Share Breakdown of Life Insurance Premiums (Gross Written Premiums) by Type of Distribution Channel
Table 29. German Non-Life Insurance Market (2011): Percentage Share Breakdown of Non- Life Insurance Premiums (Gross Written Premiums) by Type of Distribution Channel

3C.ITALY

Market Overview
Insurance – A Move Towards Rationalization
Banks in the Italian Insurance Business
Analysis by Segment

Table 30. Italian Insurance Market (2011) – Percentage Share Breakdown of Value of Insurance Premiums by Segment – Life Insurance & Non-Life Insurance

Distribution System in Italian Insurance Industry

Table 31. Italian Life Insurance Market (2011): Percentage Share Breakdown of Life Insurance Premiums (Gross Written Premiums) by Type of Distribution Channel
Table 32. Italian Non-Life Insurance Market (2011): Percentage Share Breakdown of Non- Life Insurance Premiums (Gross Written Premiums) by Type of Distribution Channel

Competition

Table 33. Life Insurance Market in Italy (2010): Percentage Share Breakdown of Gross Written Premiums (GWP) by Company
Table 34. Non-Life Insurance Market in Italy (2010): Percentage Share Breakdown of Gross Written Premiums (GWP) by Company

3D.UNITED KINGDOM

Market Overview
Outlook
Future Trends
Consumer Trends
Consumer Preferences
Analysis by Market Segment

Table 35. UK Insurance Market (2011) – Percentage Share Breakdown of Value of Insurance Premiums by Segment – Life Insurance & Non-Life Insurance
Table 36. UK Long Term Insurance Market (2011): Percentage Share Breakdown of Net Premium Income by Type of Premium - Single Premium or Regular Premium

Motor Insurance Offer Low Returns on Capital
Other Noteworthy Trends
Mutual Insurance Gains Ground
Online Insurance on Rise
Other Key Statistics

Table 37. UK Insurance Market (2011): Percentage Share Breakdown of Net Written Premiums by Risk Type
Table 38. UK Life Insurance Market (2011): Percentage Share Breakdown of Life Insurance Premiums (Gross Written Premiums) by Type of Distribution Channel
Table 39. UK Non-Life Insurance Market (2011): Percentage Share Breakdown of Non-Life Insurance Premiums (Gross Written Premiums) by Type of Distribution Channel
Table 40. UK Personal Motor Insurance Market (2011): Percentage Share Breakdown of Gross Written Premium (GWP) Distributed by Distribution Channel
Table 41. UK Travel Insurance Market (2011): Percentage Share Breakdown of Gross Written Premium (GWP) Distributed by Distribution Channel
Table 42. Taxes on Insurance Companies in UK (2011): Percentage Share Breakdown of Tax Value Borne by Companies by Tax Type

3E.SPAIN

Industry Overview
Review of Sectors
Life Insurance
Life and Pensions Sector – Growing Robustly
Growth Barriers
Medical Insurance
Distribution/Marketing Channels

Table 43. Spain Life Insurance Market (2011): Percentage Share Breakdown of Life Insurance Premiums (Gross Written Premiums) by Type of Distribution Channel
Table 44. Spain Non-Life Insurance Market (2011): Percentage Share Breakdown of Non- Life Insurance Premiums (Gross Written Premiums) by Type of Distribution Channel

3F.RUSSIA

Industry Overview
Insurance Industry Outpaces GDP Growth
Role of Foreign Insurers in Russia
Review of the Sectors
Life and Savings Market
Automobile Insurance
Outlook

3G.REST OF EUROPE

3GA.GREECE

Market Overview

3GB.LITHUANIA

Market Overview

3GC.NETHERLANDS

Industry Overview
Review of the Sectors

Table 45. Netherlands Insurance Market (2011) – Percentage Share Breakdown of Value of Insurance Premium by Segment – Life Insurance & Non-Life Insurance

Life Insurance – Growing Significantly
Health/Disability Insurance

3GD.SCANDINAVIA

Unit Linked Business in Scandinavia
A Prosperous Region
Good Prospects
Baltic Countries: Pension Reforms – Agenda for Growth

3GE.SWITZERLAND

Industry Overview
Outlook

3GF.BELGIUM

Market Overview
Life Insurance

3GG.CENTRAL AND EASTERN EUROPE

Market Overview
Life Insurance Sector Flourishing
Motor Insurance Stimulates Growth in Non-Life

3GH.CZECH REPUBLIC

Industry Structure
Financial Services Companies
Outlook
Headed for a Reforms-Driven Growth
Competitive Scenario

Table 46. Czech Republic Non-Life Insurance Market (2010): Breakdown of Gross Written Premiums of Leading Companies
Table 47. Czech Republic Life Insurance Market (2010): Breakdown of Gross Written Premiums of Leading Companies

3GI.DENMARK

Market Overview
Competitive Landscape

3GJ.FINLAND

Market Overview
Financial Services Convergence Takes Wings
Competitiveness Reaches New Heights
Forming Alliances: Order of the Day

4.ASIA-PACIFIC

Market Overview and Outlook

Table 48. Asia-Pacific Market for Insurance by Geographic Region – Japan, China, India, Australia, Hong Kong, South Korea, and Rest of Asia-Pacific Markets Independently Analyzed with Annual Premiums in US$ Billion for Years 2010 through 2015
Table 49. Asia-Pacific 5-Year Perspective for Insurance Industry by Geographic Region – Percentage Share Breakdown of Annual Premiums for Japan, China, India, Australia, Hong Kong, South Korea, and Rest of Asia- Pacific Markets for Years 2011 & 2015

Potential of the Asia-Pacific Region
Bancassurance Growing Swiftly
Life and Health Reinsurance Market
Property & Casualty Insurance Market

4A.JAPAN

Industry Review
Japan – The Second Largest Insurance Market Worldwide!
Foreign Players Make Presence Felt
Foreigners’ Reign
Analysis by Market Segment

Table 50. Japanese Insurance Market (2011) – Percentage Share Breakdown of Value of Insurance Premium by Segment – Life Insurance & Non-Life Insurance

Life Insurance on Brink of Saturation
Non-Life /P&C/General Insurance
Distribution
Automobile Insurance
Fire Insurance
Personal Accident Insurance

4B.AUSTRALIA

Industry Overview
An Effective Distribution System
Review of the Sectors
Life Insurance
General/Non-Life Insurance
Health Insurance
Reinsurance Industry

4C.NEW ZEALAND

Market Overview
Regulatory Framework

4D.CHINA

Market Overview
Market Trends and Issues
Rise in Foreign Insurers Energize Insurance Market
Deregulation of Insurance Industry Boosts Growth of P&C Insurance Sector
Chinese Export Credit Insurance Market Picking Up
High Savings Rates Prop Growth
Market Segments

Table 51. Chinese Insurance Market (2011) – Percentage Share Breakdown of Value of Insurance Premium by Segment – Life Insurance & Non-Life Insurance

Life Insurance Market
A Marked Tilt Towards Life
Boom in Auto Market – A Boon for Auto Insurance Segment

4E.HONG KONG

Market Overview
A Leading Insurance Market in Asia-Pacific
Strong Foothold of Foreign Insurers
Long Term Insurance Services
CEPA Agreement Sparks Growth in Hong Kong Insurance Market
Multi-Channel Distribution Grows in Popularity
Non-Life/General Insurance

4F.INDIA

Market Overview
A Promising Market
New Distribution Channels Gaining Acceptance
Industry Perspective

Table 52. Indian Insurance Market (2011) – Percentage Share Breakdown of Value of Insurance Premiums by Segment – Life Insurance & Non-Life Insurance

Life Insurance
Penetration of Life Insurance

Table 53. Life Insurance Market in India (2011): Percentage Breakdown of Premium Income by Sector – Government Sector, and Private Sector

Non-Life Insurance

Table 54. Non-Life Insurance Market in India (2011): Percentage Breakdown of Premium Income by Sector – Government Sector, and Private Sector

Outlook
Competition

Table 55. Indian Non-Life Insurance Market (2010): Breakdown of Gross Written Premiums of Leading Companies
Table 56. Indian Life Insurance Market (2010): Breakdown of Gross Written Premiums of Leading Companies

4G.MALAYSIA

Market Overview
A Booming Insurance Industry
Innovative Policies and Measures Reinforce Insurance Sector

4H.SINGAPORE

Market Overview
Among the Most Prominent Reinsurance Centers
Steps in the Right Direction
Government’s Support Drives the Growth of Insurance Market
Tax Exemption Scheme for Offshore Marine Hull & Liability Insurance Business
Abolition of Withholding Taxes on Financial Guarantee Insurance Contracts
Scheme for Tax-Deductible Special Reserves
Life Insurance
Property & Casualty Insurance

4I.SOUTH KOREA

Market Analysis by Segment

Table 57. Korean Insurance Market (2011) – Percentage Share Breakdown of Value of Insurance Premium by Segment – Life Insurance & Non-Life Insurance

Major Trends
Chinese Market Offers Greener Pastures for Korean Insurers
Online Motor Insurance Rapidly Gaining Ground
Bancassurance Boosts Life Insurance Market
But also Brews Rift Between Banks and Insurers

4J.TAIWAN

Market Overview
Life Insurance
Trends
Interest Rate Environment Restricts Growth of Life Insurance Products
Opportunity to Expand to Mainland China Sparks Insurance Industry Growth

4K.VIETNAM

Market Overview
Insurance Markets to Grow
Foreign Insurers Make Mark in Vietnamese Insurance Market
Foreign Insurers Increasingly Rely on Joint Ventures to Enter Vietnamese Market

5.MIDDLE EAST

Market with Significant Potential

Table 58. Insurance Industry in Middle East (2011): Percentage Share Contribution of Direct gross insurance premiums to GDP by Select Country

Iraq Offers Great Opportunity for Insurance Industry
Major Challenges
Outlook
Reinsurance Sector
Life and Non-Life Insurance
United Arab Emirates (UAE)
Industry Overview
East Africa
Market Overview

6.LATIN AMERICA

Market Overview

Table 59. Latin American Market for Insurance by Geographic Region –Argentina, Brazil, Mexico, and Rest of Latin America Independently Analyzed with Annual Premiums in US$ Billion for Years 2010 through 2015
Table 60. Latin American 5-Year Perspective for Insurance Industry by Geographic Region – Percentage Share Breakdown of Annual Premiums for Argentina, Brazil, Mexico, and Rest of Latin American Markets for Years 2011 & 2015

Private Pension and Life Insurance – In the Growth Mode
The Foreign Dominion
Changing Face of Reinsurance
Infrastructure Development Attracts Foreign Investment

6A.ARGENTINA

Market Overview
Foreign Participation – Positive for the Market

6B.BRAZIL

Market Overview

Table 61. Adult Insurance Market in Brazil (2011): Percentage Breakdown of Number of Individuals with Insurance by Region
Table 62. Household Penetration of Insurance in Brazil (2011): Percentage Breakdown of Number of Households with Insurance by Area
Table 63. Brazilian Insurance Market (2011): Percentage of Monthly Household Expenditure on Insurance by Area
Table 64. Brazilian Insurance Market (2011): Percentage of Monthly Household Expenditure on Insurance by Region

Banks and Foreign Capital – The Lifeblood of Brazilian Insurance Industry
Life and Health Insurance – Growth Avenues of Future
Major Perils
Competition

Table 65. Brazilian Non-Life Insurance Market (2010): Breakdown of Gross Written Premiums of Leading Companies
Table 66. Brazilian Life Insurance Market (2010): Breakdown of Gross Written Premiums of Leading Companies

6C.MEXICO

Market Overview
Competitive Landscape
Outlook
Auto Insurance

6D.PERU

Key Player Statistics

Table 67. Non-Life Insurance Market in Peru (2010): Breakdown of Gross Written Premiums of Leading Companies
Table 68. Life Insurance Market in Peru (2010): Breakdown of Gross Written Premiums of Leading Companies

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