The Advent of Peer-To-Peer Insurance
Added: (Thu Dec 13 2018)
Pressbox (Press Release) -
Historically, the global insurance providers market, one of the segments of the financial services industry, grew at a compound annual growth rate (CAGR) of 3.80%. The strong growth in the historic period is due to the increasing insurance markets in many developing countries such as India and China, supported by a gradual finical recovery in Western economies.
The global insurance providers market size is expected to reach $5000 billion by 2021, growing at a CAGR of around 4%. Going forward, a steady growth rate is forecasted for the global insurance providers market mainly driven by the growth in Asia, the Middle East and Africa.
Find TBRC’s report on the insurance providers market: https://www.thebusinessresearchcompany.com/report/insurance-providers-global-market-report-2018
Peer-to-peer insurance is gradually gaining prominence both in emerging and developed markets. This growth is expected to be driven by reduced cost of premium resulting from improved internet penetration in developing regions. Peer-to-peer insurance is based on pooling insurance premiums of participating individuals that can be used to compensate future uncertain losses and share the left-over amount among participants. It aims to reduce premium and overhead costs when compared to traditional insurance providers, decrease inefficiencies and increase transparency of businesses.
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