Key B2B2C Insurance Market Trend 2024-2033: Cloud-Based Platforms For Enhanced Efficiency
B2B2C Insurance Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Is The B2B2C Insurance Market Projected To Grow Over The Next Few Years?
The B2B2C insurance market size has grown substantially in recent years. Displaying a marked upward trend, the market is projected to expand from $3.95 billion in 2023 to $4.29 billion in 2024, reflecting a compound annual growth rate CAGR of 8.6%. The growth during the historic period can be attributed to the rising complexity of commercial risks, stringent regulatory compliance requirements, globalization of business operations, industry-specific coverage needs, and the evolution of risk management strategies.
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What Are The Major Drivers Propelling The B2B2C Insurance Market?
The automotive industry's robust expansion is expected to fuel the B2B2C insurance market in the coming years. Comprising a diverse array of businesses and organizations involved in the design, development, production, marketing, and sale of automobiles, the automotive industry has emerged as a potential growth driver for this market. B2B2C insurance serves as a shield, safeguarding policyholders' assets and belongings, such as cars, from financial losses and damage. Essentially, car insurance acts as a long-term contract covering the cost of damages likely to occur from unforeseen events.
In terms of the global rise in automotive sales, findings from the Economist Intelligence Unit The EIU suggest promising trends. According to the EIU, the global automotive sector should witness double-digit growth in 2021, with new car sales surging by 15% and commercial vehicle sales rising by 16%. Furthermore, electric vehicle sales are projected to increase from 2.5 million in 2020 to 3.4 million in 2021. Therefore, the automotive industry's growth clearly plays a crucial role in driving the B2B2C insurance market.
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Who Are The Big Players In The Market?
The industry influencers in the B2B2C insurance market include stalwarts like UnitedHealth Group Inc., Berkshire Hathaway Inc., Allianz SE, Axa S.A., Japan Post Holdings Co., BNP Paribas S.A., Prudential Financial Inc., Aditya Birla Group, Munich Re Group, Swiss Reinsurance Company Ltd., and Zurich Insurance Group Ltd among others.
How Is The Market Shaped By Emerging Trends And Innovations?
Significant trends and innovations are shaping the future of B2B2C insurance. Key players in the market are launching innovative programs and solutions with the help from new-age technologies. For instance, in August 2022, California-based Fairness-as-a-Service company FairPlay launched Input Intelligence, a bias detection tool for insurance companies. This cutting-edge technology helps insurance companies scrutinize their data for any bias and assure it does not represent protected characteristics such as race or gender.
B2B2C Insurance Market: Segmentation And Regional Insights
Segmentation:
1 By Type: Life Insurance, Non-Life Insurance
2 By Distribution Channel: Online, Offline
3 By End Use Industry: Bank And Financial Institutions, Automotive, Utilities, Retailers, Telecom, Other End Use Industries
Asia-Pacific led the B2B2C insurance market in 2023 and the regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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