Irving, TX (PRWEB) November 02, 2012
The global property and casualty insurance market is expected to reach an estimated US $1,624 billion in 2017 with a CAGR of 3.1% over the next five years (2012-2017). An increase in sales of motor vehicles and overall business growth in gulf markets due to strong growth in Saudi Arabia and UAE are anticipated to boost the industry globally.
Lucintel, a leading global management consulting and market research firm, has analyzed the global property and casualty insurance industry and presents its findings in “Global Property and Casualty Insurance Industry 2012-2017: Trend, Profit and Forecast Analysis.”
The property and casualty insurance industry is highly fragmented and includes segments such as motor vehicle insurance, property insurance, liability, and accident insurance. North America dominates this industry. A combination of factors such as demographic condition, interest rate fluctuation, catastrophic events, governmental regulations, and economic growth are seen to impact the industry dynamics significantly.
Lucintel’s market research report indicates that the revenue of the industry grew during 2010-2011 as the underwriting results remained flat due to competitive pricing and inadequate rates in many market segments. The low interest rates made it difficult to generate adequate returns from investment activities in 2011.
Per capita income and GDP is increasing at a rapid pace, especially in emerging economies such as China, India, Mexico, and South Africa. Consumers tend to purchase more insurance in countries exhibiting a high cost of living, largely because property in such locations tends to be more highly valued. The European motor vehicle insurers are significantly exposed to the European sovereign debt crisis with impairments and lending restrictions causing ripple effects in the asset classes. Frequent occurrence of natural catastrophic events and claims thereafter are the significant challenges for the insurers of global property and casualty insurance.
This study is intended to provide concise overview of the global property and casualty insurance industry. The report tracks one market segment for four regions – thus it tracks four segments of the property and casualty insurance industry.
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