Irving, Texas (PRWEB) February 10, 2013
Increasingly affluent populations combined with low insurance penetration are anticipated to drive the APAC property and casualty insurance industry. The global market is expected to reach an estimated US $1,624 billion in 2017 with a CAGR of 3.1% over next five years (2012-2017).
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.”
APAC is expected to be the most potential region over the next five years due to the opening up of compulsory motor third party liability in Indonesia and China to enhance the growth opportunities and increasing FDI to drive growth.
Lucintel’s research indicates that North America is expected to witness growth over 2012-2017. Macroeconomic growth is expected to slow down in 2012, leading to weaker demand, but 2013 is forecast to be positive. Asia, Latin America, and the Middle East are projected to lead the industry due to massive investments in infrastructure and energy. The consumer confidence is expected to recover sharply, benefiting the strong demand for worker’s compensation and certain commercial and specialty businesses. Gross premium in ROW increased rapidly during 2006-2011. Continued investment in infrastructure created more opportunities in the property and casualty insurance market. The Brazilian market witnessed strong premium growth due to positive results from marine, engineering, and oil risk business.
Increasing per capita income, cross border exports, industrial regulations favoring workers compensation insurance, and online self-service portals will drive the growth for the property and casualty insurance industry. The industry is expected to witness certain challenges such as frequent volatility in crude oil negatively affect the motor sales and motor vehicle insurance, catastrophic events, and unemployment levels.
This industry research report provides an overview of the global property and casualty insurance industry. The report tracks four market segments for four regions – thus it tracks 16 segments of the property and casualty insurance industry.
For a detailed table of contents and pricing information on these timely, insightful reports, contact Lucintel at +1-972-636-5056 or via email at helpdesk(at)lucintel(dot)com. Lucintel provides cutting-edge decision support services that facilitate critical decisions with greater speed, growth insight, market entry strategy, and cost efficiency.
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