Global Insurance Industry to Register US$6.1 Trillion in Insurance Premiums by 2015, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global outlook on the Global Insurance Industry. Growth in insurance premiums worldwide over the next few years will be primarily driven by favorable demographic trends, introduction of innovative products, efficient processing methods, increasing use of technology to drive sales, and robust demand from developing markets, particularly Asia-Pacific.

Insurance Industry: A Global Outlook

Follow us on LinkedIn – Global insurance industry is principally dominated by industrialized countries, which account for a lion’s share in both life and non-life insurance sectors. The US, Japan, the UK, Germany and France represent leading markets for insurance worldwide. Highly developed Western European markets with their liberal taxation regimes, and opening up of East European markets, position Europe as the most prominent regional market for life insurance worldwide. While the mature markets of North America also play an important role in shaping industry fortunes, they are also fraught with sluggish growth opportunities, primarily on account of protracted weakness in long-term savings market and heightening competition from high-earnings oriented financial services. On the Japanese front, financial reforms underway are fortifying the country’s life insurance sector. Leading insurers will continue to expand operations in China and other developing Asian markets. Also poised to witness the strongest growth are private and public pension plans, given the growing base of aging population worldwide.

Internet is rapidly turning out to be a key platform for transacting business in the global insurance industry. Burgeoning usage of Internet has significantly reduced the gap between the insurance providers and the customers by offering a flexible and user-friendly interface. Internet provides a principal medium for companies to showcase their products and reach a large clientele rapidly, thereby helping boost opportunities in the global insurance industry. It also reduces administration and marketing costs of companies by eliminating the need to employ sales agents. On the flip side, the global insurance industry is expected to face a major shortage of qualified manpower, posing new challenges in recruitment and management of key insurance professionals in future. Shortage would be more prominent in higher management cadres, underwriting, and marketing functions. This coupled with growing demand is anticipated to drive the insurance companies to search for required talent outside the industry.

Life Insurance, the flagship product of the Insurance industry, is making a comeback to the fore, this time, equipped with innovative features, options and efficient processing methods to combat the low growth and fragmentation of revenues witnessed until recently. The transition has stirred up consolidation frenzy in the industry that is further pepping up the market offerings of life insurers. To fight off growing competition from other long term savings products, new sophisticated insurance products that offer much more than bare insurance cover are being offered by insurance providers. Competition has increased sharply with insurers trying to corner the market with their risk management & investment practices and financial engineering prowess.

The research report titled “Insurance Industry: A Global Outlook” announced by Global Industry Analysts, Inc., provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers a rudimentary overview of the industry, highlights latest trends and demand drivers, in addition to providing statistical insights. 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 companies worldwide.

For more details about this comprehensive industry report, please visit –
http://www.strategyr.com/Insurance_Industry_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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