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Emerging Markets to Propel Demand in the Insurance Industry, According to a New Report by Global Industry Analysts, Inc.
San Jose, CA (PRWEB) September 16, 2008 -- Global insurance industry is dominated by industrialized countries, such as the United States, Japan, UK, Germany and France, which account for a lion's share of both life and non-life insurance sectors. However, growth opportunities in these regions are limited, owing to protracted weakness in long-term savings market and heightening competition from financial services sector. On the other hand, emerging markets of Asia and Eastern Europe, with their rapidly growing economies, offer huge investment opportunity for global insurance firms. Rising popularity of IT-enabled services, liberal tax regimes in emerging economies, and under exploited markets of Asia and Africa are anticipated to provide new growth opportunities for players in the global insurance industry (http://www.strategyr.com/Insurance_Industry_Market_Report.asp). With Internet emerging as a major platform for conducting business transactions, the insurance industry is utilizing the medium for reaching out to a large client base, while reducing marketing and administrative expenses. However, the industry faces a massive shortage of qualified manpower, which is expected to pose new challenges in the recruitment and management of insurance in the future.
Aging population, advancements in medical technology and medicine, unhealthy consumer lifestyles are all contributing to the considerable rise in healthcare costs, leading to the emergence of health insurance market (http://www.strategyr.com/Insurance_Industry_Market_Report.asp) as a critical component of any economy. With national governments limiting budgetary allocations for healthcare sector, private healthcare insurance companies are growing in demand. Private health insurers offer a wide variety of health insurance policies, designed distinctly in terms of coverage, costs and benefits involved. Health insurance is the most buoyant sector in the US insurance industry, owing to factors such as aging population, rise in the number of malpractice liabilities, and escalating healthcare costs.
Life insurance sector (http://www.strategyr.com/Insurance_Industry_Market_Report.asp), the industry's flagship product, is anticipated to make rapid gains, driven by vast investment opportunities in the developing Asian markets. While industrialized Asian countries such as Singapore, Korea and Indonesia are expected to spearhead growth in value terms, a fast growing Chinese economy is anticipated to drive robust growth in the future. A graying baby boomer generation, and rise in the number of teenagers are anticipated to drive growth in the industry. Consolidation activity is intensifying in the market, largely driven by the need to achieve economies of scale, broaden product lines, and strengthen distribution system.
Faced with political risks and financial uncertainties, several multinational companies are opting for insurance coverage to minimize losses in business operations, in select countries. Terrorism, and inter-country conflicts are major factors driving businesses, particularly those with global operations, to seek political risk insurance coverage. Such insurance coverage is not uniform, and varies with country and risk perception associated with the country.
The report titled "Insurance Industry: A Global Outlook" provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. An easy guide to What, Why, When, How, Where, and Who of an industry, the report offers the reader a bird's eye view of the global insurance industry. The report discusses the economic fundamentals driving growth, and challenges/threats, and trends influencing both the life and non-life market sectors, in addition to offering an extensive coverage of all recent mergers, and acquisitions that have irreversibly changed the industry's landscape beyond recognition. The US market is intensively reviewed both descriptively and statistically, with 19 fact rich tables, and accompanying pictorial representations. The abstracted regional market discussion provides the reader with a prelude, and a macro-level understanding of the unique dynamics of each of the markets. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 2,566 companies worldwide.
For more details about this research report, please visit http://www.strategyr.com/Insurance_Industry_Market_Report.asp
About Global Industry Analysts, Inc. Global Industry Analysts, Inc., (GIA) (http://www.strategyr.com) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs more than 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of more than 60,000 smaller research products including company reports, market trend reports and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc. Telephone 408-528-9966 Fax 408-528-9977 Email press @ StrategyR.com Web Site www.StrategyR.com
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This press release has been reprinted from PRWEB per the terms and conditions of the copyright notice.
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