Wilmington, Delaware, United States, Sept. 08, 2023 (GLOBE NEWSWIRE) -- The B2B2C general insurance market on a global scale is poised for substantial growth, with a projected 10.0% CAGR spanning from 2023 to 2031. According to the research study by TMR, the market is expected to attain a valuation of approximately US$ 827.3 billion by 2031. As of 2023, the B2B2C general insurance market is forecasted to reach a value of about US$ 381.8 billion.
Increase in disposable income, growth in digitization, and surge in usage of social media platforms have resulted in increased awareness and spending on insurance instruments, drives the growth of the B2B2C general insurance market. Increase in government initiatives & supportive policies, and easy availability of suitable products. This, in turn, is bolstering the growth prospects of B2B2C general insurance.
Technologies such as predictive analytics, artificial intelligence, machine learning, telematics, and chatbots have stimulated B2B2C general insurance market growth, as insurance providers are allowed digital issuance of policies
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 347.1 Bn | |
| Estimated Value | US$ 827.3 Bn | |
| Growth Rate - CAGR | 10.0% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 170 Pages | |
| Market Segmentation | Product Type, Industry, Nature of Business, Application, Enterprise Size, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Aditya Birla General Insurance,AXA SA,Allianz SE,Assicurazioni Generali S.p.A.,Berkshire Hathaway Inc.,ICICI Lombard,Prudential plc,UnitedHealth Group Inc.,BNP Paribas S.A.,Edelweiss General Insurance Company Limited,Tata-AIG General Insurance Co. Ltd. | |
Key Takeaways from the Market Study
- As of 2022, the B2B2C general insurance market was valued at US$ 347.1 billion
- By enterprise size, the large enterprises segment to enjoy high demand, accumulating a high revenue share during the forecast period.
- Based on product type, the property insurance segment is anticipated to dominate the industry during the forecast period.
- Based on end-user, the commercial segment is expected to generate high revenue during the forecast period.
B2B2C General Insurance Market: Key Trends and Opportunistic Frontiers
- The rapid growth in EV manufacturing industry is expected to create lucrative opportunities for established as well as new B2B2C General Insurance companies over the coming years.
- Increasing demand for lightweight automotive components, expansion of the transportation industry, rising focus on research and development of advanced materials, and surging sales of vehicles around the world are key factors that are estimated to boost B2B2C General Insurance demand.
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B2B2C General Insurance Market: Key Trends and Opportunistic Frontiers
- Businesses are becoming more aware of the need for risk management and insurance. This increased awareness encourages them to seek out insurance solutions, driving growth in the B2B2C market.
- B2B2C insurers play a pivotal role in helping businesses identify, assess, and mitigate risks effectively. This heightened risk consciousness fuels demand for insurance coverage and risk management expertise.
- The growing threat of cyberattacks and data breaches compels businesses to invest in cybersecurity insurance. Insurers offer specialized policies to protect against cyber risks.
- Insurers are continuously innovating their product offerings to address emerging risks and evolving customer needs. This includes coverage for new technologies like autonomous vehicles, drones, and IoT devices.
B2B2C General Insurance Market – Regional analysis
- Asia Pacific is the dominant region and is anticipated to account for significant share during the forecast period. This can be ascribed to the increase in awareness about the need for insurance, favorable government initiatives, rise in disposable income, and higher population of the insurable people in the region.
- B2B2C general insurance market holds strong growth potential in North America owing to the, increase in adoption of insurance solutions, and availability of of supportive government policies in the region.
Competitive Landscape
According to the B2B2C general insurance market analysis, the industry is fragmented, with the presence of large number of companies.
- Aditya Birla General Insurance
- AXA SA
- Allianz SE
- Assicurazioni Generali S.p.A.
- Berkshire Hathaway Inc.
- ICICI Lombard
- Prudential plc
- UnitedHealth Group Inc.
- BNP Paribas S.A.
- Edelweiss General Insurance Company Limited
- Tata-AIG General Insurance Co. Ltd.
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Key Developments in the B2B2C general insurance market
- In October 2020 - Allianz had signed agreement with Jubilee Holdings in September 2020 to acquire 66 percent stake in its general insurance business in East Africa. Allianz now has presence in the general insurance market in Uganda, Burundi, Tanzania, Mauritius and Kenya.
- In February 2022: Digital Insurer, Edelweiss General Insurance (EGI), has launched an AI Voice Bot, a digital transformation initiative to enable its customers intimate motor claims in a convenient and seamless manner. This end-to-end AI Voice Bot is the first in the General insurance industry in India, and is powered by Yellow.ai, the world’s leading next-gen Total Experience (TX) Automation Platform recently recognised in the 2022 Gartner Magic Quadrant for Enterprise Conversational AI Platforms.
- In March 2023, Aditya Birla Health Insurance, one of the leading insurance providers, announced its bancassurance partnership with a leading public sector lender, UCO Bank, for the distribution of health insurance products through the bank’s branches across India.
B2B2C General Insurance Market – Key Segments
Product Type
- Health Insurance
- Property Insurance
- Vehicle Insurance
- Accident Insurance
- Others (Travel, Asset Insurance, etc.)
Industry
- Banks & Financial Institutions
- Automotive
- Utilities
- Retailers
- Travel
- Housing
- Others (Telecom, Lifestyle, etc.)
Nature of Business
- Brick & Mortar
- E-commerce
- Multi-channel
- Non-commercial
- Service Company
Application
- Individuals
- Corporates
Enterprise Size
- Large Enterprise
- Small & Medium Enterprise
Distribution Channel
- Online
- Offline
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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