TMCnet News

Global Property Insurance Market Growth of 5.6% by 2020 - Key Vendors are Allstate Insurance, AIG & Liberty Mutual - Research and Markets

[May 24, 2016]

Global Property Insurance Market Growth of 5.6% by 2020 - Key Vendors are Allstate Insurance, AIG & Liberty Mutual - Research and Markets

Research and Markets has announced the addition of the "Global Property Insurance Market 2016-2020" report to their offering.

The report forecasts the global property insurance market to grow at a CAGR of 5.6% during the period 2016-2020.

An upcoming trend in the insurance industry is the use of data analytics and predictive modeling strategies. Many top analytics companies are tying-ups with property insurance firms to improve the underwriting profits and also to lower the loss ratio. Customers are demanding innovative solutions and telematics in the commercial property policy and commercial package offered. This will also help customers to get useful insights about the portfolio metrics and risks associated and thereby identifying the pricing inadequacy and the profitability.

According to the report, a key driver of market growth is the use of risk management tools. The property insurance vendors are looking for strong investent returns that they can reinvest to get higher yields. This brings in profitability to the system. Therefore, it is important that the vendors meet the customers' demand while challenging the increased risk and uncertainty. For instance, PACE is an advanced software application tool that integrates the management of the property risk survey reports and evaluates it. Its advanced security features include a hierarchy permission-based system that gives full access to customers' data. Such features ensure transparency in the risk management solutions.

Further, the report states that one challenge that would impact market growth is the effect of pricing and rating systems used by the insurance industry.

Key vendors: