The Insurances market in G7 countries is experiencing significant growth and evolution.
Customer preferences: Customers in G7 countries are increasingly seeking personalized insurance products that cater to their specific needs and lifestyles. There is a growing demand for digital insurance solutions that offer convenience and flexibility, allowing customers to manage their policies online and access support easily. Additionally, there is a rising interest in sustainable and socially responsible insurance options among customers in these countries.
Trends in the market: In the United States, there is a trend towards usage-based insurance, where premiums are based on individual behavior and risk factors. This is driven by advancements in telematics technology and an increasing focus on promoting safe driving habits. In the United Kingdom, the insurance market is seeing a rise in demand for cyber insurance as businesses seek protection against cyber threats and data breaches. This trend is fueled by the growing digitalization of businesses and the increasing frequency of cyber attacks.
Local special circumstances: In Japan, the insurance market is heavily influenced by the country's aging population and low birth rates. This has led to a focus on developing innovative insurance products for the elderly population, such as long-term care insurance. In Germany, the insurance market is shaped by strict regulations and a high level of consumer awareness. Insurers in Germany must adhere to stringent data protection laws and provide transparent information to customers, which impacts the way insurance products are marketed and sold.
Underlying macroeconomic factors: The Insurances market in G7 countries is also influenced by macroeconomic factors such as interest rates, economic growth, and regulatory changes. Low interest rates in countries like Italy and Canada have pushed insurers to explore alternative investment strategies to generate returns. Economic growth in countries like the United States and the United Kingdom has led to an increase in disposable income, driving demand for insurance products. Regulatory changes, such as Solvency II in the European Union, have required insurers to hold higher levels of capital, impacting their business operations and product offerings.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
