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B2B2C Insurance Market to Exceed Valuation of US$ 1.8 Trn by 2031: Transparency Market Research

Consumer Goods |

B2B2C Insurance Market: Introduction

Transparency Market Research delivers key insights on the global B2B2C insurance market. In terms of revenue, the global B2B2C insurance market is estimated to expand at a CAGR of 9.7% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global B2B2C insurance market.

The global B2B2C insurance market is affected by several factors, including increasing disposable income, awareness of consumers, and technical developments, along with introduction of more customized insurance products. These factors are expected to drive the market during the forecast period.

B2B2C Insurance Market: Dynamics

In recent years, increasing urban population and growing disposable income are factors influencing the expansion of the B2B2C insurance market. Developing markets are witnessing rapid growth in middle-class population with better spending propensity, expecting value-added services, and seamless experiences. Developing countries are gaining demand for insurance services, which is likely to drive the B2B2C insurance market, as this service is influencing them to opt for better lifestyles with financial assistance services.

A strong consumer base of traditional insurance is shifting to B2B2C insurance models across the globe. This is expected to propel the market in the upcoming years. B2B2C premiums continued to increase in the life and/or non-life sectors in most countries in specific insurance classes, such as motor vehicle insurance, and property & casualty insurance. Companies are focusing on investments to develop their business operations and infrastructure globally to enhance their profitability and competitiveness, which is influencing the B2B2C insurance industry. The rapid growth in a wide range of industrial and service sectors has influenced the spread of the B2B2C insurance business across the globe.

The B2B2C insurance market is likely to remain popular among consumers during the next few years. The rapidly growing market is also providing several opportunities to insurers. National and multi-country players have opportunities to target untapped markets of the globe for the expansion of their business. Age groups from 18 to 35 are majorly engaging in digital platforms, providing an opportunity for insurers to invest in digital platforms by providing customers with innovative solutions. In addition, prominent insurers also have the opportunity to initiate strategic partnerships with banks, financial services, and other third parties to ensure smooth operations, continuous engagement with their clients, and offer unique services. The rise in adoption of smart technology to monitor the insurance process of businesses with advanced security solutions has encouraged the growth of the B2B2C insurance market.

The implementation of stringent laws and regulations by state and federal agencies, along with various associations are acting as a barrier for the overall operation of the industry. Laws associated with insurance services, cybersecurity, and data privacy that require additional certification, license, digital security, and technical support may lead to barriers to the growth of the market. Multinational players active in different geographies need to follow the laws associated with foreign players, which is challenging while penetrating a specific country. In addition, key laws related to partnerships among different players, vendors, and service providers impacting the overall operation of the business, may hamper the growth of the market. These are the challenges impacting the growth of the B2B2C insurance market.

B2B2C Insurance Market: Prominent Regions

Globally, Asia Pacific is expected to remain the dominant region in the B2B2C insurance market in the upcoming years, owing to the presence of a large consumer base as it has nearly one-third of the world’s population, along with an increasing middle-class population and their disposable income. Furthermore, India and China are growing at a rapid pace and are projected to become the largest economies of the globe by 2030. In addition, prominent players in the region are gaining positive responses for the growth of B2B2C insurance owing to the continuous penetration of innovative products through advanced platforms and distribution models.

The North American region is expected to hold second-largest share of the global B2B2C insurance market. Government policies and mandates of vehicle insurance across various countries and increasing vehicle sales are some of the factors helping the B2B2C insurance market to grow in the North American region. Growing awareness and adoption of coverage among the population is anticipated to drive the overall B2B2C insurance market during the forecast period.

B2B2C Insurance Market: Key Players

Key players operating in the global B2B2C Insurance market are AXA SA, Allianz SE, Assicurazioni Generali S.p.A., Berkshire Hathaway Inc., Berkshire Hathaway Inc., China Life Insurance (Group) Company, Japan Post Holdings Co., Ltd, Prudential plc, UnitedHealth Group Inc., BNP Paribas S.A., Munich Re Group, Aviva Group and Legal and General.

Global B2B2C Insurance Market: Segmentation

B2B2C Insurance Market, by Type

  • Life Insurance
  • Non-life Insurance
    • Health Insurance
    • Home Insurance
    • Vehicle Insurance
    • Personal Insurance
    • Accident Insurance
    • Others (Transport, Credit Insurance, etc.)

B2B2C Insurance Market, by Geographical Space

  • National
  • Multi-country
  • Regional
  • Global

B2B2C Insurance Market, by Enterprise Size

  • Large Enterprise
  • Small & Medium Enterprise

B2B2C Insurance Market, by Application

  • Individuals
  • Corporates

B2B2C Insurance Market, by End-use Industry

  • Banks & Financial Institutions
  • Automotive
  • Utilities
  • Retailers
  • Travel
  • Housing
  • Others (Lifestyle, Telecom etc.)

B2B2C Insurance Market, by Nature of Business

  • Brick & Mortar
  • E-commerce & Digital Platforms
  • Multi-channel
  • Non-commercial
  • Service Company

B2B2C Insurance Market, by Distribution Channel

  • Online
  • Offline

B2B2C Insurance Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • France
    • Germany
    • U.K.
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

About Consumer Goods Industry at Transparency Market Research

The market intelligence reports by TMR of the consumer goods industry cover the ever-evolving dynamics of the industry with respect to economic growth, globalization, and changing lifestyle. This, along with cultural mindsets that deeply influence consumer-purchasing behavior is duly comprehended in our reports pertaining to the consumer goods industry.

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