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Global SME Insurance Market to Register a CAGR of 4.96%, Predicts QY Research

Author: QYResearch  |   Published Date: 2019-08-09   |   Views: 77



QY Research has recently published a new report, titled “Global SME Insurance Market Size, Status and Forecast 2019-2025.” It provides an in-depth analysis of the global SME insurance market. The report studies the market by analyzing its historic and forecast data to give a comprehensive understanding of the market drivers, current trends, market size according to the regions and major players.


The valuation of global SME insurance market size is expected to reach US$389.36 bn in 2025, from US$277.49 bn in 2018. The market is also expected to rise at CAGR of 4.96% within the forecast period.


Global SME Insurance Market: Drivers and Risks

In recent years the global SME insurance market has seen a constant growth in the market valuation due to an increasing awareness insurance in small enterprises. Insurance is an important part for SME as they are always vulnerable to risks, and insurances are a very sensible way to cover for their assets. The fact that the companies cover anything and everything makes it flexible for SME’s to manage their business. It’s expanding scope in small to medium offices, industries, shops, businesses, agricultural setups, and enterprises are expected to drive the market.  


Companies are introducing new and customizable packages for businesses to fit their specific requirements with low risks. Introduction of a digital environment to simplify insurance purchases, renewals, and claims have also propelled the growth of the global SME insurance market. 


The different types of SME insurances has created wide variety of options for the small and medium enterprises with reliability and trust. 


Global SME Insurance Market: Segment Analysis

The SME insurance market is segmented into the product type and distribution channel. The SME insurance is product type, which includes insurance for non-employing, insurance for 1-9 employees, and insurance for above 10 employees. The other segment, which is the distribution channel, includes agency, digital and direct channels, brokers and bancassurance. 


Global SME Insurance Market: Regions/Countries Segment Analysis

Developing regions like Asia Pacific with countries such as China and India is expected to rise due to an increase in awareness among small and medium businesses. Other regions like North America, Europe, and Central and South America also occupy a large portion of the market 


Global SME Insurance Market: Key Players

The major companies in the global SME insurance market are Allianz, AXA, PICC, China Life, Zurich, Chubb, Aviva, AIG, Liberty Mutual, CPIC, Nationwide, Mapfre, Sompo Japan Nipponkoa, Tokio Marine, Hanover Insurance, Hiscox and others.


Global SME Insurance Market: Competitive Landscape

Companies are adopting strategic developments policies comprising new product launch, partnerships, research & development, acquisitions, mergers, collaborations and joint ventures agreements in order to attain higher position in the market. 


in 2017, Ping An launched Superfast Onsite Investigation to replace inspector during policy claims of car insurance. This year, they have upgraded the AI software to generate accurate estimates of the damage. The system assesses the damage and calculates the cost. The AI can also recognize facial expression of the applicants to determine where they are lying. The technology has saved millions of dollar for the company without compromising on their service quality. This new digital feature by Ping An has set a benchmark for other companies to step towards future of big data.


Full Report Overview@ https://www.qyresearch.com/index/detail/1057635/global-sme-insurance-market

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