Some of the key players operating in completive landscape include American International Group, Allstate Insurance, Berkshire Hathaway, Liberty Mutual, AXA, Farmers Insurance Group of Companies, Lloyd’s, Wells Fargo, State Farm Fire & Casualty, Nationwide Mutual Insurance, Chubb’s Federal Insurance, CAN Financial Corp.’s Continental Casualty Company and Munich Re.
[UKPRwire, Tue May 21 2019] Report delivers an inclusive and organized outline of the Property Insurance Market at a global level that includes all the key features related to it. Data mentioned in this report is collected from different sources and it has been precisely analyzed by using different analyzing tools. The opinions and conclusions mentioned in the report are based on this calculations and analysis.
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One of the major factors driving the growth of property insurance market over the forecast period is rising adoption of data analytics as well as predictive modeling strategy. Moreover, several major market participants are opting for a strategy that has multi-channel distribution in innovative data analytics for instance sampling, univariate analysis, splines, general linear modeling as well as spatial smoothing.
Besides, innovative modeling techniques and tools can enable decision making with the help of beneficial data collected. Further, this would enable creating transparency in the process of underwriting over the forecast period. However, cyber security issues plus high hazard jeopardies are major restraints towards property insurance market growth.
Furthermore, property insurance market across the globe is segmented by different end-users and geography. Further, end-user segment is sub-divided to personal property insurance and commercial property insurance. Personal property insurance segment led the market in previous year by acquiring approx. 53% of overall Property Insurance Market share.
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Likewise, geographical segment is subdivided into North America, Latin America, Asia-Pacific, Europe and Middle East & Africa. Europe dominates the market with largest market share in previous year owing to the rising awareness amongst the consumers about the risks in property insurance market. Europe is followed by Middle East & Africa as there are large number of vendors adopting predictive analytics model as well as strategies.
Some of the major market participants of the property insurance market are adopting several operating models that will consists of shared service centers plus extra federal enterprise architecture models. This will enhance the process of handling the claims and also enable better management of data & information. Furthermore, the business intelligence tools will also enable vendors in avoiding any fraudulent claims over the forecast period. Besides, adoption of these tools would enable vendors in retaining their customer base.
Key Segments in the “Global Property Insurance Market” are-