B2B2C Insurance Market Expected to Reach US ~$5.79 Billion and CAGR 6.7% by 2030 – Polaris Market Research
The global B2B2C insurance market size is expected to reach USD 5.79 billion by 2030 according to a new study by Polaris Market Research.
The increasing awareness regarding the concealed demand for coverage, tied with the rising numbers of B2B2C insurance firms globally, is the major driving factor for the global industry. In addition, the exponential growth of the various industries such as retail, automotive, and many others are also surging the demand for B2B2C coverage services. Moreover, regulatory bodies’ implementation of favorable policies for opting for these services and increasing disposable across emerging nations are further offering lucrative opportunities for industry growth in the near future.
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Based on the B2B2C insurance type, the life insurance segment is dominating the global industry with the highest revenue shares owing to the increased responsiveness and adoption of the coverage among the population as this type offers the company to pay off the confer amount to the insured family. Whereas the non-life insurance segment is showing the highest CAGR rate that leads the industry demand because of increasing demand for this coverage by numerous industries such as retail and automobile industry stimulates the segment growth. This segment presents getting payments as per the loss that occurs on a specified financial event on the asset, thereby, this segment gaining huge popularity among the population.
The growing urban populations coupled with the increasing disposable income are the significant factors for the growth. The rapid growth in the middle-class population with better spending propensity, desiring value-added services, and flawless experiences are also augmenting the demand. Additionally, the rising awareness and need for the B2B2C services for protection, safety, and fidelity is anticipated to propel demand owing to the growing e-commerce, sales, and retail services through digital platforms.
Traditional B2B2C service providers like car dealers and banks are inclining toward the adoption of digital platforms to reinforce their revenue streams. Thereby, the B2B2C coverage service is influencing consumers to decide on superior lifestyles and better services, which, in turn, accelerates the market growth over the foreseen years.
Market participants such as Berkshire Hathaway, China Life Insurance, AXA, Zurich Insurance Group, Allianz SE, Munich Re Group, Assicurazioni Generali S.p.A., Ltd., Prudential plc, UnitedHealth Group, and Japan Post Holding Co. are some of the key players operating in the global market.
The frequent tactical movements such as mergers & acquisitions, product developments & launches, and others by the prominent market players are supporting the global market development. For instance, in April 2021, Porch Group completed the acquisition of Homeowner of America (HOA) with the objective of national expansion. Porch Group is aiming to create proficient growth by lessening customer acquisition costs through its software platform.
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Polaris Market Research has segmented the B2B2C insurance market report on the basis of insurance type, distribution channel, and region:
B2B2C Insurance, Insurance Outlook (Revenue – USD Billion, 2018 – 2030)
B2B2C Insurance, Distribution Channel Outlook (Revenue – USD Billion, 2018 – 2030)
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