Market Trends of Global Life and Non-Life Insurance Industry
This section covers the major market trends shaping the Life & Non-Life Insurance Market according to our research experts:
Global M&A Activity in Insurance Industry:
There were 382 completed mergers and acquisitions (M&A) worldwide in the insurance sector in 2018, up 9% (from 350) from the previous year. With 196 deals in the second half of the year, following 186 in the first six months, there have now been three consecutive six-month periods of M&A growth for the first time since 2009.While the Americas remained the most active region for insurance sector M&A with 189 deals in 2018, there was a minor drop off in deal activity in the Americas in the second half of the year with 92 transactions, down from 97 in the first six months. In 2018 there were 18 mega-deals valued in excess of USD 1 billion, including the year’s largest, AXA’s USD 15.1 billion acquisition of XL Catlin. APAC’s M&A activity in insurance sector were up by 40% in 2018 compared to previous year, APAC region is an emerging market.
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Significant growth in insurtech adoption:
Insurtech adoption has seen significant growth from 8% in 2015 to almost 50% in 2019. The use of technology in insurance can make products more affordable, business more profitable and provide access to new risk pools, insurance companies are integrating digital technologies into their traditional processes and everyday workflows in order to reduce manual efforts, time and costs. Insurance saw an increase in investment increase at 36.5% CAGR between 2014 and 2017. Insurance sector participants sometimes use the term more broadly to encompass the application of digital technology to all stages of the insurance supply chain. As the insurance sectors of developing and emerging markets become more sophisticated, it can be expected that digital solutions will filter down through the insurance supply chain, driving operational efficiency and ultimately profitability, as is already being seen in more advanced markets.
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