Edison, NJ -- (SBWIRE) -- 01/18/2022 -- A new research document is added in HTF MI database of 150 pages, titled as Cheap Insurance Market with detailed analysis, Competitive landscape, forecast and strategies. The study covers geographic analysis that includes regions and important players/vendors such as Axa S.A. (France), Munich Reinsurance (Germany), Allianz SE (Germany), The Allstate Corporation (United States), State Farm Insurance (United States), Berkshire Hathaway (United States), Nippon Life Insurance (Japan), Assicurazioni Generali S.p.A. (Italy), American International Group, Inc. (United States) and MetLife, Inc. (United States). Additionally, following companies can also be profiled that are part of our coverage like Ping An Insurance (China). The Study will help you gain market insights, upcoming trends and influencing growth prospects for forecast period of 2022-2027.
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Cheap insurance is related to cover risks usually for a shorter period such as one year. It provides various advantages such as provides protection against the occurrence of uncertain events, financial support, co-operative method of spreading risks and others. Demand for cheap insurance has increased, due to the rising number of the consumer from APAC region such as India. For instance, according to India Brand Equity Foundation, the non-life insurance companies witnessed increase of 13.1% in their collective premium in November to more than USD 20.09 billion. Therefore, it will help to increase the market growth. Considering Market by Policy Term, the sub-segment i.e. 0-5 Years will boost the Cheap Insurance market. Considering Market by Discount Types, the sub-segment i.e. Safety Discounts will boost the Cheap Insurance market. Considering Market by Incurred Claim Ratio, the sub-segment i.e. 0-60% will boost the Cheap Insurance market.
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Market Drivers
There is a significant demand for cheap insurance, increasing awareness and a rise in population. For instance, according to India Brand Equity Foundation, Gross direct premiums of non-life insurers in India reached more than USD 13.66 billion in FY20 gross direct premiums reached USD 5.87 billion) billion. Hence, it will affect the growth of the market in the future.
Market Trend
Introduction of various technology such as artificial intelligence, machine learning and others are some major trends of the market.
Restraints
Growing Inflation Rate is Causing Increase in Costs & Policy Cancellations
Opportunities
Rising Industrialization as well as Small Businesses across the World
Challenges
It is found that, sometimes, the total amount of premium might be higher than the policy amount receivable on maturity, which cloud be challenges for market growth.
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