Property Casualty Insurance Global Market Briefing 2017Including: Property Insurance and Casualty InsuranceCovering:Berkshire Hathaway, Allianz and State Farm Insurance Cos. [Updated: 20170103] Prices from USD $1000
World News: 10:45 GMT Tuesday 3rd January 2017. [SPi-Reports.com via SPi World News]
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- Property Casualty Insurance Global Market Briefing 2017Including: Property Insurance and Casualty InsuranceCovering:Berkshire Hathaway, Allianz and State Farm Insurance Cos. [Updated: 20170103] Prices from USD $1000
Property and Casualty Insurance Providers are engaged in direct underwriting insurance policies that protect policy holders against future uncertain losses that may occur as a result of property damage or contingent liability. This market includes direct Insurance Providers which underwrite polices for protection against events such as natural calamities, burglary, fire accidents, riots and terrorism related incidents.
The Americas was the x largest geographic region in the property casualty insurance services market in 2016, accounting for $x billion or x% of the global market. Asia was the x largest geographic market, accounting for $x billion or x% of the global market. Europe was the x largest geographic market, accounting for $x billion or x% of the global market. The Middle East and Africa accounted for x% and $x billion, while Oceania accounted for x% of the global property casualty insurance market.
UsageBased Insurance UBI Is Gaining Prominence within Auto Insurers
UBI, which allows Insurance Providers to vary premiums depending on the behavior of consumers, is gaining traction amongst auto insurers. In particular it is used in vehicle insurance based on the vehicle usage and driving behavior of drivers. The popularity of UBI is driven by the increased use of smartphones with features such as Global Positioning System GPS, accelerometers and gforce tracking, which can be used to substitute telematics devices with mobile apps. Under UBI, auto insurers are offering pay as you drive PAYD and pay how you drive PHYD services. While PAYD insurance premium is calculated based on the distance covered by a vehicle, PHYD insurance premium is calculated based on the driving behavior of insured consumers. UBI is rapidly growing in regions such as Europe, Asia and America. According to a report by EY, global market penetration of UBI services is expected to increase from about 1% in 2015 to 15% by 2020.
UBI reduces policy administration, claims and acquisition cost, thereby allowing auto insurers to offer tailormade insurance services to customers based on their driving behavior and usage patterns.
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