Short Term Insurance Market to See Huge Growth by 2029 | AXA, AIG, Allianz
Published Via 11Press: According to HTF MI, the Global Short Term Insurance Market is expected to see a growth rate of 9.42% and may see a market size of USD 982.64 Billion by 2028, currently pegged at USD 482.6 Billion.
Short-term insurance refers to insurance coverage that is designed to provide temporary or limited protection for a specific period. Unlike long-term insurance policies that typically last for years, short-term insurance provides coverage for a shorter duration, often ranging from a few days to a few months. Short-term insurance policies are commonly used to address temporary or immediate needs and risks that may arise. This type of insurance provides coverage for risks associated with travel, such as trip cancellation or interruption, lost baggage, medical emergencies, and travel delays. It typically covers the duration of a specific trip. Event organizers may purchase short-term insurance to protect against risks related to a specific event, such as concerts, conferences, or sporting events. This coverage may include liability protection, property damage, or event cancellation. People who experience a gap in their regular health insurance coverage, such as during a job transition or after graduating from college, may opt for short-term health insurance to maintain coverage for a limited period.
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“Allianz purchased a controlling stake in Jubilee General Insurance on September 29, 2020. Jubilee General Insurance offers a wide range of insurance products, such as domestic and international travel insurance, personal accident and healthcare insurance, and house and vehicle insurance. Allianz now has a general insurance presence in East Africa, with offices in Burundi, Kenya, Mauritius, Tanzania, and Uganda. Canara HSBC Life Insurance released iSelect Guaranteed Future, an individual, non-linked, non-participating, savings and protection life insurance plan, on the company’s digital platform on September 12, 2022. The program is mostly geared towards younger people who are internet-savvy and enjoy digital media.”
Short-Term Insurance Market Key Players
Below are the most prominent enterprise Short Term Insurance industry players.
- Allianz
- AXA
- Zurich Insurance
- Munich Re
- Swiss Re
- Generali Group
- Chubb Limited
- AIG
- Liberty Mutual
- Travelers Companies
- Berkshire Hathaway
Short-Term Insurance Market Key Business Segments
By Product Type
- Property Insurance
- Household Insurance
- Vehicle Insurance
- Personal Liability Insurance
- Medical Insurance
- Travel and Business Insurance
By End Use Application
- Individuals
- Businesses
The study’s important characteristics and noteworthy highlights:
1) Can we reduce the number of possible business segments?
Yes, a further breakdown in business segments by end-use application or product type (If applicable) by Revenue Size or Volume* can be provided based on the availability of data and the feasibility check completed by our Research Analyst.
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Market Growth Drivers
- The availability of tax advantages linked to short-term insurance plans is a key driver. A lot of nations encourage people and businesses to purchase short-term insurance by providing tax credits or exemptions for premiums paid. The cost of the premiums is a further significant driver. When compared to long-term insurance options, short-term insurance policies frequently have lower premium costs, making them more affordable for a wider spectrum of people. Customers seeking cost-effective insurance options without sacrificing coverage are drawn to this affordability element.
Influencing Trends
- One notable development is usage-based insurance, which allows policyholders to pay premiums based on their actual usage patterns. It is getting increasingly common. Another development in the insurance sector is a greater emphasis on company culture. Insurance firms are emphasizing the development of a customer-centric culture that fosters innovation, cooperation, and agility. This cultural shift strives to improve consumer experiences, promote innovation, and preserve competitiveness in a rapidly changing industry. The industry is also bracing for any disruption that blockchain technology may bring. Policy administration, claims management, and fraud detection are just a few of the aspects of the insurance value chain that blockchain technology has the potential to alter.
Challenges
- One of the key challenges in the short-term insurance sector is clients’ difficulty comprehending insurance policies and terminology. Consumers may struggle to completely understand their coverage and benefits due to the complexities and technical jargon of insurance products. Policyholders may experience uncertainty and dissatisfaction as a result of their lack of knowledge about the restrictions and exclusions of their policies. The ever-changing nature of risks and uncertainties is also a concern for the short-term insurance sector. To respond to growing hazards like cyber-attacks, natural disasters, and pandemics, insurers must constantly change their coverage options and policies. To stay up with these evolving threats, continuous monitoring, analysis, and product innovation are required. Furthermore, client expectations and wants are continually changing. Policyholders want personalized connections, rapid and efficient claims processing, and frictionless digital interactions.
Major Development in the Short-Term Insurance Market
Report Highlights
| Report Attributes | Details |
| CAGR | 9.42 % |
| Market Forecast Values (2029) | USD 982.64 Bn |
| Current Market Size Values (2022) | USD 482.6 Bn |
| Dominating Segment | Property Insurance |
| Major Players Profiled | Swiss Re (Switzerland), Allianz, Zurich Insurance Group (Switzerland), Munich Re (Germany), Generali Group (Italy), Chubb Limited (Switzerland), AIG (United States), Liberty Mutual (United States), Travelers Companies Inc. (United States), AXA (France), Berkshire Hathaway Inc. (United States) |
| Base Year | 2022 |
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Question That Is Frequently Asked
Q1: How large is the Short Term Insurance Market currently?
A: Market.us projects that the market for short-term insurance will be worth USD 482.6 billion in 2022 and USD 982.64 billion by 2032, rising at a CAGR of 9.42% throughout that time.
Q2: What are the market’s main sub-sectors for short-term insurance?
A: The Global Short Term Insurance Market Breakdown by Application (Individuals, Businesses) by Type (Household Insurance, Property Insurance, Vehicle Insurance, Medical Insurance, Travel, and Business insurance, Personal Liability Insurance) by Distribution Channel (Broker, Agent, Online Channels, Others) and by Geography (South America, Europe, North America, Asia Pacific, MEA).
Q3: List the Market’s Major Players for Short-Term Insurance.
A: Some of the key players in the Short Term Insurance Market include Allianz (Germany), AXA (France), Munich Re (Germany), Generali Group (Italy), Chubb Limited (Switzerland), AIG (United States), Liberty Mutual (United States), Travelers Companies Inc. (United States), Berkshire Hathaway Inc. (United States), Swiss Re (Switzerland), Zurich Insurance Group (Switzerland).
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