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30 April 2017
The global non-life insurance market will exceed $US2.7 trillion ($3.79 trillion) by 2020, buoyed by strong growth in the US and China, according to research group MarketLine.
The market grew 5.4% a year from 2011-15 to $US2.03 trillion ($2.64 trillion), it says.
Severe weather events in the US, which accounts for almost 40% of global insurance revenue, have lifted property cover, particularly in Florida, where 14% of insured catastrophe losses occur.
China’s motor insurance market has grown rapidly since the nation introduced compulsory third party cover in 2006. Motor cover now accounts for 57% of the non-life market.
More cars on China’s roads and drivers choosing expensive, comprehensive cover is fuelling the boom.
The global non-life market is forecast to grow at 5.9% a year from 2015-20.
MarketLine analyst Nicholas Wyatt says there is scope for growth beyond that.
“Motor insurance is comfortably the market’s largest segment, and there are still a number of sizeable, largely untapped markets,” he said.
“In countries such as Indonesia and South Africa, car insurance is not a legal requirement and there is a chance such jurisdictions could bring their legislation into line with that of other nations. This could serve as a catalyst for further market growth.”
28 April 2017
This is a rare opportunity to be a part of TIO, and lead our NT commercial business to achieve continued success and growth.
18 April 2017
The successful applicant will be responsible for all ANZ Claims (ie direct) related strategic procurement for bodily injury (ie providers of services relating to health, recovery and injury management) and investigations (ie providers of investigative services).
11 April 2017
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