Fort Collins, Colorado, April 05, 2024 (GLOBE NEWSWIRE) -- The P&C Insurance Platform Market size was valued at USD 13.7 Billion in 2023 and is anticipated to reach USD 31.3 Billion by 2032 at a CAGR of 9.6%.
The size of the Property and Casualty (P&C) insurance market experienced growth due to the increasing number of life risks and heightened awareness regarding risk management. The prevalence of unforeseen events such as natural disasters, cyber threats, and economic downturns has amplified the necessity for comprehensive risk management solutions. For instance, the National Center for Environmental Information confirms that the United States experienced approximately 28 natural disasters in 2023, costing around USD 93 billion. P&C insurers can address these evolving risks and threats by offering improved policy coverage, further stimulating market growth. Consequently, the P&C insurance market is anticipated to grow in the coming years.
Technological innovation within the P&C insurance sector also contributes to increased market demand. Trends such as the adoption of generative Artificial Intelligence (AI), digital claims disbursement, and radar-imaging satellite technologies are poised to revolutionize the insurance landscape. These advancements enable insurers to develop innovative products, streamline underwriting processes, and enhance customer experiences. Generative AI, for example, can identify opportunities for new offerings, expedite the underwriting process, detect claim fraud, and generate upselling opportunities for complex insurance products.
Request Sample Report:
Segmentation Overview:
The global P&C insurance platform market has been segmented into component, insurance type, deployment, end-user, and region. The P&C insurance platform market segmentation based on technology includes commercial and personal lines. The commercial lines segment held the largest market share in 2023. These types of insurance cover businesses from accidents, threats, lawsuits, natural disasters, and losses.
Ask For Discount
P&C Insurance Platform Market Report Highlights:
- The global P&C insurance platform market growth is anticipated at a CAGR of 9.6% by 2032.
- Technological innovation in P&C insurance is another factor that is augmenting market demand.
- North America accounted for a dominant share of the market in 2023. This can be attributed to the developed insurance infrastructure and high penetration of insurance products.
- Some prominent P&C Insurance Platform market report players include Sapiens International, Duck Creek Technologies, Guidewire, Majesco, EIS Software Limited, DXC Technology Company, Insurity LLC, BriteCore, Insuresoft, and Pegasystems Inc.
Looking Exclusively For Region/Country Specific Report?
P&C Insurance Platform Market Segmentation:
By Component: Software, services
By Insurance Type: Commercial lines, personal lines
By Deployment: Cloud, on-premise
By End-user: Insurance companies, insurance agencies & brokers, third-party administrators (TPAs), reinsurers, and others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
Contact:
Mail: sales@datahorizzonresearch.com
Ph: +1-970-672-0390
Website: https://datahorizzonresearch.com/
Follow Us: LinkedIn
Recent Publications
Data Center Cooling Market Growth
High Performance Computing (HPC) Market
Environmental Monitoring Market Growth
Homeland Security Market Analysis
