Technavio says insurance market expects 4 percent growth rate

Economic recovery and adoption of data analytics set to boost industry

 A new Technavio report says the global insurance business can expect modest growth for the next four years, but the really good news is that those Millennials will get older and start buying more insurance products.

The report released Tuesday suggests the global insurance market will see a compound annual growth rate of 4 percent from 2016 to 2020. It also contends that Baby Boomers and Millenials will bring about more opportunities for health insurance products. It chalks up changes in customer demographics, economic recovery and adoption of data analytics as the key reasons for the predicted growth.

The report also anticipates some other key patterns in the industry:

Analysts expect brokers to offer smaller deals to middle class customers in developing and emerging markets.

More brokers are also expected to enter into debt financing deals because of low interest rates.

The report also anticipates growth and diversified risks as a result of brokers pursuing new markets.

Finally, brokerages will continue to be forced to come up with innovative services like delving into analytics and leveraging their digital presence.

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