Embedded Insurance Market Size to Grow USD 296.85 Billion by 2029 at a CAGR of 24.12%

Embedded Insurance Market Size to Grow USD 296.85 Billion by 2029 at a CAGR of 24.12% | Valuates Reports

Press Releases

Oct 17, 2023

BANGALORE, India, Oct. 17, 2023 /PRNewswire/ — Global Embedded Insurance Market Is Segmented By Type (Life Insurance,Non-life Insurance), By Application (Consumer Products, Travel And Hospitality, Automotive, Healthcare, Real Estate, Transport and Logistics, Others): Global Opportunity Analysis And Industry Forecast, 2023-2029.

Embedded Insurance market is projected to reach USD 296.85 Billion in 2029, increasing from USD 65.41 Billion in 2022, with a CAGR of 24.12% during the period of 2023 to 2029.

Major Factors Driving the Growth of Embedded Insurance Market

Embedded insurance has a number of potential advantages for both policyholders and insurers. These advantages include lower administrative costs, better customer satisfaction and retention, greater access to data and analytics, a lower risk of claims and fraud, more convenience, better coverage, lower costs, and greater peace of mind.

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TRENDS INFLUENCING THE GROWTH OF EMBEDDED INSURANCE MARKET

Products with embedded insurance are very well integrated into users’ digital travels, which improves the experience. For instance, ride-hailing services provide customers the choice to purchase ride protection insurance when they schedule a ride. To speed up the process, integrated insurance makes use of extra customer-related data points. Additionally, embedded-insurance channels provide specific insurance products that add value to the main company offering. This factor is expected to drive the growth of Embedded Insurance market.

Embedded insurance saves policyholders time and money by removing the need to buy separate insurance policies. For people who lack the time or resources to examine various regulations, this might be extremely useful. When a requirement for coverage materializes, insurance products can be made available thanks to embedded insurance. As a result, it is much easier to buy insurance cover. This factor is expected to drive the growth of Embedded Insurance market.

Embedded insurance offers clients extra protection that they would not have had access to under a conventional policy. They may feel more secure knowing that they have extra security in case of need. Purchasing integrated insurance plans can frequently be less expensive than doing it separately. By doing this, customers may save money without sacrificing access to comprehensive insurance. This factor is expected to drive the growth of Embedded Insurance market.

Technology developments have led to a significant increase in embedded insurance. Insurance may now more easily be integrated into a variety of goods and services thanks to digital platforms and data-driven procedures, increasing its usability and customer attractiveness. Offering insurance at the time of need is now more effective and convenient thanks to technology advancements. This factor is expected to drive the growth of Embedded Insurance market

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EMBEDDED INSURANCE MARKET SHARE ANALYSIS

In North America, embedded insurance is widely used, particularly in the USA because it provides automobile buyers more flexibility. Based on their banking history, Americans and Canadians frequently buy embedded insurance from banks, which enables customers to acquire alternatives that are appropriate for their requirements and preferences.

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Key Companies:

Trov Insurance Solution
Hokodo Services
Cover Genius
ELEMENT Insurance
Qover
Bsurance
OptioPay
Extracover
Wrisk Transfer
Kasko
GUARDHOG
Players Health

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SIMILAR REPORTS

– Embedded analytics market size was valued at USD 25,133 Million in 2016, and is projected to reach USD 60,281 Million by 2023, with a CAGR of 13.6% from 2017 to 2023.

– Embedded Finance Market

– The global Unified Communications as a Service (UCaaS) market size is projected to reach USD 80430 million by 2028, from USD 26510 million in 2021, at a CAGR of 16.7% during 2022-2028.

– Business Credit Insurance Market

– The global Final Expense Insurance market is projected to grow from USD 200750 million in 2023 to USD 224760 million by 2029, at a Compound Annual Growth Rate (CAGR) of 1.9% during the forecast period.

– Guaranteed Asset Protection (GAP) Insurance Market

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– The global Insurance Fraud Detection market was valued at USD 2355.1 million in 2022 and is anticipated to reach USD 5334.7 million by 2029, witnessing a CAGR of 14.6% during the forecast period 2023-2029.

– Life Insurance Policy Administration Systems Software Market

– Camping Travel Insurance Market

– Musical Instrument Insurance Market

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– The global Professional Liability Insurance market is projected to grow from USD 45080 million in 2023 to USD 55100 million by 2029, at a Compound Annual Growth Rate (CAGR) of 3.4% during the forecast period.

– Business Travel Accident Insurance Market

– The global Juvenile Life Insurance market was valued at USD 74310 million in 2022 and is anticipated to reach USD 157190 million by 2029, witnessing a CAGR of 13.3% during the forecast period 2023-2029.

– Mobile Phone Insurance Market

– The global cyber insurance market size was valued at USD 4,852.19 Million in 2018 and is projected to reach USD 28,602.10 Million by 2026, growing at a CAGR of 24.9% from 2019 to 2026.

– Wedding and Special Event Insurance Market

– According to new survey, global Game Developer Insurance market is projected to reach USD 1696.3 million in 2029, increasing from USD 1348 million in 2022, with the CAGR of 3.4% during the period of 2023 to 2029

– The global Fraud Detection and Prevention (FDP) market size is projected to reach USD 45800 million by 2028, from USD 16390 million in 2021, at a CAGR of 15.3% during 2022-2028.

– Artificial Intelligence In Insurtech Market

– Peer to Peer Insurance Market

– Marine Reinsurance Market

– The global Reinsurance market size is projected to reach USD 315360 million by 2028, from USD 279860 million in 2021, at a CAGR of 1.7% during 2022-2028.

– The global travel insurance market size was valued at USD 19.2 Billion in 2019 and is projected to reach USD 39.3 Billion by 2027, growing at a CAGR of 17.4% from 2020 to 2027.

– The global usage-based insurance market size was valued at D28.7 billion in 2019, and is projected to reach D149.2 billion by 2027, growing at a CAGR of 25.1% from 2020 to 2027.

– The global Health Insurance market size is estimated to be worth USD 27890 million in 2022 and is forecast to a readjusted size of USD 138340 million by 2029 with a CAGR of 25.4% during the forecast period 2023-2029.

– The global Credit Insurance market size is projected to reach USD 14200 Million by 2028, from USD 12260 Million in 2021, at a CAGR of 2.1% during 2022-2028.

– The global Insurance Telematics market size is projected to reach USD 3556 Million by 2027, from USD 1574.2 Million in 2020, at a CAGR of 11.9% during 2021-2027.

– The global insurance analytics market size was valued at USD 7.91 billion in 2019, and is projected to reach USD 22.45 billion by 2027, growing at a CAGR of 14.2% from 2020 to 2027.

– The global commercial insurance market was valued at D692.33 billion in 2020, and is projected to reach D1,613.34 billion by 2030, growing at a CAGR of 9.7% from 2021 to 2030.

– General Insurance Market Size Global revenue is about USD 7000 Billion USD in 2022 and will reach 8500 Billion USD in 2028, a CAGR of about 3.3%

– The global Insurance Software market was valued at USD 8781.4 million in 2022 and is anticipated to reach USD 10860 million by 2029, witnessing a CAGR of 3.6% during the forecast period 2023-2029.

– The global Trade Finance market was valued at USD 8483660 million in 2022 and is anticipated to reach USD 11631260 million by 2029, witnessing a CAGR of 5.4% during the forecast period 2023-2029.

– The global Payment Processing Solutions market size is projected to reach USD 52060 million by 2027, from USD 33810 million in 2020, at a Compound Annual Growth Rate (CAGR) of 5.9% during 2021-2027.

– The letter of credit confirmation market was valued at USD 3918.8 million in 2020, and it is anticipated to reach USD 5094.7 million by 2030, registering a CAGR of about 2.72% during the forecast period (2021–2030)

– Global Trade Promotion Management and Optimization for the Consumer Goods market is projected to reach USD 1052 million in 2029, increasing from USD 601 million in 2022, with the CAGR of 8.3% during the period of 2023 to 2029.

– Cryptocurrency Exchanges Market

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