Peer to Peer Insurance Market, Spurred by Need to Eliminate Insurance Fraud, Expected to Post Strong Growth & Expansion Till 2022
According to the market research report “Peer to Peer Insurance Market: By model (Broker, Carrier and Stealth) and Geography – Forecast (2017 – 2022)”, published by IndustryARC, estimates that North America will be a key adopter of this practice during the forecast period.
Over the last few years, the Peer to Peer Insurance Market has been accused of being just a modern take on the ancient principle of sharing risk. The insurance industry has been known to be dull and ripe for disruption for a long time. The proliferation of technology has finally brought about the disruption in the form of peer insurance. Some of the best insurance companies, with a rich history, are now competing directly with P2P insurance companies and startups. The age of insurtech has begun. Currently, Lemonade is the only one to have an operating license in USA, but followers of peer to peer life insurance are beginning to pop-up all over the world. Thus, the Peer to Peer Insurance Market is excellently positioned to register strong growth during the forecast period.
Scope & Regional Forecast of the Peer to Peer Insurance Market
P2P insurance startups initially invited a lot of scepticism, but this has changed and several startups are expected to grab a significant market share from traditional insurers. Peer insurance has a lot going for it, including superior risk spread and management, dramatic reduction in insurance fraud, and raising the affordability levels of insurance. The Peer to Peer Insurance Market is largely restricted personal and small commercial offerings for now. But as the P2P principle grabs the limelight and the imagination of the wider industry, its offerings are also expected to expand and diversify into property, casualty as well as employment liability.
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The main attraction of the P2P insurance is the fact that policyholders get to enjoy a bigger piece of premiums pie, while the wealth managers looking to boost the profits of traditional insurance behemoths get a much smaller portion than they usually do. Another boost for the Peer to Peer Insurance Market comes in the form of the rapid adoption pace of Blockchain, which is an extremely powerful technology known for its high security and strong connecting capabilities. Different variations of this model are already being pursued by companies like Germany’s Friendsurance, where friends group together to insure each other’s liabilities.
Segmentations & Key Players Involved in the Peer to Peer Insurance Market
The Peer to Peer Insurance Market can be broken down into various segmentations on the basis of –
Model: Broker, Carrier and Stealth.
Geography: North America, Europe, Asia-Pacific and Rest of the World.
Some of the key players involved in the Peer to Peer Insurance Market are as follows:
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