United States property & casualty insurance market is expected to witness substantial CAGR during the forecast period. Double-digit premium growth, lower catastrophe losses, and an improved auto market are some key contributing factors to the growth in U.S. property and casualty insurance market. Insurers are using big data analytics to enhance their performance. Big data is being used in claim management, pricing, underwriting and risk selection, among others. This growth is mainly driven by increasing points of contact including social media, which provides a bulk of data that can be transformed into insights and leveraged by insurers to efficiently execute the settlement process.
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Property & casualty insurance market supports US consumers and businesses by facilitating protection against damage caused by a variety of incidents including car accidents, medical malpractices and catastrophe. This makes the industry a crucial part of risk management in the domestic economy of United States. With thriving economy of the country, the property & casualty insurance market is anticipated to register significant growth in the coming years.
The United States property & casualty insurance market is categorized based on insurance type, end user, distribution channel and region. Based on insurance type, the market can be segmented into automobile, home, office and others. Among them, the automobile segment is expected to witness high growth during the forecast period owing to the growth in automobile industry.
Major players operating in the United States property & casualty insurance market include Berkshire Hathaway Inc., American International Group Inc., Liberty Mutual Holding Company Inc., The Progressive Corporation, The Travelers Companies Inc., United Services Automobile Association, Farmers Group Inc., American Family Mutual Insurance Company S.I., W. R. Berkley Corporation and American Financial Group Inc. The market is fragmented despite the recent increases in the federal funds rate, the interest rates remain near historically low levels.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of property & casualty insurance providers across United States. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers who could not be identified due to the limitations of secondary research. TechSci Research analyzed the presence of all major players across the country.
TechSci Research calculated the market size of United States property & casualty insurance market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these services and end users for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Property & casualty insurance service providers, suppliers, distributors and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to property & casualty insurance
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as property & casualty insurance service providers, suppliers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
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