LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors for the global property and casualty insurance market in their latest research report. This report also lists 11 other prominent vendors who are expected to contribute to this market’s growth over the forecast period.
To identify the top vendors, Technavio’s market research analysts have considered the top contributors to the overall revenue of this market. To calculate market size, the report considers the net premiums earned from the property and casualty market in the Americas, Asia Pacific (APAC), and Europe, the Middle East, and Africa (EMEA).
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“Many insurance companies are focusing on expense management in a bid to increase profit margins. This is possible only through the application of technology. Many property and casualty insurers are shifting their focus from stand-alone technology projects to an environment where there is continuous technological improvement. Top vendors are executing M&A and joint ventures to reduce costs and ensure smooth integration between data mining and organizational resources,” said Abhay Sinha, one of Technavio’s lead industry analysts.
Top five leading vendors in the global property and casualty insurance market:
Allstate Insurance is a major insurance player in the field of personal lines property and casualty in America. The firm serves more than 16 million households nationwide. It improves its position in its market with the help of its broad range of products.
In October 2015, East and Greenwell Insurance Agency (aligned with Allstate) set up its second office in Naples, Florida, US. In February 2015, the company's Esurance unit expanded its footprint into the Canadian market with its online offerings of auto insurance directly to consumers in Alberta, Canada. This has also enabled the company to provide customers with enhanced options available to the self-directed consumers.
Berkshire Hathaway is a major vendor in the financial industry in terms of financial investments and insurance business. The company has a geographic presence for its insurance segment in the US, Western Europe, APAC, and ROW. The firm earned revenues worth USD 36.72 billion in FY2015 for the sub-segment casualty or property insurance. In October 2015, the company through its insurance unit Tenecom, a subsidiary of national Indemnity, planned on acquiring the non-life insurance assets of Charles Taylor, an insurer based in the UK. Under this agreement, Tenecom would acquire business assets from both Cardrow Insurance and Beech Hill Insurance.
Liberty Mutual is known for its diversified global insurance with operations in 30 countries across the world. The company has earned a reputation of being the third largest property and casualty insurer in the US market.
The company is focused on delivering reliable and exceptional customer service that meets the customer's evolving requirements. The company also offers unique insurance products that enable consumer in moving their businesses forward from any damage or loss and which are created by collaborating with the customers. The company has leveraged on its global footprint for building strong relationships with its customers for better service delivery.
State Farm is a major player in the insurance industry, which focuses mostly on cars and home insurance. Its business is focused on mutual funds, banking products, property and casualty insurance, annuities, and life and health insurance. It also known as a reliable insurer of watercraft in the US.
In July 2015, the company teamed with Canary (offers an all-in-one security solution) for expanding its footprint in home monitoring. Through this partnership, the company's customers will receive exclusive offers on Canary products and if possible might be qualified for renter and homeowner insurance discounts. This company's customers will also have the benefit of the State Farm Home Protection and Automation site, including unique product offers and decision-making tools.
Travelers has been known for providing property and casualty insurance for home, auto, and business with its operations across the US, Brazil, the UK, and Ireland. The company also focuses on providing various coverages sold through independent brokers and agents along with specialized risk control services that helps individuals and business owners from damages caused from unexpected events.
In October 2015, the company completed its acquisition of a majority interest in property casualty business under its J. Malucelli Joint Venture based in Brazil. The company has added the property casualty business to its portfolio and is planning on focusing on general liability, property, construction, and financial insurance products. This acquisition has helped the company develop the Brazil platform and reflect on the market's long-term growth potential.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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