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The Italian B2B2C insurance market is driven by growing insurance awareness, increased adoption of complex analytics and techniques, and growing demand for a greater number of distribution channels.
Wilmington, Delaware, Nov. 1, 2023 (GLOBE NEWSWIRE) — Allied Market Research has released a report titled “Italy’s B2B2C Insurance Market through the program (financial planning, financial education, and B2B2C insurance market in Italy through insurance type (life and non-insurance)-Life Insurance), Application (Individuals and Companies/Groups), and Vertical (Travel, Automotive, Utilities, Retail, Healthcare, and Others): Industry Opportunity Analysis and Forecast, 2022-2026. ” According to the report, Italy’s B2B2C insurance sector generated $86. 56 billion in 2017 and is expected to generate $150. 68 billion through 2026, a CAGR of 8. 8% from 2022 to 2026.
B2B2C insurance refers to the direct sale of insurance products to consumers, as well as the sale of life and non-life insurance products, and through non-insurance intermediaries other than classic insurance intermediaries, such as agents, independent money advisors, and brokers.
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Key Determinants of Growth
Banks and car dealerships, two examples of traditional B2B2C insurance providers, are turning to virtual platforms to diversify their profit streams. The progression of the B2B2C insurance sector in Italy is supported by the rise of the retail, tourism and virtual finance sectors. These points give a specific contribution to the expansion of the Italian B2B2C insurance market.
Report Coverage & Details:
Report Coverage
Details
Forecast period
2022-2026
Base Year
2017
Market in 2017
$86. 56 billion
Market in 2026
$150. 68 billion
CAGR
8,8%
Number of pages in the report.
132
Segments covered
Insurance type, application, industry, and region.
Drivers
Increased customer awareness of insurance. Increased adoption of complex analytics and increased demand for more distribution channels.
Opportunities
Technological Advancements
Restrictions
Risks associated with B2B2C distribution channel privacy and data protection risks
COVID-19 Scenario
The COVID-19 outbreak has affected other segments of the economy, including insurance, and has become both a challenge and an opportunity for innovation. He highlighted some challenges with the classic style of interaction between insurers and their customers. The Italian B2B2C insurance market has been negatively impacted by the immediate spread of the COVID-19 virus around the world. Insurance distribution has been affected by the pandemic, especially in the travel and tourism sector, due to travel restrictions.
However, when the government began to lift those lockdown measures, the Italian B2B2C insurance market bounced back accordingly. In addition, most sectors around the world have been negatively impacted in recent months. In addition, the arrival of new plans to expand the insurance sector creates opportunities for the B2B2C insurance market in Italy.
The Life Insurance Segment Will Maintain Its Leading Status Throughout the Forecast Period
According to the type of insurance, the life insurance segment had the highest percentage of the market in 2017, accounting for almost three-quarters of the profits of the Italian B2B2C insurance market and is expected to maintain its leading prestige during the forecast period. While in Italy, life insurance policies are increasingly being used as an investment through high-net-worth Americans looking to minimize inheritance taxes. However, the non-life insurance segment is expected to show the highest CAGR of 11. 2% between 2022 and 2026 as it protects the business from such accidents, so the business would likely have to pay a huge sum to a third party to cover the loss or damage caused by the insured business owner.
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The corporate/group segment will maintain its leading status during the forecast period
According to the lawsuit, the corporate/group segment maintained market share in 2017, accounting for almost two-thirds of the profits of the Italian B2B2C insurance market, due to the development of corporate culture and the presence of a large number of multinational corporations in Italy. However, the individual segment is expected to register a CAGR of 10. 8% from 2022 to 2026 as it has many benefits, such as a lump sum payment in case of prolonged illness and coverage of the insured’s medical expenses.
The Healthcare Segment Will Maintain Its Leadership Status Throughout the Forecast Period
Vertically, the physical care segment had the highest market share in 2017, accounting for more than two-fifths of the profits of the Italian B2B2C insurance market. This is attributed to the fact that fitness insurance is mandatory for both the public and public sectors. workers. When a user is hired through a company, fitness insurance provides medical benefits that they can benefit from. However, the retail segment is expected to grow at the highest CAGR of 14. 2% between 2022 and 2026. Commercial general liability insurance is to help stores minimize threats so that businesses can continue to operate and grow in the event of misfortune.
Key Market Players:-
Allianz Partners
ASSICURAZIONI GENERALI S. P. A.
Aviva
Berkshire Hathaway Inc.
BNP Paribas Fortis
Munich RE
Prudential Financial, Inc.
Switzerland Re
The Digital Insurer
Zurich
The report provides detailed research of the key players in the Italian B2B2C insurance market. These players have followed other methods like expansion, merger, and product launch to increase their share in the market and dominant percentages in other regions. The report is valuable as it highlights the business performance, operating segments, product portfolio, and strategic moves of market players to provide a competitive scenario.
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Key benefits for stakeholders
This report provides quantitative research of the market segments, existing trends, estimates, and forecast dynamics of the B2B2C insurance market in Italy from 2017 to 2026 to identify the existing opportunities in the B2B2C insurance market in Italy.
The market is presented with data similar to the main drivers, constraints, and opportunities.
Porter’s Five Forces research highlights the ability of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and their supplier-buyer network.
An in-depth investigation of the segmentation of the Italian B2B2C insurance market is helping to take advantage of existing opportunities in the market.
The most sensible countries in the region are mapped according to their contribution to market revenues.
The positioning of market players facilitates benchmarking and provides a clear view of the current position of market players.
The report includes research of regional and Italian B2B2C insurance market trends, key players, market segments, application areas, and market expansion strategies.
Highlights of the Italian B2B2C Insurance Market Report
SkinsDetails
By Insurance
Life Insurance
Non-life insurance
By Application
people
Companies/Group
By Industry Vertical
Trip
Car
Utilities
Retailer
Healthcare
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