Insurance Market: Overwhelming Hike of Billion Dollar Industry

Increased cost of healthcare services coupled with high prevalence of lifestyle diseases as compared to the earlier years will likely to accelerate the growth of the health insurance market in the forecast period of 2020-2027. On the other hand, governments across the globe are taking initiatives in funding health insurance sector on different scales will further boost various opportunities that will lead to the growth of the health insurance market in the above mentioned forecast period.

IoT Insurance Market is expected to rise from its initial estimated value of USD 5.69 billion in 2018 to an estimated value of USD 324.94 billion by 2026, registering a CAGR of 65.8% in the forecast period of 2019-2026. this rise in market value can be attributed to improvement in the insurance model as well as start-ups.

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The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments.

In April 2019 Roost announced that they will be joining the IoT Insurance Observatory member group. Roost, a leader in Home Telematics for property insurance carrier. Focus of this collaboration is to consider smart home one of the most relevant opportunities to leverage the IoT data within insurance.

In sep 2018, Munich acquired Relayr. Relayr is Internet of Things (IoT) startup whose middleware platform is geared towards helping industrial companies unlock data insights from their existing machinery and production line. This acquisition will improve insurance claim of Munich Re