DUBLIN, February 25, 2016 /PRNewswire/ --
The global insurance market is expected to be valued at USD 5,843.8 billion by 2019, according to an industry report available from Research and Markets. The market is set to grow at a CAGR of 4.2% during the 2014-2019 period. This expected growth was supported today with news of Axa SA's 12% rise in profits for 2015. France's largest insurer said that high life-insurance sales in Europe and Asia contributed to the increased profit.
Analysts predicted a profit of USD 5.94 billion for 2015. Axa instead made USD 6.2 billion, up from USD 5.53 in 2014. The insurance firm accredited growth partially to increasing health-protection policy sales. Axa's life and savings division accounted for USD 3.8 billion of the total profit.
Axa's unexpected rise in profits suggest a very healthy global insurance market set to experience further growth over the coming years. A recent report found the insurance industry to be showing progressive signs of growth, fueled by rises in disposable incomes and greater consumer awareness of the benefits of insurance.
This in turn results in further growth in related markets, such as the insurance telematics market. The global insurance telematics market size is estimated to be worth USD 2.21 billion by 2020, as noted in a recent report. Insurance firms are using profits to invest in technology that allows for a greater understanding of customers and the risks that should be considered for individual policies.
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SOURCE Research and Markets