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Premium Finance Market

Premium Finance Market

by Type (Recourse Premium Finance, Non-Recourse Premium Finance, and Hybrid Premium Finance) and Interest Rate (Fixed Interest Rate and Floating Interest Rates): Global Opportunity Analysis and Industry Forecast 2021-2030

Report Code: A15358
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Mar 2023 | 5536 Views
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Pandemic disrupted the entire world and affected many industries.

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Premium financing is the lending of funds to a person or company to cover the cost of an insurance premium. Premium finance loans are often provided by a third-party finance entity known as a premium financing company; however, insurance companies and insurance brokerages occasionally provide premium financing services through premium finance platforms. Premium financing is mainly devoted to financing life insurance which differs from property and casualty insurance. However, insurance companies and insurance brokerages also provide premium financing services through premium finance platforms. In addition, premium financing is primarily used to finance life insurance, as opposed to property and casualty insurance. Furthermore, the individual or company requesting insurance must sign a premium finance agreement with the life insurance premium finance company to finance a premium. The loan period can range from one year to the life of the policy. So, to provide easy availability of funds for premium demand, the premium finance market is expected to grow faster in the forecasted period.

The global premium finance market is segmented on the basis of type, interest rate, and region. Based on type, the market is divided into Recourse Premium Finance, Non-Recourse Premium Finance, Hybrid Premium Finance. In terms of interest rate, the market is categorized into Fixed Interest Rate, Floating Interest Rates. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

COVID-19 Scenario Analysis

  • In the COVID-19 pandemic, the demand for insurance products has increased, as consumers became more aware of the importance of insurance to protect people from financial losses during the time of emergency. Therefore, the increase in sales of insurance led to a rise in the demand for premium financing since consumers purchased insurance because of the rising awareness. However, to pay the premium amount, consumers adopted premium financing, which led to a growth of the market. Thus, COVID-19 positively impacted the premium finance market forecast.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Increasing premium rates of insurance and customer satisfaction of the business are driving the growth of the market. However, the loan application process and risk of default in premium payment are expected to hamper the market growth. Contrarily, the rise in adoption of internet-of-things and the usage of artificial intelligence (AI) insurance platforms can be seen as an opportunity for the market.

The Premium Finance Market Trends Are as Follows:

Increasing Premium Rates of Insurance Policies:

Due to the rising demand for insurance products and services, insurance companies are increasing the premium rates to increase profitability. Consumers have no other choice but to agree on the high price of the premium for the insurance. Therefore, premium finance offers customers to cover the cost of these high premiums, so that customers can afford to have insurance. Therefore, this is a major factor for the propelling growth of the premium finance market.

Risk of Default in Premium Payment:

The risk of default refers to a situation in which a borrower is unable to meet their premium payment obligations. Almost every type of insurance includes a default risk provision. Sometimes, insurance premiums are not paid back on time and therefore, secured assets are used to pay off the payment amount. Moreover, while a premium payment has defaulted, the company attempts to sue the defaulter in court for due payment. However, in light of the current pandemic situation, the financial position of firms has deteriorated dramatically, turning businesses into default and hampering the growth of the premium finance market, as these firms have to face huge losses because of the defaulters. Hence, this is a major factor hampering the growth of the premium finance market.

Key Benefits of the Report:

  • This study presents an analytical depiction of the market along with the current trends and future estimations to determine the imminent investment pockets.        
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the premium finance market share.  
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the premium finance market growth scenario.             
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.         
  • The report provides a detailed premium finance market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Premium Finance Market Research Report:   

  • Which are the leading players active in the premium finance market?
  • What would be the detailed impact of COVID-19 on the premium finance market size?
  • What are current trends that would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the premium finance market?
  • What are the projections for the future that would help in taking further strategic steps?

Premium Finance Market Report Highlights

Aspects Details
By Type
  • Recourse Premium Finance
  • Non-Recourse Premium Finance
  • Hybrid Premium Finance
By Interest Rate
  • Fixed Interest Rate
  • Floating Interest Rates
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players UBS, Morgan Stanley, Bank of America Corporation, JPMorgan Chase & Co, Goldman Sachs, Royal Bank of Canada, Charles Schwab & Co, Citigroup Inc., Julius Baer Group, CREDIT SUISSE GROUP.

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