Welcome to collaborative Insuretech.
The insurance sector is made up of companies that offer risk management in the form of insurance contracts. The basic concept of insurance is that one party, the insurer, will guarantee payment for an uncertain future event. Meanwhile, another party, the insured or the policyholder, pays a smaller premium to the insurer in exchange for that protection on that uncertain future occurrence.
Expected market growth to reach by the end of 2021
Global market size
Event cancelation policies provide comprehensive protection for clients, but global insurers are left picking up the pieces when major events are canceled.
In the first half of 2020, global reinsurance capital amounted to 610 billion U.S. dollars