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The global insurance providers market, a part of the financial services industry, grew at a compound annual growth rate (CAGR) of around 3% during the historic period. The financial services industry showed a steady growth. The growth is mainly seen strong growth in this period as the insurance markets in many developing countries have grown strongly supported by a gradual financial recovery in Western economies.

In the forecast period, the global Insurance Providers market size is expected to be over $5 trillion by 2021, growing at a CAGR of nearly 5%. This is expected due to property boom in emerging markets such as China and India. Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global Insurance Providers market in the future.

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UBI, which allows Insurance Providers to vary premiums depending on the behavior of consumers, is gaining traction amongst auto insurers. In particular it is used in vehicle insurance based on the vehicle usage and driving behavior of drivers. The popularity of UBI is driven by the increased use of smartphones with features such as Global Positioning System (GPS), accelerometers and g-force tracking, which can be used to substitute telematics devices with mobile apps. Major companies in the Insurance Providers market, offering telematics technology include AXA, Assicurazioni Generali, Ping An Insurance, Prudential Plc, China Life Insurance, Japan Post Group, Berkshire Hathaway, MetLife, State Farm Insurance Cos.

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