Growth in advancements in technology and increase in globalization to enhance the customer experience drive the growth of the crime insurance market.
WILMINGTON, Del., Feb. 6, 2024 /PRNewswire/ — Allied Market Research published a report, titled, Global Crime Insurance Market by Coverage (Fraud Cover, Forgery Cover, Theft Cover, Kidnapping Cover and Others), and End User (Individuals and Businesses): Global Opportunity Analysis and Industry Forecast, 2023–2032. According to the report, the global crime insurance industry generated $13.7 billion in 2022, and is anticipated to generate $47.7 billion by 2032, witnessing a CAGR of 13.5% from 2023 to 2032.
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125 – Tables
47 – Charts
400 – Pages
Prime determinants of growth
Growth in advancements in technology and increase in globalization are two main significant factors that drive the growth of crime insurance market. Furthermore, rise in complexities of claimed process and surge in evolution of regulation of policy are two main significant restraints hampering the growth of crime insurance market. Moreover, growth in demand for cyber insurance has provided a significant opportunity for the global crime insurance market growth.
Report coverage & details:
Market Size in 2022
Market Size in 2032
Coverage and End User
Growth in advancements in technology
Increase in globalization
Growth in demand for cyber insurance
Rise in complexities of the claimed process
Surge in evolution of regulation of policy
The fraud cover segment maintained its leadership status throughout the forecast period
On the basis of coverage segment, the fraud cover segment accounted for the largest market share in the year 2022. The share was found around two-fifths of the crime insurance market revenue and is expected to be the leader in the future. The reason is the high speed of internet connectivity. People have access to high-speed internet connectivity due to which cyber-attacks have increased. In addition, hackers have used their hacking and coding techniques to break the code of any system or window to gain access and are able to change and manipulate the data as per their convenience. However, theft cover segment is expected to grow at a CAGR of 18.5%. This is because of heavy globalization, technological advancement, high-speed internet, and complexity in supply chains.
The business segment to maintain its leadership status throughout the forecast period
On the basis of end user, the business segment held the highest market share in 2022, accounting for more than two-thirds of the crime insurance market revenue and is estimated to maintain its leadership status throughout the forecast period. This is because of the increase in regulatory compliance associated with the protection of sensitive information and financial assets. However, the individual segment is projected to manifest the highest CAGR of 15.6% from 2023 to 2032. This is because of increase in concern for identity theft protection and growth of freelancing, remote work, and home-based business assets as individuals have valuable equipment and intellectual property in their homes that can come under theft situations.
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The North America segment to maintain its leadership status throughout the forecast period
North America region accounted for more than one third the crime insurance market revenue and was the major shareholder in the region. There are various reasons for North America segment growth such as high cyber-attacks due to the presence of technology companies in the region. Strict guidelines, large volume of business activities, use of sophisticated financial markets, growing aware of crime insurance and risk management activities, growth in technology innovation, further increased the growth of North America region in the crime insurance market. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 18.6% from 2023 to 2032. This is due to rapid growth in the economy in the region, presence of large population in the region, increase in business activities, trade, and financial transactions in the region.
Leading Market Players: –
- JS Downey Insurance Service
- Nationwide Mutual Insurance Company
- Morris & Reynolds Insurance
- American International Group, Inc.
- HDFC ERGO General Insurance Company Ltd.
- Allianz SE
- The Guarantee Company of North America
- The Travellers Companies, Inc.
- Aon Plc.
The report provides a detailed analysis of these key players in the global crime insurance market. These players have adopted different strategies such as new product launches, agreements, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the crime insurance market analysis from 2022 to 2032 to identify the prevailing crime insurance market opportunity.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the crime insurance market segmentation assists in determining the prevailing crime insurance market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional and crime insurance market trends, key players, market segments, application areas, and growth strategies.
- Fraud Cover
- Forgery Cover
- Theft Cover
- Kidnapping Cover
By End User
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- Latin America (Brazil, Argentina, Rest of Latin America)
- Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East And Africa)
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J&T Express Sees Strong Growth in Lunar New Year, Showcasing Advantageous Southeast Asia Logistics Network
HONG KONG, Feb. 23, 2024 /PRNewswire/ — J&T Express, a global logistics service operator, announced the company has achieved significant enhancements in parcel volume and delivery efficiency across several key markets in China and Southeast Asia during the recent Lunar New Year, attributing to the company’s continuous operational capacity improvements and early preparations for the holiday season.
Data of J&T Express reveals that over the Lunar New Year period, its average daily parcel delivery time in China improved by approximately 5% compared to the previous year, while the average daily delivery rate increased by approximately 17% year-on-year. In Singapore, there has been an 81% year-on-year increase in its parcel volume, alongside a 9% improvement in average delivery time efficiency. Similarly, in Malaysia, its parcel volume surged by approximately 54% year-on-year.
In addition to China, the Lunar New Year is celebrated as a public holiday in numerous Southeast Asian countries. With the global popularity of e-commerce, ensuring reliable logistics services during the holiday season has become increasingly critical for businesses and consumers alike. As the largest courier service provider in Southeast Asia, J&T Express plays a vital role in meeting this demand.
With the company’s extensive and comprehensive logistics network across multiple countries, coupled with its year-round collaboration with e-commerce platforms and expertise in operating during the Lunar New Year in the Chinese market, J&T Express has significantly bolstered its hardware and personnel and updated the delivery fleet in key markets to meet the challenges of delivering shipments during the holiday season.
For instance, J&T Express Vietnam added over 3,000 delivery personnel before the Lunar New Year, and upgraded more than 100 service points, expanding the operational area by over 7,000 square meters. Additionally, at the end of December 2023, J&T Express Vietnam officially received 140 new trucks from THACO AUTO.
According to a forecast by the Ho Chi Minh City’s Department of Industry and Trade, seasonal purchases are expected to grow by more than 11% in 2024, and the growth trend of social commerce will continue as well. Against the backdrop of a thriving online shopping landscape, the demand for delivery services presents both opportunities and challenges. Recognizing the potential, J&T Express Vietnam has strategically improved and enhanced its service quality to meet the evolving demands. The recent upgrade of the company’s truck fleet not only reflects the company’s clear goal of improving the quality of its transportation services but also helps the company meet the growing demand for deliveries during the holiday season, creating significant benefits for its customers with guaranteed service quality and capacity. With unwavering confidence in the market’s prosperity and a customer-centric approach, J&T Express is poised to seize growth opportunities in Vietnam and is actively accelerating its market capture. It will continue to expand its logistics network and transit centers to ensure optimal operational processes and improve user experience and service quality.
J&T Express is a global logistics service provider. According to Frost & Sullivan, J&T Express was the No. 1 express delivery operator in Southeast Asia by parcel volume in 2022 and had the highest market share in China. The company adopts an innovative business model that combines unified standards with a high degree of regional autonomy. This model balances service quality and flexible decision-making, reduces costs, and enables localized and efficient development in each market. With its self-developed JMS system, J&T Express is able to integrate and manage the full lifecycle of shipments, from order placement and collection to settlement, ensuring efficient operations in each market.
J&T Express has further expanded its express delivery business to five countries in Latin America, the Middle East, and North Africa, building upon its successful operations in China and Southeast Asia. Currently, the company provides express delivery services in 13 countries worldwide.
Looking ahead, J&T Express is committed to enhancing its global logistics network while continuously improving service quality and operational efficiency. The company is eager to establish collaborative partnerships with new industry leaders to deliver high-quality logistics solutions for customers worldwide.
About J&T Express
J&T Express is a global logistics service provider with leading express delivery businesses in Southeast Asia and China, the largest and fastest-growing market in the world. Founded in 2015, J&T Express’ network spans thirteen countries, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia, Singapore, China, Saudi Arabia, the UAE, Mexico, Brazil and Egypt. Adhering to its “customer-oriented and efficiency-based” mission, J&T Express is committed to providing customers with integrated logistics solutions through intelligent infrastructure and digital logistics network, as part of its global strategy to connect the world with greater efficiency and bring logistical benefits to all.
United Imaging Showcases AI-Driven Innovations and Expands European Presence at ECR 2024
VIENNA, Feb. 23, 2024 /PRNewswire/ — United Imaging, a global leader in medical technology, is showcasing its full portfolio of AI-empowered innovations at the European Society of Radiology (ECR) 2024 in Vienna, Austria. The company highlights its significant EU growth since establishing its regional headquarters in Poland in 2019.
Dr. Al Zhang, Ph.D, Chairman & Co-CEO of United Imaging, stated, “The theme of this year’s ECR, ‘next-generation radiology,’ aligns seamlessly with our innovation philosophy. We’re not just thinking about today; we’re actively shaping the future. At United Imaging, all our innovations are AI-driven, enhancing clinical workflows and supporting diverse scenarios, solidifying our commitment to delivering value to the global medical community. Our future-ready innovation strategy has propelled us to significant global growth.”
Lukasz MIZERKA, vice president of United Imaging international business and general manager for Europe, added, “Last March, we held our first brand launch at ECR, officially introducing our passion for change to the European market. During the year, we achieved swift progress, extending our footprint to numerous European countries with our high-end equipment, serving as testament to the resonance of our mission of bringing ‘equal healthcare for all’. This year marks both our second ECR and fifth year in Europe, and we’re going to present our full portfolio of groundbreaking products and numerous world-first innovations to showcase our confidence and persistence in Europe. We eagerly await everyone to witness our changes and embrace the bright future ahead.”
In five years, United Imaging has introduced hundreds of systems and reached 16 European countries, offering efficient and professional service. Globally, United Imaging’s products have reached more than 12,000 institutions in over 60 countries, including the U.S., France, Italy, Japan, Korea, and the UAE. Also, the company’s top-tier technologies have led to collaborations with prestigious institutions such as Yale University, UC Davis, Washington University in St. Louis, and University of Texas.
Highlighting the growth at ECR 2024, United Imaging will feature the uMR Jupiter 5T (not CE marked in EU) at ECR 2024, a revolutionary whole-body 5T MRI system. The world’s first whole-body ultra-high field 5T MR, the uMR Jupiter 5T, is a revolutionary whole-body 5T MRI system. It transcends the traditional constraints of ultra-high-field MRI, previously confined to imaging of the brain and selected MSK joints. The potential applications of the uMR Jupiter 5T extend to encompass not only the brain and MSK, but also the abdomen, cardiac, pelvis and other additional anatomical regions. The uMR Jupiter 5T has the potential to eclipse the capabilities of standard 3T MRI machines in resolution and signal-to-noise ratio, delivering clarity that empowers radiologists to ‘see the unseen.’ The uMR Jupiter 5T is also designed to overcome the key hurdles of ultra-high field MRI: image uniformity and radio frequency safety. It fits into existing 3T MRI spaces, signaling a significant advancement in the industry.
Pioneering the digital transformation of medical imaging, the booth will also feature AI platforms for the full portfolio of innovations. The uAIFI is an end-to-end technology platform that revolutionarily enhances MRI with AI-integrated hardware and software, significantly improving image quality and expediting diagnostic processes while enhancing user-friendliness. Pioneering with care, the uAIFI offers a holistic approach across the care continuum. Standout features include ACS, the AI-assisted MR acceleration technology designed to enhance both 2D and 3D imaging, and EasySense respiratory gating and monitoring, offering a unique, belt-free experience for patients while simultaneously streamlining the workflow for healthcare professionals, redefining the image quality standard. Evolving intelligently, this future-oriented, human-centered platform undoubtedly brings a new level of AI integration to uMR systems. In tandem with uMI scanners, uExcel is a multi-dimensional molecular imaging technology platform. It aims to meet the advanced demands for functionality, usability, safety, stability, and scientific research. Combined with uExcel UDP, the ultra-digital-platform detector, uExcel SCAN, the smart scanning toolset, uExcel CARE, the AI reconstruction engine, uExcel QA, the efficient quality control system and uExcel EXPLORE, the suite for scientific research, this platform empowers the exploration with ease and innovation both today and tomorrow, promising a more comfortable experience for patients, and a more effective workflow for doctors. Furthermore, the uVera Technology empowers the DSA system with intuitively bionic ability by intelligence-driven robotics, perception, and imaging. And the All-In-One Solution redefines radiotherapy workflow efficiency from CT simulation to treatment delivery.
Adhering to the “Born with AI” philosophy and aligning with the theme of this year’s ECR, “Next Generation Radiology,” United Imaging Intelligence (UII), an AI company within the United Imaging Group’s portfolio, will demonstrate how the fusion of AI is revolutionizing healthcare, highlighting the company’s comprehensive approach to innovation. At the company’s booth this year, UII is poised to showcase its latest medical AI technological breakthroughs, including groundbreaking AI applications of large medical image models and surgical planning, as well as a full spectrum of medical AI solutions across neurology, cardiology, thoracic care, and oncology.
In terms of novel AI applications, UII will unveil the uAI SAT, a smart annotation tool powered by the large medical image model, as well as the next generation of uAI Pioneer Portal, which is equipped with a goggle-less 3D monitor controlled by hand gestures. The audience will experience advancements in 3D surgical planning for thoracic, hepatobiliary, and urological surgeries. Additionally, with a wide array of clinical solutions, UII will also present its support throughout the entire clinical workflow from imaging and prevention to diagnosis, treatment, follow-up assessment, and research.
Aiming at propelling radiology into a new era of transformation, UII has deployed its innovative products in over 3,000 medical institutions worldwide and formed research and product collaborations in Europe, remaining steadfast in further expanding development and partnerships across the globe, thus universally enhancing medical AI accessibility.
(Notes: Products and features mentioned herein may not be commercially available in all countries. Their future availability cannot be guaranteed.)
Attendees of the ECR are welcome to explore the forefront of radiology at booth 401 – Expo X4, where United Imaging persists in connecting innovation with patient well-being through cutting-edge technologies.
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To learn more about OKX, download our app or visit: okx.com
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