Insurance industry comprises companies and businesses that operate by selling, insuring properties, life, assets, valuable items, and many solid or virtual properties that hold a certain value that derive income or return in the future. Basically insurance industry is operated by insurance companies and firms that sell insurance policies to customers in return of monthly, quarterly or yearly premium basis that the company uses to do business with, invest or trade for a period of time. These businesses in the insurance industry generally underwrite their policies for many different areas including casualty, liability, life, property and many other general risk categories. It can be defined as the insurance you are taking care of and the overall concept is the process of managing risk. In today's world with many industries and many companies operating with valuable resources, the idea of that resource having a value to derive out for various advantages or beneficial use is natural and necessary and also to keep that asset or resource away as a protection.

The insurance companies look to provide reasonable premium offers for their customers or clients and individual premium payers and insurance buyers always look for ways that seem adequate and also cover the necessary aspects and factors that doesn't make them drain their wallets. Consumers are always miffed because of constant bombardment of advertisements of companies offering insurance policies for various things; be it home, life, automobile, property, jewelery etc and these companies are always looking for marketing plans that are attractive to their audience, so realizing this aspect, the companies try to gather as much market share and mileage out of the campaigns advertised.

In the global scale, the most popular and most required and demanded are health and medical insurances, which are generally offered by employers or organizations to their employees, and in today's scenario of global economic meltdown, this area of insurance is currently undergoing a great debate as businesses are looking for plans that fit their workforce and the employees are aware of costs and coverage, so the employers or business owners and employees or consumers are not only looking at premiums, but co-payments and prescription coverage as well when it comes to choosing a plan. This helps the employers and business owners to strategically plan the finances as well as maintaining the importance and priority of providing healthcare and insurance for their employee.

2 . Insurance Industry Current Trends

The global health and life insurance market generated over $2.9 trillion in 2010 and the market conditions were such that the revenue grew at 4.5% year on year basis between 2006 and 2010, according to MarketLine and it estimates that the future growth is promising as the market is expected to grow at a yearly rate of more than 7% until the end of 2015 to reach the revenue generation of over $4.1 trillion. The majority of this complete revenue is shared by the life insurance segment which generated over 90% of the overall market with approximately $2.56 trillion. Of late, the industry's growth is not as aggressive as it was estimated to be, especially due to few factors considered that are affecting and few that are making positive effects. Healthcare payers are slowly but steadily preparing for the uncertainties of healthcare reforms by carefully investing in analytical and work flow of tools to help the claims processing efficiencies to increase more than anticipated.

The global insurance industry's regulations are placing greater importance and emphasis on governance, compliance, risk transparency causing insurance companies to increase their investments in enterprise risk management frameworks. According to MarketLine, the global motor insurance industry is expanding across demographics and new entrants are slowly getting a good chunks and pieces of the market with customers increasingly buying newer vehicles, so the market is expected to be worth over $614 billion by the end of 2015, which will be a massive 17% increase in the five year period as in 2010 it was estimated to be $525 billion. Globally, the personal insurance represents approximately 80% of the overall market, and the US accounts for about 45% of the global market.

With technology playing an important role in connectivity and expansion, analysis and tools to measure the large quantities of data and calculation, the insurers are using business intelligence techniques to leverage Big Data to help themselves estimate claims, assets, credit and market data, and also gain deeper insights across networks of producers, policyholders and operations. The global reinsurance industry market is expected to record growth of about 2.5% year on year basis until 2015 to generate more than $66 billion.

3 . Major Insurance Industry Players

Major players in the global insurance industry include Metlife, ING, Zurich Insurance Group, AXA, Prudential Financial, LIC, Aviva, AIG, Allianz, China Life Insurance Group and Berkshire Hathaway.