At 8.4% CAGR, Europe Insurance Third-Party Administrator Market is Projected to be Worth US$ 99,407.74 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Europe insurance third-party administrator market was valued at US$ 52,306.69 million in 2023 and is expected to reach US$ 99,407.74 million by 2031, registering a CAGR of 8.4% from 2023 to 2031. Proliferation of insurance industry and increase in preference for administrators in health insurance are among the critical factors attributed to the Europe insurance third-party administrator market expansion.

As countries grow and people gain more discretionary income, they are more likely to be able to afford and recognize the value of insurance products such as life, health, and property insurance plans. This is especially true for a burgeoning middle class striving for financial stability. People are becoming increasingly conscious of the possibility of financial loss due to unforeseen circumstances such as illness, accidents, or natural catastrophes. As a result, individuals, businesses, and other entities seek insurance policies to safeguard themselves from the repercussions, which fuels the demand for insurance solutions that can assist in managing these risks. Moreover, the insurance sector faces numerous constraints, including highly dynamic regulatory complications, which present organizations with considerable threats to financial and operational stability. Thus, the ongoing proliferation of the insurance industry is creating opportunities for the growth of the insurance third-party administrator market.

On the contrary, data privacy and security concerns hampers the growth of Europe insurance third-party administrator market.

Based on insurance type, the Europe insurance third-party administrator market is segmented into healthcare, retirement plans, commercial general liability insurers, and other insurance types. The healthcare segment held 54.5% market share in 2023, amassing US$ 28,531.83 million. It is projected to garner US$ 57,339.83 million by 2031 to register 9.1% CAGR during 2023-2031.

In terms of end users, the Europe insurance third-party administrator market is bifurcated into large enterprises and SMEs. The large enterprises segment held 68.6% share of Europe insurance third-party administrator market in 2023, amassing US$ 35,883.58 million. It is projected to garner US$ 69,306.22 million by 2031 to expand at 8.6% CAGR during 2023-2031.

Based on country, the Europe insurance third-party administrator market has been categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 27.9% share of Europe insurance third-party administrator market in 2023. It was assessed at US$ 14,584.63 million in 2023 and is likely to hit US$ 32,272.86 million by 2031, exhibiting a CAGR of 10.4% during 2023-2031.

Key players operating in the Europe insurance third-party administrator market are Sedgwick; Crawford and Company; Charles Taylor Limited; ExlService Holdings, Inc; Arthur J Gallagher & Co; Meritain Health; and Chubb Ltd., among others.

• In May 2024, Sedgwick has announced several new updates to its artificial intelligence-powered (AI) technology program. Building on a half-century of claims handling excellence and a robust data science program. The technology goal is to expedite the claims process by predicting, addressing, and automating steps in the claim lifecycle, thereby enhancing consumer experiences and streamlining claim resolutions.
• In May 2022, Crawford & Company's third-party administration business in the United Kingdom, Crawford TPA, has teamed with British insurtech Automated Insurance Solutions (AIS) to support speedier motor claims processing in the country. Crawford TPA will use AIS's automated motor claims liability assessment tool, BAIL, as part of its growing digital claims management ecosystem.

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