New labour reforms propel the workers’ compensation insurance market in the Asia Pacific
The Global Workers’ Compensation Insurance Market is expected to cross USD XX billion by 2025. In the construction industry, it is common that to witness accidents due to the dangerous tasks. Workers’ compensation includes the wage replacement and medical benefits that are provided to the employees in case of any injury to prevent them from the use of their right to sue the employer for the improper maintenance. Several leading companies in the United States and Europe are offering the workers’ compensation insurance, which is slowly spreading across the Asia Pacific countries.
The advice for risk management is a significant component in obtaining the workers’ compensation insurance and decreases the number of workplace injuries, supporting both the providers and purchasers. The advancements in the technology have brought many changes in the insurance industry and extended the reach to more customers. Some of the common technologies implemented by the insurance suppliers are telematics, automation, telemedicine, safety and security check that improves the safety and controls the accidents.
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Several factors are driving the global workers’ compensation market such as the increasing adoption of telematics to decrease the expenses of medical care and services. Furthermore, the increasing demand for compensation insurance in developing nations, growing employment in the oil and gas industry, rapid industrialization, decreasing unemployment rate in emerging economies with the concentration on manufacturing industry, government support initiatives and labour law reforms, and other factors are improving the market share across the globe. On the flip side, the lack of awareness among the working population in the remote areas of developing nations is the principal factor restricting the market expansion.
Global Workers’ Compensation Insurance Market Regional Analysis:
Based on the regional analysis, North America dominates the global workers’ compensation insurance market and accounts for almost 51% of the total market revenue. The increasing workforce development and government initiatives are supporting the market growth in North America. Nevertheless, the changing labour reforms like single license window and inspection schemes in the small and medium enterprises along with the growth in the manufacturing industry are strengthening the market in the Asia Pacific and Latin America regions.
Global Workers’ Compensation Insurance Market Key Players:
The key players in the worldwide marketplace are Allianz, QBE Insurance, Insureon, Bharti AXA, State Farm, AIG, GEICO, Travelers Companies Inc., Hartford Financial Services, AmTrust Financial Services, Zurich Insurance Group, Berkshire Hathaway Inc., Chubb Ltd., State Ins Fund Workers’ Comp, Liberty MHC Inc., and American International Group
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