Insurance customers in the United States know the value of insurance–both to protect their property against risk and as an investment tool–probably more than people in any other country. However, the soft market here has meant the U.S. is viewed as a less inviting place to do business than some of the growing markets of the world, according to Scott Mampre, vice president of insurance with Capgemini Financial Services.
"The trend seems to be more of the U.S. companies trying to go global," indicates Mampre, rather than foreign companies entering the U.S. market. "Firms in Europe and other places recognize the U.S. has the highest level of insurance products, but they also recognize it's a mature market."
When a company goes into a mature market, its best hope is to take market share from the fringes. Although that still is an attractive strategy for American insurers operating in the U.S., the worldwide trend tends to be more toward globalization and moving into newer, faster-growing marketplaces. "Although there is a soft market globally, there is more growth opportunity where the market is rising as opposed to where it is more stable," says Mampre.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
