Metaverse in Insurance - Thematic Intelligence

Metaverse in Insurance - Thematic Intelligence
Summary

This report provides an overview of the metaverse value chain, including leaders and challengers for each sub-segment. It explores key challenges in the insurance industry, and how metaverse technologies can help solve them. Market size and growth forecasts for the metaverse are also provided, along with case studies showing use cases for the metaverse across the insurance industry.

The metaverse is a virtual world where users share experiences and interact in real-time within simulated scenarios. It is still largely conceptual but could transform how people work, shop, communicate, and consume content. A virtual world involving the sale of digital assets will inevitably require cyber insurance for protection against metaverse commerce risks. There is currently a gap in digital protection, and cyber policies must cover virtual losses in the metaverse. These will range from virtual property insurance and business interruption insurance to cybersecurity and virtual theft insurance. Insurers could also use the metaverse to drive customer engagement. As the metaverse develops, there will be a growing need to develop innovative insurance products and services.

ScopeAs more businesses enter the metaverse to further their offerings, it will require a greater variety of insurance policies in the metaverse. These will range from virtual property insurance and business interruption insurance to cybersecurity and virtual theft insurance.According to GlobalData forecasts, the metaverse will become a $627 billion industry by 2030, recording a compound annual growth rate of 33% over 2020–30Growth of the metaverse will rely on key technologies such as augmented reality, virtual reality, artificial intelligence, cloud, and blockchain.Reasons to BuyUnderstand the metaverse and its current and future impact on the insurance industry.Learn how deployment of the metaverse can help with the key challenges the insurance sector faces.Identify the leading metaverse adopters and specialist metaverse vendors.