Late 20th Century: The Global Expansion of Insurance

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Globalization of Insurance Markets: By the second half of the 20th century, insurance markets became increasingly globalized. Companies expanded their operations across borders, offering international coverage. In the 1980s and 1990s, deregulation in many countries opened up insurance markets to more competition, while new insurance products, such as cyber insurance and environmental liability insurance, began to emerge.
Insurance Technology (Insurtech): The late 20th century and early 21st century saw the rise of technology in the insurance sector. The development of InsurTech (insurance technology) helped streamline processes, reduce costs, and offer more personalized products. The rise of the internet and data analytics led to innovations in underwriting, claims processing, and customer service.

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