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Property Insurance Market Research Report Information By Coverage (Fire and Theft, House Damage, Floods and Earthquake, Personal Property, and Others), By End User (Landlords, Homeowners, Renters, and Others), By Application (Personal, and Enterprise), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/ICT/14676-HCR | 128 Pages | Author: Shubham Munde| May 2024

Property Insurance Market Overview

Property Insurance Market Size was valued at USD 16,216 Billion in 2022. The Property Insurance market industry is projected to grow from USD 17,805 Billion in 2023 to USD 37,615 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.80% during the forecast period (2023 - 2032). Ownership of Real Estate and Economic Development, Together with Legal Needs and Mortgage Requirements are the key market drivers boosting the expansion of the market.

Property Insurance Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Property Insurance Market Trends

  • Growing infrastructure development and urbanization is driving the market growth

Market CAGR for property insurance is being driven by the rising Infrastructure Development and Urbanization. The property insurance market offers rental insurance as well as coverage for tangible assets and equipment of homes and companies against loss due to fire, theft, and other hazards. It comprises insurance with all-risk coverage, which provides defense against all hazards. Furthermore, damage resulting from a range of incidents, such as floods, tsunamis, sewage and drain backups, leaking groundwater, standing water, and several other water sources, is typically not covered by Property Insurance plans.

Additionally, an increase in buildings and infrastructure is a result of rapid urbanization. The market for Property Insurance grows as a result of this expansion, as owners look for defense against the different hazards that come with living in an urban area. Property Insurance is more in demand as a means of safeguarding against potential risks, as a result of population expansion and economic development leading to an increase in the number of owned or rented properties. Property Insurance is frequently required by lenders in order to grant mortgages or loans. Property owners are compelled by this necessity to obtain insurance, which increases market demand. Property owners' awareness of the need for insurance coverage against these risks is expanding as a result of climate change-related increases in the frequency and severity of natural catastrophes, which is propelling market expansion.

Insurers may more properly underwrite policies, assess risks more effectively, and set competitive premium prices by using cutting-edge technology like data analytics, remote sensing, and modeling approaches. This promotes market efficiency. It is encouraged for property owners to buy Property Insurance, particularly for expensive items, due to increased knowledge of potential hazards and the financial protection provided by insurance coverage. Sophisticated catastrophe modeling is used by insurers to evaluate and control risks related to natural disasters. This enables them to design customized policies that are suited to particular risk profiles, drawing in additional clients. For instance, InsurTech published an article in January 2022 that lists a variety of ways insurers can leverage the cloud to enhance their operations, including platform hosting, data storage, backup, marketing campaigns, and ERP. Thus, result in driving the Property Insurance market revenue.

Property Insurance Market Segment Insights

Property Insurance Coverage Insights

The Property Insurance Market segmentation, based on Coverage includes Fire and Theft, House Damage, Floods and Earthquake, Personal Property, and Others. The floods and earthquake segment dominated the market. This is because Coastal cities are constantly at risk of flooding due to the consequences of global warming and climate change.

Property Insurance End User Insights

The Property Insurance Market segmentation, based on End User, includes Landlords, Homeowners, Renters, and Others. The landlords category generated the most income. Businesses and individuals are becoming more aware of the consequences of climate change and natural catastrophes, which can cause irreversible damage to properties and incur significant costs to restore to normal.

Property Insurance Application Insights

The Property Insurance Market segmentation, based on Application includes Personal, and Enterprise. The personal segment dominated the market. Homeowners insurance is usually purchased by those who own or rent a residence. This kind of Property Insurance covers the home's structure, personal items, liability, and additional living expenses in the event that a covered peril—such as fire, theft, or natural disasters—makes the property uninhabitable.

Figure1: Property Insurance Market, by Application, 2022 & 2032 (USD Billion)

Property Insurance Market, by Application, 2022&2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Property Insurance Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Property Insurance market area will dominate this market. Numerous natural disasters, including hurricanes, wildfires, floods, and earthquakes, can occur in the area. The demand for Property Insurance coverage is driven by the disasters' increased frequency and severity, which encourages property owners to safeguard their assets from potential damages.

Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Property Insurance market has the second-largest portion of the market. This is a result of climate change-related increases in the frequency of extreme weather occurrences. Further, the German Property Insurance market had the biggest market share, and the UK Property Insurance market was the European market with the quickest rate of growth.

The Asia-Pacific Property Insurance Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. This is because of rapid economic growth and urbanization result in rising property ownership and infrastructural development. Moreover, China’s Property Insurance market had the biggest market share, and the Indian Property Insurance market was the Asia-Pacific region's fastest-growing market.

Property Insurance Key Market Players& Competitive Insights

Leading market players are putting a lot of money on R&D to expand the range of products they offer, which will help the Property Insurance market expand even further. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, Property Insurance industry must provide reasonably priced goods.

Manufacturing locally is one of the primary business techniques used by manufacturers to cut operational costs in the global Property Insurance industry to help customers and expand the market segment. In recent years, the Property Insurance industry has provided some of the biggest benefits to medicine. Major players in the Property Insurance market, including State Farm Mutual Automobile Insurance Company, Chubb, Allianz, Zurich, American International Group, Inc., and others, are engaging in research and development activities in an effort to boost market demand.

State Farm is the biggest provider of auto, property, and casualty insurance in the United States. In 2019, the property and casualty insurance businesses of State Farm saw an increase in policies while reporting a decrease in earned premium when compared to 2018. The decrease in P-C earned premium indicates an emphasis on providing customers with value through reduced premiums when necessary. The State Farm life insurance companies distributed almost $600 million in dividends to policyholders and concluded 2019 with $959 billion in total life insurance in force.

Chubb offers life insurance, reinsurance, personal accident and supplemental health insurance, and business and personal property and casualty insurance. The specialist underwriting division of Hartford Financial Services Group, which covers a variety of specialty lines like marine, surety, and credit and political risk, was announced to be acquired by Chubb in 2020. A new line of cyber security insurance solutions for small and medium-sized organizations was introduced by Chubb that same year. Following its initial public offering (IPO), the company has provided a total shareholder return of almost 36,600%, according to a report that Chubb commissioned in 2022.

Key Companies in the Property Insurance market include

Property Insurance Industry Developments

April 2022: Zurich Insurance Group declared that, rather than the 2050 that was initially scheduled, it will achieve net-zero greenhouse gas emissions (GHG) by 2030 from its locations and operations in more than 70 markets.

November 2022: Zurich Insurance Group is setting ambitious new financial targets for the next three years, building on the success of its previous strategy cycles and raising the bar for customer service, streamlining the business, and fostering innovation.

February 2019: Allianz committed more than 85 million euros, or 613 euros per employee, to the training and development of its workforce. Approximately 75% of workers participated in one or more training sessions, and each worker received 3.3 training days on average.

Property Insurance Market Segmentation

Property Insurance Coverage Outlook

  • Fire and Theft

  • House Damage

  • Floods and Earthquake

  • Personal Property

  • Others

Property Insurance End User Outlook

  • Landlords

  • Homeowners

  • Renters

  • Others

Property Insurance Application Outlook

  • Personal

  • Enterprise

Property Insurance Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

Report Attribute/Metric Details
Market Size 2022 USD 16,216 Billion
Market Size 2023 USD 17,805 Billion
Market Size 2032 USD 37,615 Billion
Compound Annual Growth Rate (CAGR) 9.80% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Coverage, End User, Application and Region
Geographies Covered North America, Europe, AsiaPacific, and the Rest of the World
Countries Covered The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil
Key Companies Profiled  State Farm Mutual Automobile Insurance Company, Chubb, Allianz, Zurich, American International Group, Inc., PICC, Liberty Mutual Insurance, Allstate Insurance Company, Admiral Group Plc, AXA
Key Market Opportunities ·       As cities become more populated, more real estate and infrastructure are built.
Key Market Dynamics ·       Property owners are becoming more conscious of the requirement of having insurance protection against these dangers.

Frequently Asked Questions (FAQ) :

In 2022, the size of the worldwide property insurance market was estimated to be USD 16,216 billion.

From 2023 to 2032, the global market is expected to expand at a compound annual growth rate (CAGR) of 9.80%.

North America held the most market share worldwide.

State Farm Mutual Automobile Insurance Company, Chubb, Allianz, Zurich, and American International Group, Inc. are the major companies in the market.,

In 2022, the market was led by the category of floods and earthquakes.

In the global market, landlords held the most proportion.

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