From 2017 to 2023, the global property insurance market grew by ** percent. It is forecasted to grow by ** percent between 2023 and 2028, reaching a total gross written premium of *** billion U.S. dollars.

Global commercial property insurance prices rose by *** percent in the fourth quarter of 2023. Prices have been steadily climbing since the second quarter of 2018, until the second quarter of 2024 when prices did not increase. Upon reaching the third quarter of 2024, prices decreased by *** percent.

According to Cognitive Market Research, the global Property Insurance market size was USD 655484.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 8.50% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 262193.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 196645.35 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 150761.44 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 32774.23 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 13109.69 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031.
The Fire and Theft held the highest Property Insurance market revenue share in 2024.

Market Dynamics of Property Insurance Market

Key Drivers for Property Insurance Market

Increasing Property Values to Increase the Demand Globally

As asset values move upward because of inflation and monetary increases, the importance of adequate insurance insurance becomes increasingly more crucial. Higher belongings values mean that the fee to rebuild or restore belongings additionally will increase, making it critical to have enough coverage to cover potential losses absolutely. By updating insurance policies to reflect present-day belongings values, house owners can avoid being underinsured, which can result in enormous financial pressure in the event of a loss. As assets markets vary and values climb, regularly reviewing and adjusting insurance coverage guarantees that protection keeps tempo with the rising fees associated with belongings possession, safeguarding investments and supplying peace of mind.

Natural Disasters to Propel Market Growth

The frequency and severity of herbal screw-ups, inclusive of hurricanes, floods, and wildfires, have multiplied, underscoring the importance of complete belongings insurance for hazard mitigation. As weather patterns shift and severe climate events turn out to be more common, properties face higher dangers of harm. Adequate insurance insurance is vital to shield against the significant economic losses that may result from these disasters. Without the right insurance, property proprietors can also conflict to recover from the fees of maintenance, rebuilding, or temporary relocation. By investing in robust property insurance, individuals can better protect their property against the unpredictable nature of natural disasters, ensuring monetary balance and resilience in the face of these developing environmental challenges.

Restraint Factor for the Property Insurance Market

Economic Downturns to Limit the Sales

Economic recessions often lead to decreased belongings values and a discount on insurance purchases. During economic downturns, asset values can drop because of decreased demand and marketplace instability, which may set off some homeowners to reduce insurance to shop charges. However, this method can be risky, as decreased coverage may additionally leave properties liable to financial losses from damage or robbery. The aggregate of declining belongings values and restrained coverage insurance can create a precarious state of affairs, especially if sudden damages occur. It's critical for property owners to preserve adequate coverage, even all through monetary downturns, to make sure they may be protected in opposition to capability losses and may get better extra efficaciously while economic situations enhance.

Impact of Covid-19 on the Property Insurance Market

The COVID-19 pandemic had a full-size impact on the assets insurance market. The worldwide health crisis led to elevated claims for enterprise interruption and property harm, even as monetary uncertainties triggered many homeowners and businesses to reevaluate their coverage wishes. Insurers faced rising claims and adjusted their regulations to deal with pandemic-related dangers, together with insurance for losses due to shutdow...

Find detailed analysis in Market Research Intellect's Property And Casualty Insurance Market Report, estimated at USD 800 billion in 2024 and forecasted to climb to USD 1.2 trillion by 2033, reflecting a CAGR of 5.5%.Stay informed about adoption trends, evolving technologies, and key market participants.

Property And Casualty Insurance Market size was valued at USD 742.5 Billion in 2023 and is projected to reach USD 954.6 Billion by 2030, growing at a CAGR of 4.29% during the forecast period 2024-2030.

Global Property And Casualty Insurance Market Drivers

The market drivers for the Property And Casualty Insurance Market can be influenced by various factors. These may include:

Economic Conditions: A region's or nation's overall state of economy is important. The demand for P&C insurance may rise as a result of increased company activity, rising property values, and an increase in insurable asset Population Growth and Urbanization: The need for property and liability insurance rises as a result of population growth and the expansion of urban areas. Urban areas have higher concentrations of people and businesses, which increases the amount of assets that require insurance coverage. Regulatory Developments: The insurance market may be impacted by regulatory changes. Regulations that affect price, market entrance, or consumer protection may change, which may have an impact on how insurance businesses do business and compete. Technological Innovations: These developments have the potential to both increase the efficiency of insurance procedures and introduce new risks, such as cybersecurity and technological blunders. Insurance companies can obtain a competitive advantage by adjusting and using technology well. Climate Change and Natural catastrophes: The need for property insurance may be driven by changes in the frequency and intensity of natural catastrophes. As patterns of catastrophic weather events change, insurers may need to modify their risk models and pricing tactics. Consumer Behaviour and Expectations: Insurers may be compelled to implement new technology in order to enhance customer experiences as a result of shifting consumer expectations, particularly with regard to digital interactions, tailored services, and speedy claims processing. Analytics and Risk Management: Insurance companies can now better evaluate and manage risks thanks to developments in analytics and risk modelling. Better risk selection, enhanced underwriting procedures, and more accurate pricing may result from this. Globalization and International Trade: As these two trends grow, insurers may be able to reach a wider audience and provide coverage for a wider range of risks related to doing business internationally. Cybersecurity hazards: As our reliance on digital technologies grows, there is growing worry about the hazards posed by cyber threats. As a result, there is now a greater need for cybersecurity insurance. Changes in the population's makeup: As people age, there may be a rise in the demand for some insurance policies, including long-term care and health insurance. Similar to this, shifting demography may have an impact on the kinds of risks and coverage required.

Property Insurance Market size is growing at a moderate pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2026 to 2032.

Global Property Insurance Market Definition

Property insurance protects businesses, individuals, and other associated entities from man-made and natural disasters on their property. It provides a means of securing and protecting assets such as a factory, business, home, shop, machinery, stocks, and personal belongings from threats such as fire, burglary, implosion, riots, floods, and earthquakes. Furthermore, property insurance is a first-party insurance policy, which means it is a contract between the first and second parties. The insured is the first party, while the insurance company is the second.

Global Property Insurance Services Market is segmented by Application (Homeowners_Businesses_Real Estate Investors_Commercial Property Owners_Tenants), Type (Homeowners Insurance_Renters Insurance_Commercial Property Insurance_Auto Insurance_Liability Insurance), and Geography (North America_ LATAM_ West Europe_Central & Eastern Europe_ Northern Europe_ Southern Europe_ East Asia_ Southeast Asia_ South Asia_ Central Asia_ Oceania_ MEA)

The global property insurance market is experiencing robust growth, driven by increasing urbanization, rising construction activities, and a growing awareness of property risks. The market's expansion is fueled by a surge in demand for comprehensive coverage across residential, commercial, and industrial sectors. Technological advancements, such as the use of telematics and AI-powered risk assessment tools, are streamlining underwriting processes and enhancing efficiency, leading to more competitive pricing and broader access to insurance products. Furthermore, the growing frequency and severity of natural disasters, including floods, wildfires, and hurricanes, are significantly impacting demand for property insurance, as individuals and businesses seek protection against potential financial losses. While regulatory changes and economic fluctuations pose potential restraints, the overall market outlook remains positive. The market is segmented by type (homeowners, commercial, industrial) and application (residential, commercial, industrial). Major players such as American International Group (AIG), Allstate, Liberty Mutual, and Berkshire Hathaway dominate the landscape, competing through product innovation, strategic partnerships, and geographical expansion. The North American market currently holds a significant share, but substantial growth opportunities exist in developing economies of Asia-Pacific and other regions, driven by rising disposable incomes and increasing insurance penetration. Looking ahead, the market's trajectory will be significantly shaped by evolving risk profiles, technological disruption, and evolving consumer preferences for customized insurance solutions. Predicting precise figures without specific data points is challenging, but based on industry trends, a conservative estimate would suggest a substantial increase in market value over the forecast period (2025-2033), exceeding the projected CAGR.

Global Commercial Property Insurance Market was valued at USD 247.80 billion in 2022 and is anticipated to project robust growth.

Berkshire Hathaway was the most profitable property and casualty (stock) insurance company in the world in 2020, with revenues amounting to 245.5 billion U.S. dollars. People’s Insurance Company of China and Munich Re followed behind with 84.3 billion U.S. dollars and 74.1 billion U.S. dollars, respectively.

The history of Berkshire Hathaway Berkshire Hathaway is a multinational conglomerate holding company, which is headquartered in Omaha, Nebraska. Berkshire Hathaway began as a textile manufacturing company in the mid-19th century, but expanded into other industries - such as insurance, investment and media – from the mid-20th century onwards. It is perhaps most well-known for its CEO, billionaire Warren Buffett, but also for being among the most valuable companies in the world.

Comparison with other top companies Berkshire Hathaway is also one of the most profitable companies globally. The rest of the top ten is dominated by fossil fuel and automobile companies, so Berkshire alone represents the financial services sector. Berkshire is one of the largest wind energy producers in the U.S., but is also still active in the coal industry. The company's revenue steadily increased over the past decade, before dropping in 2020.

Snapshot img { margin: 10px !important; } Market outlook of the global property insurance marketTechnavio’s research analyst predicts the global property insurance market to grow steadily at a CAGR of 6% during the forecast period. The focus towards new technology and distribution systems are the primary growth drivers for this market. The insurers are shifting their focus from stand-alone technology projects to an environment where there is a continuous technological improvement. The property insurance vendors are using multiple distribution and communication channels to attract different customer segments. Many top vendors are also making use of the cost-effective solutions in infrastructure, communication, and analytics.The growing adoption of data analytics and predictive modeling strategy in this market are expected to boost the market growth during the forecast period. Property insurance vendors are looking for a multi-channel distribution strategy in advanced data analytics such as univariate analysis, sampling, regression/general linear modeling, splines, and spatial smoothing. Also, advanced modeling tools and techniques are expected to help vendors collect useful data that will facilitate decision making. This, in turn, would help in the proper rating of the claims that are processed, thus bringing in transparency in the underwriting process during the forecast period.End-user segmentation and analysis of the property insurance marketPersonal property insurance Commercial property insuranceThe personal property insurance segment dominated the market during 2015, with a market share of 53%. If we look at the current market scenario, many top vendors in the property insurance market are providing property coverage policies that include additional risks. The additional risks include coverage against personal belongings like jewelry and furs, art and antiques, stamp or coin collections, firearms, musical instruments, and expensive cameras. This will help in attracting a huge customer segment during the forecast period.Geographical segmentation and analysis of the property insurance marketAmericas APAC EMEAEMEA accounted for 36% of the market share during 2015 and is expected to grow at a CAGR of 6% during the forecast period. As EMEA has the potential for growth, there has been a steady rise in the number of firms that make use of the predictive analytics model and strategies. This, in turn, has increased the awareness among customers about the property risk exposure in different markets.Competitive landscape and key vendorsTop suppliers in the property insurance market are opting for various operating models that include shared service centers and more centralized enterprise architecture models. This will help in the better handling of claims and thereby managing the data and information. The top property insurance vendors are expected to avoid fraudulent claims with the aid of business intelligence tools during the forecast period. This will help in retaining the customer base through product integration and customization.The leading vendors in the market are -American International Group Allstate Insurance Liberty Mutual Berkshire HathawayOther prominent vendors in the market include Lloyd’s, Wells Fargo, Zurich Insurance, State Farm Fire & Casualty, Nationwide Mutual Insurance, Farmers Insurance Group of Companies, Chubb’s Federal Insurance, CAN Financial Corp.’s Continental Casualty Company, Munich Re and AXA.Key questions answered in the report includeWhat will the market size and the growth rate be in 2020? What are the key factors driving the global property insurance market? What are the key market trends impacting the growth of the property insurance market? What are the challenges to market growth? Who are the key vendors in this market space? What are the market opportunities and threats faced by the vendors in the global property insurance market? Trending factors influencing the market shares of the Americas, APAC, and EMEA. What are the key outcomes of the five forces analysis of the global property insurance market?Technavio also offers customization on reports based on specific client requirement.Related reports:Global Trade Finance Market 2015-2019 Global Islamic Financing Market 2015-2019 Global Micro, Small, and Medium Enterprise Financing Market - Market Research 2015-2019 Global Takaful Market - Market Research 2015-2019

Property Insurance Market, Property Insurance Market Size, Property Insurance Market Trends, Property Insurance Market Forecast, Property Insurance Market Risks, Property Insurance Market Report, Property Insurance Market Share

The Global Home Insurance Market Size Was Worth USD 234 Billion in 2023 and Is Expected To Reach USD 423 Billion by 2032, CAGR of 7.5%.

In 2020, the global market size of property insurance was worth *** billion U.S. dollars. By 2040, this number is forecasted to increase by *** billion U.S. dollars and reach approximately *** trillion U.S. dollars.

Zhejiang: Property Insurance Company: Deposit & Investment from Insured data was reported at 85.560 RMB mn in 2022. This records a decrease from the previous number of 85.750 RMB mn for 2021. Zhejiang: Property Insurance Company: Deposit & Investment from Insured data is updated yearly, averaging 359.993 RMB mn from Dec 2001 (Median) to 2022, with 22 observations. The data reached an all-time high of 6,965.170 RMB mn in 2016 and a record low of 85.560 RMB mn in 2022. Zhejiang: Property Insurance Company: Deposit & Investment from Insured data remains active status in CEIC and is reported by National Financial Regulatory Administration. The data is categorized under China Premium Database’s Insurance Sector – Table CN.RGJ: Insurance Industry: Zhejiang.

Hunan: Property Insurance Company: Number of Claim data was reported at 7,145.900 Unit th in 2022. This records an increase from the previous number of 6,086.500 Unit th for 2021. Hunan: Property Insurance Company: Number of Claim data is updated yearly, averaging 1,266.200 Unit th from Dec 2001 (Median) to 2022, with 22 observations. The data reached an all-time high of 14,125.600 Unit th in 2020 and a record low of 112.800 Unit th in 2001. Hunan: Property Insurance Company: Number of Claim data remains active status in CEIC and is reported by National Financial Regulatory Administration. The data is categorized under China Premium Database’s Insurance Sector – Table CN.RGJ: Insurance Industry: Hunan.

According to Cognitive Market Research, the global commercial property insurance market size was USD 281546.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 9.7% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 112618.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.9% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 84463.86 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 64755.63 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.7% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 14077.31 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.1% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 5630.92 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.4% from 2024 to 2031.
The manufacturing held the highest commercial property insurance market revenue share in 2024.

Market Dynamics of Commercial Property Insurance Market

Key Drivers for Commercial Property Insurance Market

Growing Awareness among Businesses about the Risks of Property Damage to Increase the Demand Globally

The commercial property insurance market is expanding as businesses increasingly recognize the risks of property damage due to natural disasters, theft, and accidents. Growing awareness is driven by high-profile incidents and the rising costs associated with repairs and downtime. Companies are investing in comprehensive coverage to safeguard assets, minimize financial losses, and ensure business continuity. This trend is further supported by regulatory requirements and evolving risk management strategies, making commercial property insurance a crucial component of business resilience in today's volatile environment.

Growth in Commercial Real Estate Investments to Propel Market Growth

The commercial property insurance market is experiencing growth driven by increased investments in commercial real estate. As businesses expand and urbanization accelerates, demand for office spaces, retail centers, and industrial properties rises, leading to higher valuations and more properties requiring insurance coverage. This trend is further fueled by investor confidence in stable returns from commercial real estate. Insurers are responding by offering tailored policies that address evolving risks, including natural disasters and cyber threats, thereby supporting the overall market expansion.

Restraint Factor for the Commercial Property Insurance Market

Rising Premiums due to Increased Risks to Limit the Sales

The commercial property insurance market is experiencing rising premiums due to increased risks such as natural disasters, cyber threats, and inflation in construction costs. These factors elevate the potential for costly claims, pushing insurers to adjust rates upward. However, high premiums can restrain market growth as businesses may struggle to afford comprehensive coverage, leading to reduced demand or opting for lower coverage limits. This balancing act between rising risks and affordability challenges insurers to maintain profitability while ensuring clients' needs are met.

Impact of Covid-19 on the Commercial Property Insurance Market

The COVID-19 pandemic significantly impacted the commercial property insurance market. Businesses faced closures and operational disruptions, leading to increased claims for property damage and business interruption. Insurers experienced financial strain due to the surge in claims, prompting tighter underwriting practices and higher premiums. The pandemic also accelerated the adoption of digital solutions for risk assessment and claims processing. Additionally, the crisis highlighted the importance of comprehensive coverage for unforeseen events, prompting businesses to reassess their insurance needs and coverage gaps. Introduction of the Commercial Property Insurance Market

Commercial property insurance protects businesses against financial losses from damage or destruction of physical assets like buildings, equipment, and inventory due to events like fire, theft, or nat...

Snapshot img

Homeowners Insurance Market Size 2024-2028

The homeowners insurance market size is forecast to increase by USD 65.9 billion at a CAGR of 4.6% between 2023 and 2028.

The market is experiencing significant growth due to several key factors. The increasing number of natural disasters and man-made hazards has led to a higher demand for comprehensive insurance coverage. New technological developments In the home insurance industry, such as the use of drones for property inspections and smart home systems for risk mitigation, are transforming the market. Additionally, the vulnerability to cybercrimes, including identity theft and hacking, is driving insurers to offer cyber insurance policies as part of their homeowners packages. These trends are shaping the future of the market and are expected to continue influencing its growth.

What will be the Size of the Homeowners Insurance Market During the Forecast Period?

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The market is a significant segment of the global casualty insurance sector, providing financial protection for homeowners against various risks. Homeowners, as key asset holders, rely on insurance companies to safeguard their financial security against potential losses from incidents such as natural disasters, theft, and property damage. Insurers employ advanced risk assessment tools to evaluate and price policies based on factors like location, property values, and historical claims data. Recent market trends include increasing concerns over catastrophic risks, driven by both natural disasters and pandemic-related losses. The low-interest-rate environment has also influenced the market, affecting loss reserves and policyholder surplus.
Moreover, insurance companies continue to navigate the challenges posed by financial market losses and the legal responsibility to policyholders for covered damages. Asset prices and loss reserves remain crucial indicators of market stability, with property insurance and household/private property insurance being the primary types of coverage sought by homeowners.

How is this Homeowners Insurance Industry segmented and which is the largest segment?

The homeowners insurance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Fire and theft
  House damage
  Floods and earthquake
  Others


Source

  Captive
  Independent agent
  Direct response


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China
    Japan


  South America



  Middle East and Africa

By Type Insights

The fire and theft segment is estimated to witness significant growth during the forecast period.

The market growth is driven by the increasing prevalence of natural disasters and theft incidents, leading homeowners to seek additional coverage beyond standard property insurance policies. Fire insurance, a significant segment, protects against losses caused by fire, with many homeowners opting for additional coverage to offset costs exceeding their base policy limits. Policies exclude certain perils, such as war and nuclear risks. Theft insurance, another essential component, safeguards against financial losses resulting from theft or vandalism. Advanced risk assessment tools enable insurance firms to customize policies based on clients' risk profiles and underwriting guidelines, offering premium payment flexibility and virtual interactions.

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The fire and theft segment was valued at USD 80.90 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 40% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The North American market will experience steady growth due to the high frequency of natural disasters, leading to an increased demand for reinsurance policies. Catastrophic events, such as hurricanes, tornados, and tsunamis, can cause significant damage to residential properties, resulting in substantial insurance claims. Reinsurers provide capital to primary insurers when the number of claims is high, ensuring financial security for policyholders. Despite the challenges, reinsurance firms have managed to maintain consistent revenue streams. Property values, homeowners, assets, and liability coverage are integral components of homeowners insurance policies. Insurance providers offer customized policies for various risks, including natural disasters, theft, an

The global property insurance market is experiencing robust growth, driven by factors such as increasing urbanization, rising construction activities, and a growing awareness of property risks. The market's value, while not explicitly stated, can be reasonably estimated based on the provided timeframe (2019-2033), a common CAGR for this sector (let's assume 5% for illustrative purposes), and the presence of major global players like Allianz, Axa, and others. This suggests a substantial market size, potentially in the hundreds of billions of dollars, with a significant projected expansion over the forecast period (2025-2033). Key trends influencing this growth include the increasing adoption of Insurtech solutions improving efficiency and customer experience, the growing demand for parametric insurance for faster claim settlements, and the rising prevalence of natural disasters fueling demand for robust coverage. However, regulatory hurdles, economic downturns, and the potential for increased competition among existing players and new entrants pose challenges to sustained market growth. Segmentation within the market likely includes commercial and residential property insurance, with further sub-segmentation based on property type (e.g., residential buildings, commercial buildings, industrial properties) and coverage types (e.g., fire, flood, earthquake). The competitive landscape is dominated by large multinational insurers, but regional players also play a significant role. The historical period (2019-2024) likely saw fluctuating growth, influenced by global economic conditions and major insurance events. The base year of 2025 provides a benchmark for projecting future growth based on the aforementioned drivers and restraints. The involvement of companies like Cardinal Health (known for healthcare distribution) suggests diversification within the property insurance sector, indicating the presence of niche players or specialized offerings. The forecast period (2025-2033) promises further market expansion, but companies must address emerging challenges and leverage technological advancements to maintain a competitive edge and capture growth opportunities. The continued rise of climate-related risks presents both a significant challenge and opportunity, requiring innovative risk assessment and mitigation strategies. Successfully navigating these factors will be crucial for companies to thrive in this dynamic market.