Property Insurance Market | Top Manufacturers Analysis, Emerging Trend and Growth Forecast

A variety of products that provide coverage for the property are collectively referred to as property insurance, which provides either property protection coverage or liability coverage for property owners. In addition, property insurance industry offers financial compensation to the owner or renter of a building and its contents in the case of damage or theft, in addition to a third party in the event that anyone other than the owner or renter is harmed on the property.

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The property insurance market was valued at $15897.78 billion in 2021, and is estimated to reach $38708.5 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031.

Furthermore, increase in digital transformation among industries and rise in penetration of internet & mobile devices across the world boost the growth of the global property Insurance market size. In addition, growing need for finance among businesses and individuals to insuring property positively impacts the growth of the market. However, enforcement of strong rules by banks and financial institutions for providing housing finance is hampering the property insurance market growth. On the contrary, the rise in prices of real estate properties in developing countries and the acceleration of metropolitan cities across the globe is expected to offer remunerative opportunities for expansion of the property insurance market during the forecast period.

Depending on coverage, the fire and theft segment holds the largest share of the property insurance market, owing to property damage from a fire, they can be covered for many of the expenses of closing the business and restarting operations. However, floods and earthquake segment are expected to grow at the highest rate during the forecast period, owing to the fact that business owners are increasingly purchasing property insurance living in disaster-prone areas to prevent mishaps in the business ample growth opportunities for this segment in property insurance market.

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Region-wise, the property insurance market was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the increase in the adoption of digital lending platforms among banking and financial services to improve financial services is considered a critical factor for the growth of the market. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in awareness associated with significant advantages of property insurance such as online self-service platforms, cloud storage, and automation to improve efficiency and reduce the need for support and sales staff.

The effects of the unprecedented global health crisis are evident in all industrial sectors such as finance, banking, and their economies. The alarming increase in COVID-19 cases has compelled many businesses and their employees to adjust to remote working and work-from-home standards, which also impacted customers to postpone purchases of a new homer. Whereas, the preferences of consumers during the pandemic, in terms of purchasing real estate, were completely different owing to imminent job losses and pay cuts.

Moreover, the effects of the unprecedented global health crisis are evident in all industrial sectors such as finance, banking and their economies. The alarming increase in COVID-19 cases has compelled many businesses and their employees to adjust to remote working and work-from-home standards, which also impacted customers for postponed purchases of a new home. Whereas, preferences of consumers during the pandemic, in terms of purchasing house insurance or insurance for renting, were completely different owing to imminent job losses and pay cuts. Moreover, with the outbreak of COVID-19, businesses have been forced to shift their attention and increase their online presence, needing to rely on digital solutions more than ever before post the outbreak of the pandemic. However, cloud-managed service providers assisted small businesses to keep up with the rising digital transformation trends. For instance, according to the article published by Waterstreet Company, in August 2020, the changing market in store for property insurance is urging for the need for cloud-based hosting, advanced third-party integrations, accessible customer service, and dynamic reporting is critical to staying competitive. This is expected to drive the market.

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KEY FINDINGS OF THE STUDY

By coverage, fire and theft segment accounted for the largest property insurance market share in 2021.
Region-wise, North America generated the highest revenue in 2021.
Depending on end user, landlords generated the highest revenue in 2021.

The key players profiled in the property insurance market analysis are Admiral Group Plc., Allianz, Allstate Insurance Company, American International Group, Inc., AXA, Chubb, Liberty Mutual Insurance, PICC, State Farm Mutual Automobile Insurance Company, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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