Press release
Building Resilience: Earthquake Insurance Strategies for the Future
The Business Research Company recently released a comprehensive report on the Global Earthquake Insurance Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.According to The Business Research Company's, the earthquake insurance market size has grown strongly in recent years. It will grow from $7.54 billion in 2023 to $8.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. the growth in the historic period can be attributed to increasing natural disasters, government initiatives and regulations, rapid global urbanization, growing demand for insuring older buildings, and increasing trend of home insurance policies.the earthquake insurance market size is expected to see strong growth in the next few years. It will grow to $10.30 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. the growth in the forecast period can be attributed to rise in the adoption of insurance policies due to future uncertainties, growing construction activity, increasing natural disasters, rising awareness of the need for earthquake insurance, and rising levels of infrastructure development. Major trends in the forecast period include growing installations of earthquake warning systems, the introduction of new technology such as internet of things (IoT)-based systems and data analytics, the introduction of innovative and tailored risk products, advances in risk modeling methodologies, and product innovations.
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Market Drivers and Trends:
The increasing number of natural disasters is expected to propel the growth of the earthquake insurance market going forward. A natural disaster is a catastrophic event caused by natural phenomena, leading to significant loss of life, environmental damage, and destruction of private property or public infrastructure. The increasing number of natural disasters can be attributed to factors such as rising temperatures, increased storm intensity, altered weather patterns, urbanization, and land use changes. Earthquake insurance offers financial protection for earthquake damages, covering repair costs for homes and buildings. This aids individuals and businesses in achieving economic stability and quicker recovery after such natural disasters. For instance, in March 2023, according to ReliefWeb, a vital humanitarian information platform managed by the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), there were 387 natural hazards and disasters documented globally, which is slightly above the 2002 to 2021 average of 370. Therefore, The increasing number of natural disasters are driving the growth of the earthquake insurance market.
Major companies operating in the earthquake insurance market focus on developing innovative insurance policies, such as natural catastrophe (Nat cat) insurance, to provide quicker and more efficient payouts following natural disasters. NormanMax Syndicate 3939 is the pioneering syndicate specializing in natural catastrophe parametric re/insurance products for hurricanes, tropical cyclones, typhoons, and earthquakes. For instance, in May 2024, NormanMax Insurance Holdings, a US-based insurance company, launched Syndicate 3939. These innovative parametric products offer transparent and rapid payouts, bridging critical insurance gaps. They can be distributed efficiently and at scale, addressing issues of trapped capital. This syndicate is noteworthy as it is the first of its kind at Lloyd's. It specifically focused on natural catastrophe parametric insurance products, including hurricane coverage, tropical cyclones, typhoons, and earthquakes.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Berkshire Hathaway Inc., State Farm Insurance, Nationwide Mutual Insurance Company, Allstate Corporation, Liberty Mutual Insurance Company, Zurich Insurance Group Ltd., Chubb Limited, The United Services Automobile Association (USAA), Mapfre S.A., The Hartford Financial Services Group Inc., American Family Mutual Insurance Company S.I., Farmers Insurance Group, Assurant Inc., Cincinnati Financial Corporation, Mercury General Corporation, Amica Mutual Insurance Company, CW Group Holdings Inc., The Earthquake Commission (EQC), GeoVera Holdings Inc., The California Earthquake Authority
Earthquake Insurance Market 2024 Key Insights:
• The earthquake insurance market size is expected to grow to$10.30 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Rising Frequency Of Natural Disasters Fuels Growth In The Earthquake Insurance Market
• SageSure Acquires GeoVera MGA To Enhance Catastrophe-Exposed Insurance Portfolio
• North America was the largest region in the earthquake insurance market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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