Press release
Global Earthquake Insurance Market Insights and Trends 2024
Earthquake Insurance Market Insights
The new report published by The Business Research Company, titled Earthquake Insurance Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, 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 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%.
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What Is Driving The Growth Of The Global Earthquake Insurance Market?
Rising Frequency Of Natural Disasters Fuels Growth In The Earthquake Insurance Market
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.
What Is The Key Trend In The Global Earthquake Insurance Market?
Innovative Developments In Earthquake Insurance Introduction Of Parametric Re/Insurance Products
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.
How Is The Global Earthquake Insurance Market Segmented?
The earthquake insurance market covered in this report is segmented -
1) By Type: Life Insurance, Non-Life Insurance
2) By Coverage Type: Comprehensive, Catastrophic
3) By Distribution Channel: Banks, Agents, Brokers, Retailers, Other Distribution Channels
4) By Application: Personal, Commercial
5) By End-User: Individuals, Business
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How Is The Competitive Landscape Of The Global Earthquake Insurance Market?
Major companies operating in the earthquake insurance market are 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
Contents Of The Global Earthquake Insurance Market
1. Executive Summary
2. Earthquake Insurance Market Report Structure
3. Earthquake Insurance Market Trends And Strategies
4. Earthquake Insurance Market - Macro Economic Scenario
5. Earthquake Insurance Market Size And Growth
…..
27. Earthquake Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Learn More About The Business Research Company
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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