Press release
Fire Insurance Market Competitor Analysis, Trends, Size 2024-2033
Fire Insurance Market Analysis
According to The Business Research Company's, The fire insurance market size has grown rapidly in recent years. It will grow from $74.07 billion in 2023 to $81.74 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to law enforcement adoption, investments in research, conflict zone utilization, civil unrest and protests, military applications..
The fire insurance market size is expected to see rapid growth in the next few years. It will grow to $120.45 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to urbanization and policing needs, humanitarian and peacekeeping demand, regulations and lethal force restrictions, public perception and advocacy, military strategy and modernization.. Major trends in the forecast period include humanitarian missions and peacekeeping, technological advancements, civil unrest management, regulatory emphasis on non-lethal force, public perception and safety concerns..
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Market Drivers and Trends:
A significant rise in fire accidents is expected to propel the growth of the fire insurance market going forward. A fire incident is defined as a fire on any property in the area. Most consumers, including businesses and homeowners, are inclined towards purchasing more fire insurance plans to protect themselves from future financial losses caused by damage to goods, property, and home contents due to fire incidents. For instance, according to a report published by CTIF, a France-based international association of fire and rescue services, in 2022, an estimated rise in the number of fire accidents accounting for 39,99,276 globally including 1,388,500 majorities of fires recorded in the USA followed by China accounting for 252,000. Therefore, a significant rise in fire accidents is propelling the growth of the fire insurance market.
Product innovation has emerged as the major trend gaining popularity in the fire insurance market. Major insurance companies operating in the fire insurance market are introducing innovative insurance packages to strengthen their position in the market. For instance, in February 2021, AXA Affin General Insurance Berhad, a Malaysia-based insurance company, launched an innovative fire insurance solution called BAPE, or Business Advantage Plus (Enhanced), a business protection policy specifically designed for small and medium enterprises (SMEs) that covers fire protection, fire consequential loss, and other perils including burglary, public liability, and compensation. The solution also provides distinct advantages to certain types of businesses, including food and beverage facilities, budget hotels, and learning centers.
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Major Key Players of the Market:
Amica Mutual Insurance Company; Allstate Insurance Company; Allianz SE; AXA SA; Assicurazioni Generali SpA; Liberty Mutual Insurance Group; Government Employees Insurance Company; Ping An Insurance Company of China Ltd.; State Farm Mutual Automobile Insurance Company; United Services Automobile Association; Nippon Life Insurance Company; Munich Re Group; Zurich Insurance Group; Yasuda Mutual Life Insurance Company; Aegon N.V.; PNB MetLife India Insurance Company Limited; Aviva plc; Allied Trust Insurance Company; The Dai-ichi Mutual Life Insurance Company; Asahi Mutual Life Insurance Company; Sumitomo Life Insurance Company; MetLife Inc.; Prudential Financial Inc.; New York Life Insurance Company; Meiji Yasuda Life Insurance Company; Aetna Inc.; CNP Assurances SA; China Pacific Insurance (Group) Co. Ltd.; Teachers Insurance and Annuity Association of America - College Retirement Equities Fund; Occidental Fire & Casualty Company of North Carolina
Fire Insurance Market 2024 Key Insights:
• The fire insurance market will grow to $120.45 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• Surge In Fire Accidents Drives Growth In The Fire Insurance Market
• Innovative Fire Insurance Solutions Transforming The Market Landscape
• North America was the largest region in the fire 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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