Press release
Global Earthquake Insurance Market Projected to Surpass $10.94 Billion by 2029 with 6.4% Annual Growth
Earthquake Insurance
The increasing number of natural disasters is expected to propel the growth of the earthquake insurance market. Natural disasters, including earthquakes, are increasing due to rising temperatures and urbanization. Earthquake insurance provides financial protection against the damages caused by earthquakes. ReliefWeb reported that in 2023, 387 natural hazards and disasters were documented globally, slightly above the 2002-2021 average. Therefore, the rising number of natural disasters is driving the growth of the earthquake insurance market.
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How will the growth rate of the earthquake insurance market shape industry trends by 2034?
The earthquake insurance market has grown significantly in recent years, with projections indicating an increase from $8.02 billion in 2024 to $8.55 billion in 2025, at a CAGR of 6.6%. Growth drivers include an increase in natural disasters, government initiatives and regulations, urbanization, demand for insuring older buildings, and a growing trend toward home insurance policies.
The earthquake insurance market is expected to grow to $10.94 billion by 2029 with a CAGR of 6.4%. The growth is attributed to greater adoption of insurance due to uncertainties, rising construction activity, frequent natural disasters, increasing awareness, and infrastructure development. Trends include the installation of earthquake warning systems, IoT-based technology, risk product innovations, and advancements in risk modeling.
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What trends are poised to drive the future success of the earthquake insurance market?
Companies in the earthquake insurance market are focusing on developing innovative policies like natural catastrophe (Nat Cat) insurance for faster payouts following disasters. For example, in May 2024, NormanMax Insurance Holdings, a US-based firm, introduced Syndicate 3939, a new parametric insurance product for natural catastrophes, including earthquakes. These products offer rapid, transparent payouts and aim to address the challenges of trapped capital, marking a significant development in Lloyd's insurance products.
Which primary segments of the earthquake insurance market are driving growth and industry transformations?
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
Subsegments:
1) By Life Insurance: Earthquake-Related Life Coverage, Death And Disability Coverage Due To Earthquakes, Term Life Earthquake Insurance, Whole Life Earthquake Insurance
2) By Non-Life Insurance: Property Insurance (Earthquake Coverage), Homeowners Insurance With Earthquake Add-Ons, Commercial Property Insurance With Earthquake Coverage, Business Interruption Insurance (Earthquake-Related), Renters Insurance With Earthquake Coverage, Auto Insurance With Earthquake Damage Coverage
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Which geographical regions are pioneering growth in the earthquake insurance market?
North America was the largest region in the earthquake insurance market in 2024. The regions covered in the earthquake insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the earthquake insurance market landscape?
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
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What Is Covered In The Earthquake Insurance Global Market Report?
•Market Size Forecast: Examine the earthquake insurance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the earthquake insurance market for a structured understanding.
•Key Players Overview: Analyze major players in the earthquake insurance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the earthquake insurance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the earthquake insurance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the earthquake insurance market.
•Industry Challenges: Identify potential risks and obstacles affecting the earthquake insurance market.
•Competitive Landscape: Review strategic developments in the earthquake insurance market, including expansions, agreements, and new product launches.
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