Press release
Evolving Market Trends In The Flood Insurance Industry: Automated Flood Insurance System For Rapid Quotes And Enhanced Efficiency
Flood Insurance
What Is the Expected Flood Insurance Market Size During the Forecast Period?
The flood insurance market size has grown from $11.92 billion in 2024 to $14.43 billion in 2025, with a CAGR of 21.0%. The growth in the historic period can be attributed to an increase in the frequency of flood events, rise in awareness of flood risks, rise in property prices, an increase in public funding for flood protection, and an increase in insurance coverage requirements.
The flood insurance market size is expected to grow to $30.73 billion in 2029, with a CAGR of 20.8%. Growth is fueled by rising extreme weather events, government regulations, flood defense infrastructure investments, expanding coverage options, and more providers. Trends include advanced flood risk assessment tools, satellite imagery and remote sensing, climate change model inte
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What Are the High-Growth Segments in the Flood Insurance Market?
The flood insurancemarket covered in this report is segmented -
1) By Type: Life Insurance, Non Life Insurance
2) By Coverage: Building Property Coverage, Personal Contents Coverage
3) By Application: Commercial, Residential
Subsegments:
1) By Life Insurance: Flood-Related Life Coverage, Term Life Insurance With Flood Riders, Whole Life Insurance With Flood Risk Coverage, Accidental Death And Disability Due To Floods, Critical Illness Policies Covering Flood-Related Diseases
2) By Non-Life Insurance: Homeowners Flood Insurance, Commercial Flood Insurance, Flood Insurance For Businesses And Properties, Auto Flood Insurance, Agricultural Flood Insurance, Renters Flood Insurance, Flood Insurance For Public Infrastructure, Business Interruption Insurance Due To Flooding
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What Key Drivers Are Expected to Influence Future Flood Insurance Market Growth?
Rising flood threats due to climate change are expected to increase demand for the flood insurance market. Urban development, deforestation, and poor infrastructure contribute to greater flood risks. Insurance aids communities in recovery and resilience. According to the UK Health Security Agency in December 2023, flood risk is projected to increase by 61% by 2050 under moderate warming and by 118% in high-warming scenarios. Therefore, climate-related risks are driving growth in the flood insurance market.
Which Companies Hold the Largest Share Across Different Flood Insurance Market Segments?
Major companies operating in the flood insurance market are Berkshire Hathaway Inc., Ping An Insurance Company of China Ltd., Allianz SE, Axa S.A., Munich Re Group, American International Group Inc., Liberty Mutual Insurance Company, Tokio Marine Holdings Inc., The Allstate Corporation, The Progressive Corporation, Swiss Reinsurance Company Ltd, Zurich Insurance Group Ltd, Chubb Limited, The Travelers Companies Inc., Sompo Holdings Inc., Hannover Rück SE, Mapfre SA, The Hartford Financial Services Group Inc., QBE Insurance Group Limited, Everest Re Group Ltd., CNA Financial Corporation, Markel Corporation, Assurant Inc., Arch Capital Group Ltd., Suncorp Group Limited
What Flood Insurance Market Trends Are Gaining Traction Across Different Segments?
Key players in the flood insurance market are developing automated systems to streamline claims and improve customer service. These systems use technology to expedite the process of providing quotes, managing policies, and handling claims more efficiently. For instance, Chubb, a Swiss insurance company, launched a self-service flood insurance platform in March 2024, offering quotes in less than two minutes for low-hazard properties. Integrated with their Agent Portal, the platform leverages digital technology to increase efficiency.
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What Are the Emerging Geographies for The Flood Insurance Market Growth?
North America was the largest region in the flood insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the flood insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Flood Insurance Market?
2. What is the CAGR expected in the Flood Insurance Market?
3. What Are the Key Innovations Transforming the Flood Insurance Industry?
4. Which Region Is Leading the Flood Insurance Market?
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