The global fire insurance market reached a value of US$ 63.76 Billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 99.5 Billion by 2027 exhibiting a CAGR of 7.30% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Fire insurance refers to a type of property insurance that provides coverage for damage and losses incurred due to a fire outbreak. It is generally available as an add-on cover that the individual can purchase by paying some extra amount. It is designed to reimburse the costs of replacement, reconstruction and repair of the insured property destroyed or damaged in a fire accident. Nowadays, insurance companies offer policies that also cover property damage or loss caused by firefighters, water or smoke. As a result, fire insurance has gained traction among businesses since it protects them from the financial burden in case of a fire breakout.
A significant rise in fire accidents and the growing need for financial security due to rising uncertainties represent the primary factors driving the market. Besides this, the increasing awareness about numerous benefits offered by fire insurance among the masses is another major growth-inducing factor. Additionally, the leading players are launching new policies with more comprehensive coverage, affordable premiums and benefits to expand their customer base and gain a competitive edge. This, in confluence with the implementation of favorable government policies and stringent safety standards, is catalyzing the product demand. For instance, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated general insurers to provide three standard products, namely Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha, and Bharat Laghu Udyam Suraksha, for homeowners and enterprises. These products will cover the home building and content, plant, machinery, stocks, furniture, and other assets. Furthermore, easy claim settlements, increasing consumer expenditure capacities and several product innovations are some of the other factors providing a positive outlook for the market.
The publisher provides an analysis of the key trends in each sub-segment of the global fire insurance market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on coverage, enterprise size and industry vertical.
The competitive landscape of the industry has also been examined along with the profiles of the key players being Allianz SE, Amica Mutual Insurance Company, Assicurazioni Generali S.p.A., Axa S.A., Liberty Mutual Fire Insurance Company, Ping An Insurance Company of China Ltd., State Farm Insurance, The Allstate Corporation, The Government Employees Insurance Company and United Services Automobile Association.
Fire insurance refers to a type of property insurance that provides coverage for damage and losses incurred due to a fire outbreak. It is generally available as an add-on cover that the individual can purchase by paying some extra amount. It is designed to reimburse the costs of replacement, reconstruction and repair of the insured property destroyed or damaged in a fire accident. Nowadays, insurance companies offer policies that also cover property damage or loss caused by firefighters, water or smoke. As a result, fire insurance has gained traction among businesses since it protects them from the financial burden in case of a fire breakout.
Fire Insurance Market Trends:
A significant rise in fire accidents and the growing need for financial security due to rising uncertainties represent the primary factors driving the market. Besides this, the increasing awareness about numerous benefits offered by fire insurance among the masses is another major growth-inducing factor. Additionally, the leading players are launching new policies with more comprehensive coverage, affordable premiums and benefits to expand their customer base and gain a competitive edge. This, in confluence with the implementation of favorable government policies and stringent safety standards, is catalyzing the product demand. For instance, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated general insurers to provide three standard products, namely Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha, and Bharat Laghu Udyam Suraksha, for homeowners and enterprises. These products will cover the home building and content, plant, machinery, stocks, furniture, and other assets. Furthermore, easy claim settlements, increasing consumer expenditure capacities and several product innovations are some of the other factors providing a positive outlook for the market.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global fire insurance market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on coverage, enterprise size and industry vertical.
Breakup by Coverage:
- Standard Coverage
- Optional Coverage
Breakup by Enterprise Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Industry Vertical:
- Manufacturing
- Healthcare
- Energy and Utilities
- Retail and Consumer Goods
- IT and Telecom
- Hospitality
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Allianz SE, Amica Mutual Insurance Company, Assicurazioni Generali S.p.A., Axa S.A., Liberty Mutual Fire Insurance Company, Ping An Insurance Company of China Ltd., State Farm Insurance, The Allstate Corporation, The Government Employees Insurance Company and United Services Automobile Association.
Key Questions Answered in This Report:
- How has the global fire insurance market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global fire insurance market?
- What are the key regional markets?
- What is the breakup of the market based on the coverage?
- What is the breakup of the market based on the enterprise size?
- What is the breakup of the market based on the industry vertical?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global fire insurance market and who are the key players?
- What is the degree of competition in the industry?
Frequently Asked Questions about the Global Fire Insurance Market
What is the estimated value of the Global Fire Insurance Market?
What is the growth rate of the Global Fire Insurance Market?
What is the forecasted size of the Global Fire Insurance Market?
Who are the key companies in the Global Fire Insurance Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 143 |
| Published | March 2022 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value ( USD | $ 63.76 Billion |
| Forecasted Market Value ( USD | $ 99.5 Billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Fire Insurance Market
6 Market Breakup by Coverage
7 Market Breakup by Enterprise Size
8 Market Breakup by Industry Vertical
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Allianz SE
- Amica Mutual Insurance Company
- Assicurazioni Generali S.p.A.
- Axa S.A.
- Liberty Mutual Fire Insurance Company
- Ping An Insurance Company of China Ltd.
- State Farm Insurance
- The Allstate Corporation
- The Government Employees Insurance Company
- United Services Automobile Association.
Methodology
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