Property insurance refers to a group of services that provide either insurance coverage or property protection. Property insurance can include a number of policies, such as homeowner insurance, renter insurance, flood insurance, and earthquake insurance. Moreover, personal property is usually covered by a homeowner’s or renters’ policy. In addition, most policies do not cover extreme circumstances, such as nuclear events, acts of war, or terrorism.
Increase in digital transformation among industries and rise in penetration of internet & mobile devices across the world boost the growth of the global property Insurance market size. In addition, growing need for finance among businesses and individuals to insuring property positively impacts the growth of the market. However, enforcement of strong rules by banks and financial institutions for providing housing finance is hampering the property insurance market growth. On the contrary, rise in prices of real estate properties in developing countries and acceleration of metropolitan cities across the globe is expected to offer remunerative opportunities for expansion of the property insurance market during the forecast period.
The global property insurance market is segmented on the basis of coverage, end user, application, and region. By coverage, the market is divided into fire & theft, house damage, floods & earthquake, personal property, and others. By end user, it is divided into landlords, homeowners, renters, and others. By application, it is categorized into personal and enterprise. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players profiled in the property insurance market analysis are Admiral Group Plc., Allianz, Allstate Insurance Company, American International Group, Inc., AXA, Chubb, Liberty Mutual Insurance, PICC, State Farm Mutual Automobile Insurance Company, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Increase in digital transformation among industries and rise in penetration of internet & mobile devices across the world boost the growth of the global property Insurance market size. In addition, growing need for finance among businesses and individuals to insuring property positively impacts the growth of the market. However, enforcement of strong rules by banks and financial institutions for providing housing finance is hampering the property insurance market growth. On the contrary, rise in prices of real estate properties in developing countries and acceleration of metropolitan cities across the globe is expected to offer remunerative opportunities for expansion of the property insurance market during the forecast period.
The global property insurance market is segmented on the basis of coverage, end user, application, and region. By coverage, the market is divided into fire & theft, house damage, floods & earthquake, personal property, and others. By end user, it is divided into landlords, homeowners, renters, and others. By application, it is categorized into personal and enterprise. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players profiled in the property insurance market analysis are Admiral Group Plc., Allianz, Allstate Insurance Company, American International Group, Inc., AXA, Chubb, Liberty Mutual Insurance, PICC, State Farm Mutual Automobile Insurance Company, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global property insurance market forecast along with the current & future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on global property insurance market trends is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Coverage
- Fire and Theft
- House Damage
- Floods and Earthquake
- Personal Property
- Others
By End User
- Landlords
- Homeowners
- Renters
- Others
By Application
- Personal
- Enterprise
By Region
- North America
- U. S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Admiral Group Plc
- Allianz
- Allstate Insurance Company
- American International Group, Inc.
- AXA
- Chubb
- Liberty Mutual Insurance
- PICC
- State Farm Mutual Automobile Insurance Company
- Zurich
Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
CHAPTER 4: PROPERTY INSURANCE MARKET, BY COVERAGE
4.1 Overview
4.1.1 Market size and forecast
4.2 Fire and Theft
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 House Damage
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
4.4 Floods and Earthquake
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market analysis by country
4.5 Personal Property
4.5.1 Key market trends, growth factors and opportunities
4.5.2 Market size and forecast, by region
4.5.3 Market analysis by country
4.6 Others
4.6.1 Key market trends, growth factors and opportunities
4.6.2 Market size and forecast, by region
4.6.3 Market analysis by country
CHAPTER 5: PROPERTY INSURANCE MARKET, BY END USER
5.1 Overview
5.1.1 Market size and forecast
5.2 Landlords
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Homeowners
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 Renters
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country
5.5 Others
5.5.1 Key market trends, growth factors and opportunities
5.5.2 Market size and forecast, by region
5.5.3 Market analysis by country
CHAPTER 6: PROPERTY INSURANCE MARKET, BY APPLICATION
6.1 Overview
6.1.1 Market size and forecast
6.2 Personal
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 Enterprise
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country
CHAPTER 7: PROPERTY INSURANCE MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast
7.2 North America
7.2.1 Key trends and opportunities
7.2.2 North America Market size and forecast, by Coverage
7.2.3 North America Market size and forecast, by End User
7.2.4 North America Market size and forecast, by Application
7.2.5 North America Market size and forecast, by country
7.2.5.1 U. S.
7.2.5.1.1 Market size and forecast, by Coverage
7.2.5.1.2 Market size and forecast, by End User
7.2.5.1.3 Market size and forecast, by Application
7.2.5.2 Canada
7.2.5.2.1 Market size and forecast, by Coverage
7.2.5.2.2 Market size and forecast, by End User
7.2.5.2.3 Market size and forecast, by Application
7.3 Europe
7.3.1 Key trends and opportunities
7.3.2 Europe Market size and forecast, by Coverage
7.3.3 Europe Market size and forecast, by End User
7.3.4 Europe Market size and forecast, by Application
7.3.5 Europe Market size and forecast, by country
7.3.5.1 UK
7.3.5.1.1 Market size and forecast, by Coverage
7.3.5.1.2 Market size and forecast, by End User
7.3.5.1.3 Market size and forecast, by Application
7.3.5.2 Germany
7.3.5.2.1 Market size and forecast, by Coverage
7.3.5.2.2 Market size and forecast, by End User
7.3.5.2.3 Market size and forecast, by Application
7.3.5.3 France
7.3.5.3.1 Market size and forecast, by Coverage
7.3.5.3.2 Market size and forecast, by End User
7.3.5.3.3 Market size and forecast, by Application
7.3.5.4 Italy
7.3.5.4.1 Market size and forecast, by Coverage
7.3.5.4.2 Market size and forecast, by End User
7.3.5.4.3 Market size and forecast, by Application
7.3.5.5 Spain
7.3.5.5.1 Market size and forecast, by Coverage
7.3.5.5.2 Market size and forecast, by End User
7.3.5.5.3 Market size and forecast, by Application
7.3.5.6 Netherlands
7.3.5.6.1 Market size and forecast, by Coverage
7.3.5.6.2 Market size and forecast, by End User
7.3.5.6.3 Market size and forecast, by Application
7.3.5.7 Rest of Europe
7.3.5.7.1 Market size and forecast, by Coverage
7.3.5.7.2 Market size and forecast, by End User
7.3.5.7.3 Market size and forecast, by Application
7.4 Asia-Pacific
7.4.1 Key trends and opportunities
7.4.2 Asia-Pacific Market size and forecast, by Coverage
7.4.3 Asia-Pacific Market size and forecast, by End User
7.4.4 Asia-Pacific Market size and forecast, by Application
7.4.5 Asia-Pacific Market size and forecast, by country
7.4.5.1 China
7.4.5.1.1 Market size and forecast, by Coverage
7.4.5.1.2 Market size and forecast, by End User
7.4.5.1.3 Market size and forecast, by Application
7.4.5.2 Japan
7.4.5.2.1 Market size and forecast, by Coverage
7.4.5.2.2 Market size and forecast, by End User
7.4.5.2.3 Market size and forecast, by Application
7.4.5.3 South Korea
7.4.5.3.1 Market size and forecast, by Coverage
7.4.5.3.2 Market size and forecast, by End User
7.4.5.3.3 Market size and forecast, by Application
7.4.5.4 India
7.4.5.4.1 Market size and forecast, by Coverage
7.4.5.4.2 Market size and forecast, by End User
7.4.5.4.3 Market size and forecast, by Application
7.4.5.5 Australia
7.4.5.5.1 Market size and forecast, by Coverage
7.4.5.5.2 Market size and forecast, by End User
7.4.5.5.3 Market size and forecast, by Application
7.4.5.6 Rest of Asia-Pacific
7.4.5.6.1 Market size and forecast, by Coverage
7.4.5.6.2 Market size and forecast, by End User
7.4.5.6.3 Market size and forecast, by Application
7.5 LAMEA
7.5.1 Key trends and opportunities
7.5.2 LAMEA Market size and forecast, by Coverage
7.5.3 LAMEA Market size and forecast, by End User
7.5.4 LAMEA Market size and forecast, by Application
7.5.5 LAMEA Market size and forecast, by country
7.5.5.1 Latin America
7.5.5.1.1 Market size and forecast, by Coverage
7.5.5.1.2 Market size and forecast, by End User
7.5.5.1.3 Market size and forecast, by Application
7.5.5.2 Middle East
7.5.5.2.1 Market size and forecast, by Coverage
7.5.5.2.2 Market size and forecast, by End User
7.5.5.2.3 Market size and forecast, by Application
7.5.5.3 Africa
7.5.5.3.1 Market size and forecast, by Coverage
7.5.5.3.2 Market size and forecast, by End User
7.5.5.3.3 Market size and forecast, by Application
CHAPTER 8: COMPANY LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Players
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Key developments
CHAPTER 9: COMPANY PROFILES
9.1 Admiral Group Plc
9.1.1 Company overview
9.1.2 Company snapshot
9.1.3 Operating business segments
9.1.4 Product portfolio
9.1.5 Business performance
9.1.6 Key strategic moves and developments
9.2 Allianz
9.2.1 Company overview
9.2.2 Company snapshot
9.2.3 Operating business segments
9.2.4 Product portfolio
9.2.5 Business performance
9.2.6 Key strategic moves and developments
9.3 Allstate Insurance Company
9.3.1 Company overview
9.3.2 Company snapshot
9.3.3 Operating business segments
9.3.4 Product portfolio
9.3.5 Business performance
9.3.6 Key strategic moves and developments
9.4 American International Group, Inc.
9.4.1 Company overview
9.4.2 Company snapshot
9.4.3 Operating business segments
9.4.4 Product portfolio
9.4.5 Business performance
9.4.6 Key strategic moves and developments
9.5 AXA
9.5.1 Company overview
9.5.2 Company snapshot
9.5.3 Operating business segments
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 Chubb
9.6.1 Company overview
9.6.2 Company snapshot
9.6.3 Operating business segments
9.6.4 Product portfolio
9.6.5 Business performance
9.6.6 Key strategic moves and developments
9.7 Liberty Mutual Insurance
9.7.1 Company overview
9.7.2 Company snapshot
9.7.3 Operating business segments
9.7.4 Product portfolio
9.7.5 Business performance
9.7.6 Key strategic moves and developments
9.8 PICC
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Operating business segments
9.8.4 Product portfolio
9.8.5 Business performance
9.8.6 Key strategic moves and developments
9.9 State Farm Mutual Automobile Insurance Company
9.9.1 Company overview
9.9.2 Company snapshot
9.9.3 Operating business segments
9.9.4 Product portfolio
9.9.5 Business performance
9.9.6 Key strategic moves and developments
9.10 Zurich
9.10.1 Company overview
9.10.2 Company snapshot
9.10.3 Operating business segments
9.10.4 Product portfolio
9.10.5 Business performance
9.10.6 Key strategic moves and developments
Executive Summary
According to this report, titled, 'Property Insurance Market,' the property insurance market was valued at $15897.78 billion in 2021, and is estimated to reach $38708.5 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031.A variety of products that provide coverage for the property are collectively referred to as property insurance, which provides either property protection coverage or liability coverage for property owners. In addition, property insurance industry offers financial compensation to the owner or renter of a building and its contents in the case of damage or theft, in addition to a third party in the event that anyone other than the owner or renter is harmed on the property.
Furthermore, increase in digital transformation among industries and rise in penetration of internet & mobile devices across the world boost the growth of the global property Insurance market size. In addition, growing need for finance among businesses and individuals to insuring property positively impacts the growth of the market. However, enforcement of strong rules by banks and financial institutions for providing housing finance is hampering the property insurance market growth. On the contrary, the rise in prices of real estate properties in developing countries and the acceleration of metropolitan cities across the globe is expected to offer remunerative opportunities for expansion of the property insurance market during the forecast period.
Depending on coverage, the fire and theft segment holds the largest share of the property insurance market, owing to property damage from a fire, they can be covered for many of the expenses of closing the business and restarting operations. However, floods and earthquake segment are expected to grow at the highest rate during the forecast period, owing to the fact that business owners are increasingly purchasing property insurance living in disaster-prone areas to prevent mishaps in the business ample growth opportunities for this segment in property insurance market.
Region-wise, the property insurance market was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the increase in the adoption of digital lending platforms among banking and financial services to improve financial services is considered a critical factor for the growth of the market. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in awareness associated with significant advantages of property insurance such as online self-service platforms, cloud storage, and automation to improve efficiency and reduce the need for support and sales staff.
The effects of the unprecedented global health crisis are evident in all industrial sectors such as finance, banking, and their economies. The alarming increase in COVID-19 cases has compelled many businesses and their employees to adjust to remote working and work-from-home standards, which also impacted customers to postpone purchases of a new homer. Whereas, the preferences of consumers during the pandemic, in terms of purchasing real estate, were completely different owing to imminent job losses and pay cuts.
Moreover, the effects of the unprecedented global health crisis are evident in all industrial sectors such as finance, banking and their economies. The alarming increase in COVID-19 cases has compelled many businesses and their employees to adjust to remote working and work-from-home standards, which also impacted customers for postponed purchases of a new home. Whereas, preferences of consumers during the pandemic, in terms of purchasing house insurance or insurance for renting, were completely different owing to imminent job losses and pay cuts. Moreover, with the outbreak of COVID-19, businesses have been forced to shift their attention and increase their online presence, needing to rely on digital solutions more than ever before post the outbreak of the pandemic. However, cloud-managed service providers assisted small businesses to keep up with the rising digital transformation trends. For instance, according to the article published by Waterstreet Company, in August 2020, the changing market in store for property insurance is urging for the need for cloud-based hosting, advanced third-party integrations, accessible customer service, and dynamic reporting is critical to staying competitive. This is expected to drive the market.
KEY FINDINGS OF THE STUDY
By coverage, fire and theft segment accounted for the largest property insurance market share in 2021.Region-wise, North America generated the highest revenue in 2021.
Depending on end user, landlords generated the highest revenue in 2021.
The key players profiled in the property insurance market analysis are Admiral Group Plc., Allianz, Allstate Insurance Company, American International Group, Inc., AXA, Chubb, Liberty Mutual Insurance, PICC, State Farm Mutual Automobile Insurance Company, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Companies Mentioned
- Admiral Group PLC
- Allianz
- Allstate Insurance Company
- American International Group, Inc.
- Axa
- Chubb
- Liberty Mutual Insurance
- Picc
- State Farm Mutual Automobile Insurance Company
- Zurich
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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