Property Insurance Market Trends and Analysis by Region, Line of Business, Competitive Landscape and Forecast to 2027
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Property Insurance Market Overview
The written premium of property insurance was $591.8 billion in 2022. The market is expected to achieve a CAGR of more than 6% during 2023-2027. The property insurance market research report provides in-depth market analysis, information, and insights into the global and regional property insurance industry. It provides a detailed outlook as well as values for key performance indicators such as written premiums and claims during the review period and forecast period.
Property Insurance Market Outlook, 2022-2027 ($ Billion)
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The report gives a comprehensive overview of the global and regional property insurance industry, key lines of business, key trends, drivers, challenges, regulatory overview, developments in the industry, and insights into key technological developments impacting the market. The report provides a detailed analysis of the competitive landscape, overview, and comparative analysis of leading companies and top insurance markets’ premium and profitability trends for every region. It also gives insurers access to information on property insurance dynamics in the country.
Market Size (2022) | $591.8 billion |
CAGR (2023-2027) | >6% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · Home Multi-Risk Insurance
· Fire and Natural Hazards Insurance · Agriculture/Livestock Policies · Construction and Engineering · Industrial Multi Risk · Other Property Insurance |
Key Regions | · Asia-Pacific
· Europe · Middle East and Africa · North America · South and Central America |
Leading Insurers | · State Farm
· Chubb · Liberty Mutual · Allstate · Travelers |
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Property Insurance Market Trends
Hydrogen energy, focus on environmental, social, and governance (ESG), rising digitalization and insurtech, and demand for smart home devices are some of the trends impacting the property insurance market. For instance, ESG has been a major theme for all large insurers and will be a central part of any leading business strategy over the coming years. Most insurers in Canada have implemented ESG principles in their underwriting and new product development practices. Aviva Canada aims to become a net-zero company by 2040 and to achieve net-zero carbon emissions in its operations and supply chain by 2030.
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Property Insurance Market Segmentation by Lines of Business
The lines of business included in the property insurance market are home multi-risk insurance, fire and natural hazards insurance, agriculture/livestock policies, construction and engineering, industrial multi-risk, and other property insurance. Home multi-risk was the leading property insurance LOB in 2022.
However, Agriculture or livestock insurance is expected to record the highest growth rate over the forecast period. Developments in agriculture and parametric insurance and developing markets’ efforts to create insurance frameworks will support product development and growth over 2023–27.
Property Insurance Market Analysis by Lines of Business, 2022 (%)
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Property Insurance Market Segmentation by Regions
The key regions where property insurance is available are Asia-Pacific, Europe, the Middle East and Africa, North America, and South and Central America. North America is the leading region in the property insurance market in 2023. US, China, and Germany are some of the top markets of 2023, in terms of written premiums.
Property Insurance Market Analysis by Regions, 2023 (%)
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Property Insurance Market – Competitive Landscape
A few of the key insurers in the property insurance market are State Farm, Chubb, Liberty Mutual, Allstate, and Travelers among others. In 2022, State Farm had the highest market share.
In January 2023, State Farm appointed HCLTech to modernize its IT operations. HCLTech will speed up the modernization of State Farm’s hybrid cloud infrastructure via automation, innovative technological tools, and established business procedures. As a result, State Farm will be able to prioritize important technological goals while improving the quality of IT assistance for its clients, agents, and staff.
Property Insurance Market Analysis by Insurers, 2022 (%)
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Segments Covered in the Report
Property Insurance Lines of Business Outlook (Value, $ Billion, 2018-2027)
- Home Multi-Risk Insurance
- Fire and Natural Hazards Insurance
- Agriculture/Livestock Policies
- Construction and Engineering
- Industrial Multi Risk
- Other Property Insurance
Property Insurance Regional Outlook (Value, $ Billion, 2018-2027)
- Asia-Pacific
- Europe
- Middle East and Africa
- North America
- South and Central America
Scope
This report provides a comprehensive analysis of the Global Property Insurance industry –
- It provides historical values for the global and regional property Insurance industry for the report’s 2018–22 review period, and projected figures for the forecast period 2023–27.
- It offers a detailed analysis of the regional property Insurance industry and market forecasts to 2027.
- It provides key market trends in the Global property Insurance industry.
- It provides rankings, premiums, and market share of top global and regional property insurers and analyzes the competitive landscape.
Key Highlights
- Key insights and dynamics of the property insurance industry.
- Insights on key market trends in the property insurance industry.
- Insights on key growth and profitability challenges in the property insurance industry.
- Comparative analysis of leading property insurance providers.
- In-depth analysis of regional markets.
- Insight on the future growth trend and market outlook.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the global and regional property insurance industry.
- In-depth market analysis, information, and insights into the global property insurance industry.
- In-depth analysis of the competitive landscape and top 20 regional markets.
- Understand the key dynamics, trends, and growth opportunities in the global and regional property insurance industry.
- Identify key regulatory developments impacting market growth.
- Identify growth opportunities in key regional markets.
Liberty Mutual
Chubb
Travelers
Allstate
PICC
MS&AD Insurance
Tokio Marine
Ping An
Allianz
Generali
AXA
Helvetia Holding
Tawuniya
Misr
Harel
Clal Insurance
Sompo
Table of Contents
Frequently asked questions
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What was the property insurance market written premium in 2022?
The written premium of property insurance was $591.8 billion in 2022.
-
What is the growth rate of the property insurance market?
The property insurance market is expected to achieve a CAGR of more than 6% during 2023-2027.
-
Which line of business dominated the property insurance market in 2022?
Home multi-risk was the leading property insurance LOB in 2022.
-
Which is the leading region in the property insurance market in 2023?
North America is the leading region in the property insurance market.
-
Who are the major insurers operating in the property insurance market?
A few of the key insurers in the property insurance market are State Farm, Chubb, Liberty Mutual, Allstate, and Travelers among others.
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