Rockville, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The global property and casualty insurance market was valued at US$ 1.30 Million in 2022 and is expected to be valued at US$ 1.38 Million in 2023. During the 2023-2033 period of assessment, demand is expected to rise at a 6.7% value CAGR, likely to surpass a valuation of US$ 2.65 Million by the end of the said forecast period.
Rising urbanization along with increased concern for the safety of the property will drive the demand for property and casualty insurance market. The real estate industry is growing tremendously because of the commercial as well as residential sectors. Also, the increased spending power has boosted the demand for property and casualty insurance. Increased demand for auto, home, marine, and other insurances is likely to drive the growth of the property and casualty insurance market throughout the forecast period.
Based on the insurance type, the auto segment is expected to dominate the market in the forecast period. The auto segment is expected to flourish owing to the increased growth in the automotive industry and the increased number of consumers opting for property and casualty insurance.
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The property and casualty insurance market in North America accounted for the largest share globally and is likely to retain its dominance during the forecast period. The rising spending power and technological innovations in the region are helping the region's growth.
Key Takeaways from Market Study
- The global property and casualty insurance demand is likely to surge at a 6.7% CAGR during the forecast period.
- North America dominates the global property and casualty insurance market, with a market share of 46% and registering a value of US$ 598 Billion
- Based on the distribution channel, Broker will expand the fastest, accounting for a market share of 41% over the forecast period.
- By Insurance Type, the auto segment will remain the most prominent user, accounting market share of 39% throughout the forecast period
“Rising per capita income and technological advancement in property and casualty procedures is projected to drive the growth of the property and casualty insurance market”, says a Fact.MR analyst.
Key Segments Covered in the Property and Casualty Insurance Industry Report
- By Insurance Type :
- Auto
- Home
- Marine
- Others (Burglary, Professional Liability, All Risk Insurance)
- By Distribution Channel :
- Individual Agents
- Brokers
- Banks
- Direct
- Others (Not Covered Elsewhere)
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia and Oceania
- Middle East & Africa
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Competitive Landscape
Examples of some of the market participants in the global property and casualty insurance market identified across the value chain include Allianz, Allstate Ins Group, American International Group, Berkshire Hathaway, Farmers Ins Group, Liberty Mutual Ins Cos, MS&AD Insurance Group Holdings, Munich Re Group, NKSJ Holdings, People's Insurance Co. of China, State Farm Insurance Cos, Tokio Marine Holdings, Travelers Group, USAA Group, Zurich Insurance Group, Chubb INA Group among others.
Leading market players are making strategic investments in technological innovation and R&D initiatives to increase service quality. To achieve a substantial market share in the worldwide property and casualty insurance market and strengthen their position, service providers are pursuing expansion methods such as current developments, mergers and acquisitions, collaborations, and partnerships, joint ventures. Some of the development is as follows-
- In September 2022-- Lexington Insurance Company, an American International Group, Inc. (AIG) company announced the launch of the Lexington Middle Market Casualty team, a group of dedicated underwriters focused on providing insurance coverage exclusively to small-to-medium-sized commercial enterprises, substantially expanding the company’s market reach beyond upper middle-market and large enterprise.
- In June 2021 -- Farmers Insurance® announced it has integrated Zesty.ai's wildfire risk scoring model (Z-FIRE™) into its homeowner’s insurance underwriting processes - selectively expanding opportunities for coverage for residences located in certain wildfire-risk areas.
- In April 2021-- The Farmers Exchanges and Farmers Group, Inc. (FGI) announced they have jointly completed the acquisition of MetLife's property and casualty business.
- In October 2022 - Sompo Holdings, Inc. announced a new partnership with Reinsurance Group of America.
Prominent Players in The Global Market
- Allianz
- Allstate Ins Group
- American International Group
- Berkshire Hathaway
- Farmers Ins Group
- Liberty Mutual Ins Cos
- MS&AD Insurance Group Holdings
- Munich Re Group
- NKSJ Holdings
- People's Insurance Co. of China
- State Farm Insurance Cos
- Tokio Marine Holdings
- Travelers Group
- USAA Group
- Zurich Insurance Group
- Chubb INA Group
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More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the property and casualty insurance market, presenting historical demand data (2018-2022) and from 2023 to 2033.
The study divulges essential insights on the property and casualty insurance Market Analysis Report by Insurance Type (Auto, Home, Marine, Others) by Distribution Channel (Individual Agents, Brokers, Banks, Direct, Others) By Region - Global Forecast 2023-2033
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