Global Fire Insurance Market Size Is Poised To Reflect $30.93 Billion by 2028, with a Compound Annual Growth Rate of around 5.20%: Exploring Emerging Opportunities, Key Players and Strategies

Washington, DC, April 03, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Global Fire Insurance Market By Coverage (Standard Coverage And Optional Coverage), By Enterprise Size (Large Enterprises, And Small And Medium-Sized Enterprises), By Industry Vertical (Manufacturing, Healthcare, Energy & Utilities, Retail And Consumer Goods, I.T. & Telecom, Hospitality, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Fire Insurance Market size & share in terms of revenue was valued at USD 22,813.70 million in 2021 and it is expected to surpass around USD 30,923.60 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 5.20% during the forecast period 2022 to 2028.”

What is Fire Insurance? How big is the Fire Insurance Industry?

Report Overview:

The global fire insurance market size was worth USD 22,813.70 million in 2021 and is estimated to grow to USD 30,923.60 million by 2028, with a compound annual growth rate (CAGR) of around 5.20 percent during the forecast period. The report analyzes the fire insurance market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the fire insurance market.

Fire insurance is an agreement between the policyholder and the insurance company to cover all loss and damage caused by fire to the insured's property. Fire accidents are sudden and can happen instantaneously anywhere, including businesses, homes, and other places, due to fire, explosion, water tank rupture, and other causes. These factors cause enormous damage and expose policyholders to financial risk, driving consumer demand for fire insurance policies.

Fire insurance is a type of property insurance often included in a homeowner's policy and provides coverage against property damage caused by fire. Key factors driving the development of fire insurance market trends include growing demand for insurance policies, growing need for financial security in the face of increased uncertainties, and the growing number of assets are the key factors driving the growth of the global fire insurance market. In addition, the lack of knowledge about fire insurance policies and high insurance costs hinders the market growth. Furthermore, the implementation of technologies in existing products & service lines and government initiatives related to fire insurance policies are expected to provide lucrative opportunities for market expansion during the forecast period.

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Global Fire Insurance Market: Growth Factors

Insurers face increasing pressure to invest in and develop new products that are less popular but provide strong coverage in the case of destruction, replacement, or other damage caused by perils like lightning strikes, fires, aircraft damage, riots, strikes, and intentional mischief. There has been an increase in natural disasters like hurricanes, tornadoes, and earthquakes in recent years. Due of this, having fire insurance is even more important. Financial losses from fires to buildings, contents, and other fixed assets are typically covered by insurance policies for businesses and households. To keep ahead of the competition in the global fire insurance industry and make their products more appealing to customers, insurers have increased the amount of coverage they offer.

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Report Scope

Segmentation Analysis: Segmentation Analysis

The global fire insurance market is segregated based on coverage, enterprise size, industry vertical, and region. By coverage, the market is divided into standard coverage and optional coverage. Among these, in 2021, standard fire insurance dominated the global market. By enterprise size, the market is bifurcated into large enterprises and small & medium-sized enterprises. Over the forecast period, the large enterprise segment is expected to develop at the fastest rate due to the rising adoption of fire insurance. On the basis of industry vertical, the market is bifurcated into manufacturing, healthcare, energy and utilities, retail & consumer goods, IT & telecom, hospitality, and others. In 2021, the manufacturing category had a major share.

The global Fire Insurance market is segmented as follows:

By Coverage

• Standard Coverage
• Optional Coverage

By Enterprise Size

• Large Enterprises
• Small and Medium-sized Enterprises

By Industry Vertical

• Manufacturing
• Healthcare
• Energy and Utilities
• Retail and Consumer Goods
• I.T. and Telecom
• Hospitality
• Others

Browse the full “Global Fire Insurance Market By Coverage (Standard Coverage and Optional Coverage), By Enterprise Size (Large Enterprises, and Small and Medium-sized Enterprises), By Industry Vertical (Manufacturing, Healthcare, Energy & Utilities, Retail and Consumer Goods, I.T. & Telecom, Hospitality, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028” Report at https://www.zionmarketresearch.com/report/fire-insurance-market

Competitive Landscape

Some of the main competitors dominating the global Fire Insurance market include - 

• Amica Mutual Insurance Company
• Allianz S.E.
• Axa S.A.
• Assicurazioni Generali S.p.A.
• Ping An Insurance Company of China Ltd.
• Liberty Mutual Fire Insurance Company
• State Farm Insurance
• The Government Employees Insurance Company
• The Allstate Corporation
• United Services Automobile Association.

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Fire Insurance market is likely to expand at a CAGR of around 5.20% during the forecast period (2022-2028).                                            
• In terms of revenue, the Fire Insurance market size was valued at around US$ 22,813.70 million in 2021 and is projected to reach US$ 30,923.60 million by 2028.
• Key factors driving the development of fire insurance market trends include growing demand for insurance policies, growing need for financial security in the face of increased uncertainties, and the growing number of assets are the key factors driving the growth of the global fire insurance market.
• By coverage, the standard coverage segment dominated with accounted significant market share in 2021.
• By enterprise size, the large enterprise segment accounted significant amount of market share in 2021.
• In 2021, North America captured the largest revenue share of the global market.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Fire Insurance industry?
• What are the main driving factors propelling the Fire Insurance Market forward?
• What are the leading companies in the Fire Insurance Industry?
• What segments does the Fire Insurance Market cover?
• How can I receive a free copy of the Fire Insurance Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2022−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Coverage, By Enterprise Size, By Industry Vertical, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

The global fire insurance market revenue was dominated by North America in 2021 and is expected to maintain its position during the forecast period. Key factors driving market growth in this region include the presence of key players such as Allstate Insurance Company and USAA. Furthermore, the increase in the incidence of lightning strikes, fires, accidents, injuries, and property damage by others is driving the adoption of fire insurance in this area. However, the Asia-Pacific region is expected to witness a significant growth rate during the forecast period due to increased construction and real estate activities. In addition, the International Fire Safety Standards in Asia focus on developing regulations to improve investment in infrastructure and provide more consistency in fire safety levels and minimal fire by setting specific standards, which is expected to offer lucrative opportunities for the market in this region.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In May 2022, Amica Insurance Company partnered with Rocket Mortgage to enter the mortgage insurance space.
• In May 2022, Liberty Mutual Insurance has decided to acquire Fetch Technology to purchase certain technology assets of insurance portal services.

To know an additional revised 2022 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/fire-insurance-market

Fire Insurance Market: Opportunities

The supportive government initiatives bring up several growth opportunities
More and more insurance service providers are using advanced technologies such as geolocation, fire alarm warning, fire security detection, fireproof skeleton protection, artificial intelligence (A.I.), fingerprint, blockchain, and big data. This gives market underwriters new ways of doing business; with these technological advancements, fire delivery platforms will offer more averaging, such as averaging policy, consequential loss policy, claim policy, and others, faster and more accessible at the point of sale. Additionally, digital transformation enables fire insurers to provide highly personalized user experiences to their customers. Also, to maintain their position in the global fire insurance market, insurance companies are looking at using big data analytics, which can help them charge high premiums. In addition, technologies help collect data to meet individual customer needs, calculate risk, and detect fraud. Therefore, technological advances that make fire insurance easier to buy and use more conveniently will likely create good business opportunities for insurers.

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