Property Insurance - EAEU | Statista Market Forecast

The Property Insurance market market in the EAEU is projected to reach a market size (gross written premium) of US$4.67bn in 2024.
The average spending per capita in the Property Insurance market market is expected to amount to US$25.55 in 2024.
Furthermore, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 5.41%, resulting in a market volume of US$6.08bn by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$240.4bn in 2024.
In the EAEU, property insurance is experiencing significant growth due to increasing urbanization and a focus on risk management in the construction sector.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

The Property Insurance market in EAEU is experiencing significant growth and development. Customer preferences in the EAEU region are shifting towards more comprehensive property insurance coverage, driven by an increasing awareness of the importance of protecting assets against various risks. Customers are seeking policies that not only cover traditional risks such as fire and theft but also offer additional protection against natural disasters and other unforeseen events. Trends in the market show a growing demand for customized property insurance solutions tailored to the specific needs of individual policyholders. Insurers in the EAEU region are responding to this trend by offering flexible policy options that allow customers to choose the level of coverage that best suits their requirements. Additionally, there is a noticeable increase in the adoption of digital technologies in the distribution and management of property insurance policies, making it more convenient for customers to purchase and manage their coverage online. Local special circumstances in the EAEU region, such as varying regulatory environments and cultural differences among member countries, play a significant role in shaping the property insurance market. Insurers operating in the region need to navigate these differences to effectively cater to the needs and preferences of customers in each country. Additionally, the diverse economic landscapes in the EAEU member states influence the affordability and uptake of property insurance products, with some countries showing higher penetration rates than others. Underlying macroeconomic factors, such as economic growth, inflation rates, and government policies, also impact the property insurance market in the EAEU region. As the economies of member countries continue to expand, there is a corresponding increase in the value of assets that need to be protected through insurance coverage. Moreover, inflation rates can affect the cost of property insurance premiums, making it essential for insurers to adjust their pricing strategies to remain competitive in the market. Government policies related to insurance regulation and consumer protection also shape the operating environment for insurers in the region.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.