Over the past few years, the Property Insurance market in EU-27 has witnessed significant growth and development.
Customer preferences: Customers in the EU-27 region are increasingly seeking comprehensive property insurance coverage that not only protects their homes or businesses from traditional risks like fire and theft but also offers additional coverage for natural disasters such as floods and storms. Additionally, there is a growing demand for customizable insurance policies that can be tailored to individual needs and preferences.
Trends in the market: One of the key trends in the Property Insurance market in the EU-27 is the adoption of advanced technology and data analytics. Insurers are leveraging data insights to better assess risks, price policies accurately, and streamline the claims process. Moreover, there is a noticeable shift towards sustainable and green insurance products, reflecting the increasing awareness and concern for environmental issues among customers in the region.
Local special circumstances: In countries like Germany and France, where natural disasters such as floods and wildfires have become more frequent and severe, there is a heightened awareness of the importance of having adequate property insurance coverage. This has led to an increase in demand for comprehensive insurance policies that offer protection against a wide range of risks. On the other hand, countries with a high density of historical buildings, such as Italy and Greece, have unique insurance needs related to preserving and protecting cultural heritage properties.
Underlying macroeconomic factors: The overall economic stability and growth in the EU-27 region have played a significant role in the development of the Property Insurance market. As disposable incomes rise and property ownership rates increase, there is a corresponding uptick in the demand for property insurance products. Additionally, regulatory changes and initiatives aimed at promoting transparency and consumer protection have helped boost consumer confidence in the insurance sector.
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.
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