Property Insurance - Europe | Statista Market Forecast

The Property Insurance market market in Europe is expected to reach a market size (gross written premium) of US$152.70bn by 2024.
On average, individuals in Europe are projected to spend US$181.00 per capita on Property Insurance market in the same year.
The market is anticipated to display a compound annual growth rate (CAGR 2024-2029) of 1.92%, resulting in a market volume of US$168.00bn by 2029.
When compared globally, the United States is expected to generate the highest gross written premium, amounting to US$240.4bn in 2024.
In Europe, Germany has seen a significant increase in demand for property insurance due to recent extreme weather events.

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 Europe is experiencing significant growth and transformation.

Customer preferences: Customers in Europe are increasingly valuing comprehensive coverage and customized policies that cater to their specific needs. They are seeking insurance products that provide not only protection for their properties but also additional benefits such as liability coverage and assistance services in case of emergencies.

Trends in the market: In countries like Germany, there is a growing trend towards sustainable and eco-friendly insurance options for properties. Insurers are offering policies that incentivize environmentally conscious practices and provide coverage for green technologies. This trend is driven by the increasing awareness of climate change and the need for sustainable solutions in the real estate sector.

Local special circumstances: In the United Kingdom, the property insurance market is heavily influenced by factors such as Brexit and regulatory changes. The uncertainty surrounding Brexit has led to fluctuations in property values and insurance premiums. Insurers in the UK are navigating through this challenging environment by adjusting their offerings to cater to the evolving needs of customers in a post-Brexit landscape.

Underlying macroeconomic factors: The overall economic stability and growth in Europe are contributing to the expansion of the property insurance market. As the real estate sector continues to thrive in countries like France and Spain, there is a higher demand for insurance products to protect these valuable assets. Additionally, low interest rates in the Eurozone are prompting investors to diversify their portfolios into real estate, driving the need for property insurance coverage.

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.