Property Insurance - Iraq | Statista Market Forecast

The Property Insurance market market in Iraq is projected to reach a market size (gross written premium) of US$754.80m in 2024.
The average spending per capita in the Property Insurance market market is estimated to be US$16.22 in 2024.
Furthermore, it is expected that the gross written premium will experience an annual growth rate (CAGR 2024-2029) of 4.33%, resulting in a market volume of US$933.10m by 2029.
In comparison to other countries globally, the United States is anticipated to generate the highest gross written premium of US$240.4bn in 2024.
Despite the challenges posed by ongoing conflicts, the property insurance market in Iraq is slowly gaining momentum as more companies seek to protect their assets.

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 Iraq is experiencing a notable growth trajectory in recent years. Customer preferences in the property insurance market in Iraq are shifting towards comprehensive coverage that includes protection against a wide range of risks such as natural disasters, fire, theft, and liability. Customers are increasingly seeking tailored insurance solutions that cater to their specific needs and offer a sense of security for their valuable assets. Trends in the market indicate a rising demand for property insurance products in Iraq, driven by factors such as urbanization, infrastructure development, and increased awareness about the importance of risk mitigation. As more commercial and residential properties are being constructed or renovated across the country, the need for property insurance is on the rise to safeguard these investments. Local special circumstances, such as the rebuilding efforts following years of conflict and instability, are playing a significant role in shaping the property insurance market in Iraq. The reconstruction of infrastructure and properties in war-affected areas has created a substantial demand for insurance coverage to protect against potential risks and uncertainties during the rebuilding process. Underlying macroeconomic factors, including improving economic stability, government initiatives to promote insurance penetration, and regulatory reforms to strengthen the insurance sector, are contributing to the growth of the property insurance market in Iraq. As the overall economy continues to recover and expand, more individuals and businesses are recognizing the importance of property insurance as a crucial risk management tool.

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.