Property Insurance - Israel | Statista Market Forecast

The Property Insurance market market in Israel is expected to witness significant growth in the coming years.
According to projections, the market size, measured by the gross written premium, is estimated to reach US$1.81bn in 2024.
This indicates a positive trend in the demand for Property Insurance market in the country.
Furthermore, the average spending per capita in the Property Insurance market market is projected to amount to US$194.40 in 2024.
This figure highlights the financial commitment individuals are willing to make to protect their properties.
Looking ahead, the gross written premium in the Property Insurance market market is anticipated to exhibit an annual growth rate of 6.39% from 2024 to 2029.
As a result, the market volume is expected to reach US$2.47bn by 2029.
This sustained growth reflects the increasing awareness and importance of Property Insurance market among the population in Israel.
In comparison to other countries, the United States leads the global market with a projected gross written premium of US$240.4bn in 2024.
This highlights the significant role the United States plays in the global Property Insurance market industry.
Overall, the Property Insurance market market in Israel is poised for growth, with promising projections for the coming years.
The increasing market size and average spending per capita underscore the importance of Property Insurance market in safeguarding assets and ensuring financial protection in the country.
Israel is experiencing a surge in demand for property insurance due to increasing concerns about natural disasters and security threats.

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

Over the past few years, the Property Insurance market in Israel has been experiencing significant growth and development.

Customer preferences: Customers in Israel are increasingly valuing comprehensive property insurance coverage that not only protects their homes or businesses from traditional risks like fire and theft, but also from natural disasters such as earthquakes. This shift in preferences is driving insurance companies to offer more tailored and flexible policies to meet the evolving needs of their clients.

Trends in the market: One notable trend in the Israeli Property Insurance market is the rising demand for cyber insurance coverage. As the country becomes more digitally connected, individuals and businesses are becoming increasingly aware of the risks associated with cyber threats. This has led to a surge in the purchase of cyber insurance policies to safeguard against potential financial losses due to cyberattacks.

Local special circumstances: Israel's unique geopolitical situation and the constant threat of regional conflicts have also influenced the Property Insurance market. Insurance companies in Israel have had to factor in the elevated risk of war and terrorism when assessing property insurance policies. This has resulted in specialized insurance products that specifically address these security concerns, providing customers with peace of mind in volatile times.

Underlying macroeconomic factors: The continuous growth of the Israeli economy, coupled with a steady increase in disposable income among the population, has contributed to the expansion of the Property Insurance market. As individuals and businesses accumulate more wealth, the need to protect their assets through insurance coverage becomes more pronounced. Additionally, government initiatives aimed at promoting insurance awareness and penetration have further fueled the growth of the market.

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.