Market Insights Financial Insurances Non-life insurances

Property Insurance - Northern Europe

Northern Europe

The Property Insurance market market in Northern Europe is expected to experience significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is estimated to reach US$13.02bn by 2024.
This indicates a strong demand for Property Insurance market coverage in the region.
Additionally, the average spending per capita in the Property Insurance market market is forecasted to be US$0.38k in 2024.
This demonstrates the willingness of individuals in Northern Europe to invest in Property Insurance market to protect their assets.
Furthermore, the gross written premium is expected to exhibit an annual growth rate, with a compound annual growth rate (CAGR) of 2.73% projected for the period 2024-2028.
This growth trajectory indicates a positive outlook for the market, with a projected market volume of US$14.50bn by 2028.
In a global context, it is worth noting that the United States is expected to generate the highest gross written premium in the Property Insurance market market.
Projections indicate that the United States will generate a substantial amount of US$214.7bn in 2024.
This highlights the dominance of the US market in terms of Property Insurance market.
Overall, the Property Insurance market market in Northern Europe is set to experience growth in the coming years, with significant opportunities for insurers and individuals seeking coverage for their properties.
In Northern Europe, property insurance premiums are on the rise due to increased frequency and severity of natural disasters.

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Analyst Opinion

In recent years, the Property Insurance market in Northern Europe has been experiencing significant growth and development. Customer preferences in the region have been shifting towards comprehensive coverage that includes protection against natural disasters, such as floods and storms, which have become more frequent due to climate change. Additionally, there is a growing demand for digital solutions and personalized insurance packages that cater to the individual needs of customers. Trends in the market show a rise in the adoption of technology, such as artificial intelligence and data analytics, to streamline processes, assess risks more accurately, and offer more competitive pricing. Insurtech companies are also gaining traction in the region, providing innovative solutions and disrupting traditional insurance models. Local special circumstances, such as stringent regulations and high levels of competition among insurance providers, are shaping the Property Insurance market in Northern Europe. The presence of well-established insurance companies with strong financial backing has created a stable market environment, while also fostering innovation and product development. Underlying macroeconomic factors, including a stable economy, low interest rates, and a growing awareness of the importance of insurance coverage, are driving the growth of the Property Insurance market in Northern Europe. As disposable incomes rise and the standard of living improves, more individuals and businesses are investing in property insurance to protect their assets and mitigate risks.

Methodology

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.