Property Insurance - Worldwide | Statista Market Forecast

The Property Insurance market market worldwide is projected to reach a market size of US$712.00bn in 2024, based on the gross written premium.
The average spending per capita in the Property Insurance market market is expected to amount to US$91.88 in 2024.
The market is also anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 4.21%, leading to a market volume of US$875.20bn by 2029.
In terms of gross written premium, the United States is expected to generate the highest amount globally, reaching US$240.4bn in 2024.
In the worldwide property insurance market, the United States dominates with its extensive coverage options and robust claims handling processes.

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 is a dynamic sector that is influenced by various factors worldwide.

Customer preferences: Customers in the Property Insurance market worldwide are increasingly looking for customized and comprehensive insurance coverage to protect their properties against various risks such as natural disasters, theft, and accidents. They value insurance providers that offer flexible policies, quick claims processing, and excellent customer service.

Trends in the market: In the United States, the Property Insurance market is experiencing a shift towards digitalization, with more customers opting to purchase insurance online or through mobile apps. Insurtech companies are also gaining traction by offering innovative solutions such as AI-powered risk assessment and on-demand insurance coverage. In Europe, there is a growing demand for sustainable and eco-friendly insurance products in the Property Insurance market. Customers are seeking coverage that includes protection against environmental risks and promotes sustainability initiatives. In Asia, particularly in countries prone to natural disasters like Japan and Indonesia, there is a rising trend of parametric insurance in the Property Insurance market. This type of insurance pays out a predetermined amount based on specific triggers, such as earthquake magnitude or rainfall levels, providing faster claim settlements in the event of a catastrophe.

Local special circumstances: In developing countries in Africa and Latin America, the Property Insurance market faces challenges such as low insurance penetration rates and lack of awareness about the importance of property insurance. Insurance providers in these regions are focusing on education and outreach programs to increase market penetration and promote financial resilience among property owners.

Underlying macroeconomic factors: Global economic stability, regulatory changes, and technological advancements play a significant role in shaping the Property Insurance market worldwide. Economic growth can drive property values and increase the demand for insurance coverage, while regulatory developments can impact market competition and product offerings. Advancements in technology, such as big data analytics and IoT devices, are also influencing how insurance companies assess risks and deliver services to customers in the Property Insurance 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.