Market Insights Financial Insurances Non-life insurances

Property Insurance - Asia

Asia

The Property Insurance market market in Asia is expected to witness significant growth in the coming years.
According to projections, the market size, measured by its gross written premium, is set to reach a staggering €230.20bn by 2024.
This indicates a promising future for the industry in the region.
Furthermore, the average spending per capita in the Property Insurance market market is forecasted to amount to €50.64 in 2024.
This figure highlights the increasing awareness and importance of Property Insurance market among individuals in Asia.
Looking ahead, the market is expected to maintain a steady growth trajectory.
With an estimated annual growth rate, or CAGR, of 2.36% between 2024 and 2029, the gross written premium is projected to reach an impressive €258.70bn by 2029.
This signifies the continuous expansion of the Property Insurance market market in Asia.
In terms of global comparison, it is worth noting that the United States is anticipated to generate the highest gross written premium in the Property Insurance market market.
With a predicted value of €220.6bn in 2024, the United States remains a dominant player in the global market.
Overall, the Property Insurance market market in Asia is poised for robust growth, with increasing market size and per capita spending.
As the industry continues to evolve, it presents numerous opportunities for insurers and stakeholders to capitalize on the expanding market segment.
In the Asian market for property insurance, China is witnessing a surge in demand due to rapid urbanization and increased construction activities.

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Analyst Opinion

The Property Insurance market in Asia is experiencing significant growth and evolution, driven by various factors shaping the industry in different countries across the region.

Customer preferences: Customers in Asia are increasingly recognizing the importance of protecting their properties against various risks such as natural disasters, fires, and theft. As urbanization and economic development continue to rise in the region, more individuals and businesses are seeking property insurance to safeguard their assets. Additionally, the growing middle-class population in many Asian countries is fueling the demand for property insurance as people look to secure their homes and possessions.

Trends in the market: In Japan, the property insurance market is witnessing a shift towards more comprehensive coverage options, including protection against earthquakes and tsunamis due to the country's susceptibility to natural disasters. Insurers in South Korea are focusing on developing innovative products that cater to the unique needs of consumers, such as coverage for damage caused by fine dust pollution. In China, the market is experiencing rapid growth driven by government initiatives promoting property insurance awareness among the population.

Local special circumstances: In India, the property insurance market is influenced by factors such as the increasing number of high-rise buildings and the rising awareness of the importance of home insurance among urban dwellers. The market in Singapore is characterized by a high level of competition among insurers, leading to the introduction of customized property insurance solutions to attract customers. In Indonesia, the property insurance sector is expanding as more people in the country recognize the need for protection against natural disasters like earthquakes and floods.

Underlying macroeconomic factors: The growth of the property insurance market in Asia is also supported by favorable macroeconomic conditions such as steady economic growth, increasing disposable income levels, and a rising focus on risk management. As governments across the region continue to emphasize the importance of insurance penetration and resilience to unforeseen events, the property insurance market is expected to further develop and innovate to meet the evolving needs of customers.

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.