Market Insights Financial Insurances Non-life insurances

Property Insurance - Southern Europe

Southern Europe

The Property Insurance market market in Southern Europe is estimated to reach a market size of €14.98bn by 2024.
In the same year, the average spending per capita in Property Insurance market is projected to be €63.28.
The market is expected to grow at an annual rate of €16.18bn (CAGR 2024-2028), resulting in a market volume of €16.18bn by 2028.
When compared globally, the United States is anticipated to generate the highest gross written premium of €199.1bn in 2024.
In Southern Europe, property insurance in Greece is experiencing growth due to increased demand for coverage against natural disasters.

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Analyst Opinion

The Property Insurance market in Southern Europe is experiencing a notable shift in customer preferences, market trends, and local special circumstances. Customer preferences in the Property Insurance market in Southern Europe are increasingly leaning towards comprehensive coverage that includes protection against natural disasters such as wildfires, earthquakes, and floods. Customers are also showing a growing interest in customizable insurance plans that cater to their specific needs and preferences, reflecting a desire for flexibility and tailored solutions. Trends in the market indicate a rise in demand for digital insurance services and online platforms for policy management and claims processing. Insurers in Southern Europe are adapting to this trend by investing in technology to enhance customer experience and streamline operations. Additionally, there is a noticeable increase in partnerships between insurance companies and technology firms to offer innovative solutions and reach a wider customer base. Local special circumstances, such as the high exposure to natural catastrophes in countries like Italy, Spain, and Greece, are influencing the Property Insurance market in Southern Europe. Insurers are adjusting their risk assessment models and pricing strategies to account for the heightened risk of natural disasters in the region. This has led to a greater emphasis on risk management and mitigation efforts to protect both insurers and policyholders from potential losses. Underlying macroeconomic factors, including economic stability, regulatory environment, and demographic changes, play a significant role in shaping the Property Insurance market in Southern Europe. As the region continues to recover from the impact of the global financial crisis, there is a growing focus on financial resilience and risk management. Regulatory developments and changes in consumer behavior are also driving transformation in the insurance industry, prompting insurers to adapt their business models to remain competitive in the market.

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.