Market Insights Financial Insurances Non-life insurances

Property Insurance - Worldwide

Worldwide

The Property Insurance market market worldwide is projected to reach a market size of €0.66tn in 2024, based on the gross written premium.
The average spending per capita in the Property Insurance market market is expected to amount to €85.21 in 2024.
The market is also anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 4.44%, leading to a market volume of €0.82tn by 2029.
In terms of gross written premium, the United States is expected to generate the highest amount globally, reaching €222.9bn in 2024.
In the worldwide property insurance market, the United States dominates with its extensive coverage options and robust claims handling processes.

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Comparación de regiones

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Analyst Opinion

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.

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.