Fire Insurance Market Sees Rapid Growth and Expands to Reach $74.08 Billion in 2023
Dublin, July 12, 2023 (GLOBE NEWSWIRE) -- The "Fire Insurance Global Market Report 2023" report has been added to * ResearchAndMarkets.com's* offering.
The report provides valuable insights and analysis on the fire insurance market, offering a complete perspective on the industry's current and future scenario.
Fire insurance plays a crucial role in safeguarding businesses and individuals against the financial losses caused by fire incidents. The market offers standard coverage, which includes protection against fire-related property damage and losses, as well as optional coverage for additional risks. The use of fire insurance is widespread across various industry verticals such as manufacturing, healthcare, energy and utilities, retail and consumer goods, IT and telecom, and hospitality.
According to the report, the global fire insurance market is expected to experience significant growth, expanding from $67.28 billion in 2022 to $74.08 billion in 2023, representing a compound annual growth rate (CAGR) of 10.1%. Factors influencing this growth include the impact of the Russia-Ukraine war on the global economic, recovery from the COVID-19 pandemic and the resulting economic sanctions, commodity price surges, supply chain disruptions, and inflation across goods and services. By 2027, the fire insurance market is projected to reach $106.57 billion, growing at a CAGR of 9.5%.
Product innovation is a key trend shaping the fire insurance market, as major insurance companies strive to enhance their market position. These companies are introducing innovative insurance packages tailored to meet the specific needs of businesses. For example, AXA Affin General Insurance Berhad launched BAPE (Business Advantage Plus Enhanced) in February 2021, a comprehensive fire insurance solution targeting small and medium enterprises (SMEs). This policy covers fire protection, consequential loss, burglary, public liability, and compensation, providing distinct advantages to businesses in sectors such as food and beverage, budget hotels, and learning centers.
The North American region dominated the fire insurance market in 2022, while Europe is projected to be the fastest-growing region in the forecast period. The report covers key regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. Furthermore, it provides insights into specific countries such as Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The significant rise in fire accidents worldwide is expected to drive the growth of the fire insurance market. Consumers, including businesses and homeowners, are increasingly inclined to purchase fire insurance plans to protect themselves against potential financial losses resulting from fire incidents. A report published by CTIF in 2022 revealed a global increase in fire accidents, with approximately 3,999,276 incidents recorded, including 1,388,500 in the USA and 252,000 in China. This surge in fire accidents reinforces the need for comprehensive fire insurance coverage.
The fire insurance market includes revenues earned by companies offering various policies, such as valued policy, specific policy, average policy, floating policy, comprehensive policy, and replacement policy. The market value comprises the revenues generated from the sale of related goods and services by these providers. The report only includes goods and services traded between entities or sold to end consumers.
*Markets Covered:*
· By Coverage: Standard Coverage; Optional Coverage
· By Enterprise Size: Large Enterprises; Small And Medium Enterprises
· By Industry Vertical: Manufacturing; Healthcare; Energy And Utilities; Retail And Consumer Goods; IT And Telecom; Hospitality; Other Industry Vertical
*A selection of companies profiled in this report includes:*
· Amica Mutual Insurance
· Allstate Insurance Company
· Allianz
· AXA
· Assicurazioni Generali S.p.A.
· Liberty Mutual Insurance Company
· GEICO
· Ping An Insurance (Group) Company of China Ltd.
· State Farm Mutual Automobile Insurance Company
· United Services Automobile Association
· Nippon Life Insurance
· Munich Re Group
· Zurich Financial Services
· Yasuda Mutual Life Insurance
· Aegon
· PNB Metlife India Insurance Company Limited
*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 250
Forecast Period 2023 - 2027
Estimated Market Value (USD) in 2023 $74.08 billion
Forecasted Market Value (USD) by 2027 $106.57 billion
Compound Annual Growth Rate 9.5%
Regions Covered Global
The "Fire Insurance Global Market Report 2023" report provides valuable insights and analysis for strategists, marketers, and senior management, enabling them to make informed decisions and capitalize on growth opportunities in this expanding market. With a comprehensive overview of market trends, regional breakdowns, and competitive landscape, this report is an essential resource for businesses operating in the fire insurance industry.
To learn more about the fire insurance market and access the full report visit https://www.researchandmarkets.com/r/nhm2bk
*About ResearchAndMarkets.com*
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
*Attachment*
· Global Fire Insurance Market
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