Global Property and Casualty Insurance Market Report 2024-2028, 2033: Major Players Prioritize Customizable Solutions for Business Clientele (2024)

Dublin, March 06, 2024 (GLOBE NEWSWIRE) -- The "Property and Casualty Insurance Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.

The property & casualty insurance market has grown strongly in recent years. It will grow from $2.22 trillion in 2023 to $2.37 trillion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth observed in the historical period can be attributed to factors such as economic growth and asset accumulation, regulatory requirements and compliance, globalization leading to increased business risks, occurrences of natural disasters and catastrophic events, and concerns related to legal liability.

The property & casualty insurance market is expected to see strong growth in the next few years. It will grow to $3.10 trillion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to factors such as climate change and extreme weather events, increasing cybersecurity risks and data breaches, global economic trends and associated trade risks, liability concerns in the digital age, and the impact of pandemics and public health risks. Major trends expected in the forecast period include the development of customer-centric solutions, the integration of IoT (Internet of Things) devices, the rise of parametric insurance, collaboration with ecosystem partners, and a heightened focus on pandemic preparedness within the property and casualty insurance industry.

The anticipated increase in natural disasters is set to drive the growth of the property and casualty insurance market in the future. For example, according to data from the National Interagency Fire Center, there were 58,985 wildfires in 2021 affecting 7.1 million acres, marking a 17% increase from 2019. Thus, the escalating frequency of natural disasters is a catalyst for the growth of the property and casualty insurance market.

The expected rise in vehicle accidents is projected to boost the property and casualty insurance market. In 2021, according to the Government of Canada, there were 1,768 motor vehicle fatalities, reflecting a 1.3% increase from 2020. The fatality rate per billion vehicle kilometers traveled also rose from 4.7 in 2020 to 4.8 in 2021. Consequently, the surge in vehicle accidents is a driving force behind the property and casualty insurance market.

Technological advancements emerge as a prominent trend gaining traction in the property and casualty insurance market. Companies in this market are adopting new technologies to maintain their competitive positions. For instance, in January 2023, Peppercorn, a UK-based Insurtech start-up, introduced a conversational AI assistant. This technology, combined with counter-fraud technologies and pre-inception underwriting decisions, eliminates the need for a traditional call center, enhancing the purchasing experience for customers while reducing operating costs and the expense ratio.

Major companies in the property and casualty insurance market focus on providing enhanced versions, such as customizable and flexible insurance solutions, to better cater to the needs of business customers. Customizable and flexible insurance solutions involve tailored coverage options easily adjustable to meet specific business needs. In August 2022, The Hartford Financial Services Group, a US-based property and casualty insurance company, launched enhanced versions of its Property Choice and General Liability Choice products, offering increased flexibility and customization for commercial risk management. The updated products include over 30 new coverage forms in Property Choice, tailored to specific industries, and General Liability Choice incorporates built-in coverages such as incidental medical malpractice and waiver of subrogation.

In March 2021, Applied Underwriters, a US-based risk services company, acquired Florida Casualty Insurance Co. (FCIC) for an undisclosed amount. Through this acquisition, Applied Underwriters aims to further develop and integrate the company's structural architecture and expand its presence as a key international player in the market. Florida Casualty Insurance Co. (FCIC) is a US-based company offering casualty insurance services.

North America was the largest region in the property & casualty insurance market in 2023. The regions covered in the property and casualty insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the property and casualty insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Report Scope

Markets Covered:
1) By Coverage: Fire and Theft; House Damage; Floods and Earthquake; Personal Property; Other Coverages
2) By Distribution Channel: Brokers; Non-Brokers
3) By End-User: Landlord; Homeowners; Renters; Other End Users

Key Companies Mentioned: The Allstate Corporation; Axa SA; Liberty Mutual Group Inc.; The People's Insurance Company of China Limited; Zurich Insurance Group Ltd.

Time Series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.

A selection of companies mentioned in this report includes: