As per the latest report by IMARC Group, titled “Fire Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global fire insurance market size reached US$ 63.76 Billion in 2021. Fire insurance is a legal contract between an insurance company and the policyholder that provides coverage for damage and losses incurred due to a fire outbreak. It is designed to reimburse the costs of replacement, reconstruction and repair of the insured property destroyed or damaged in a fire accident. Besides fire-related perils, the fire insurance policy also provides coverage against accidental fire, explosion, and lightning incidents. Over the years, fire insurance has gained traction among businesses since it offers additional benefits and provides financial security.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Fire Insurance Market Trends:
The market is primarily driven by the increasing number of uncertainties like fire accidents. Besides this, the rising awareness about numerous benefits offered by fire insurance policy represents another major growth-inducing factor. Moreover, key players are introducing new policies with comprehensive coverage and affordable premiums to expand their customer base and gain a competitive edge, which is also contributing to the market growth. Additionally, the governing authorities of numerous countries are introducing favorable policies and stringent safety standards to create awareness about the various benefits offered by fire insurance. For instance, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated general insurers to provide three standard products, namely Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha, and Bharat Laghu Udyam Suraksha, for homeowners and enterprises. Furthermore, easy claim settlements, rising disposable incomes, and several product innovations are some of the other factors anticipated to propel the market growth. Looking forward, IMARC Group expects the market value to reach US$ 99.5 Billion by 2027, exhibiting a CAGR of 7.30 % during the forecast period (2022-2027).
- Based on the coverage, the market has been bifurcated into standard and optional coverage.
- On the basis of the enterprise size, the market has been categorized into large, and small and medium-sized enterprises.
- Based on the industry vertical, the market has been segmented into manufacturing, healthcare, energy and utilities, retail and consumer goods, IT and telecom, hospitality, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Allianz SE, Amica Mutual Insurance Company, Assicurazioni Generali S.p.A., Axa S.A., Liberty Mutual Fire Insurance Company, Ping An Insurance Company of China Ltd., State Farm Insurance, The Allstate Corporation, The Government Employees Insurance Company and United Services Automobile Association.
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