Yahoo Finance Global Fire Insurance Market to Generate $120.49 Billion by 2028: Allied Market Research
Rise in need for financial safety due to uncertainties along with innovative products and services offered by major players drives the growth of the global fire insurance market. North America accounted for the highest market share in 2019, and is estimated to maintain its dominant share in terms of revenue by 2028. There has been a significant decline in availing fire insurance policies due to economic uncertainty occurred during the lockdown.
Portland,OR, May 31, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global fire insurance market generated $58.49 billion in 2019, and is expected to generate $120.49 billion by 2028, witnessing a CAGR of 11.9% from 2021 to 2028. The report provides a detailed analysis of changing market dynamics, key segments, value chain, top investment pockets, regional scenario, and competitive landscape.
Rise in need for financial safety due to uncertainties, innovative products and services offered by major players, and surge in demand for insurance policies drive the growth of the global fire insurance market. However, lack of awareness regarding policies hinders the market growth. On the other hand, supportive government initiatives and implementation of new technologies present opportunities in the coming years.
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Covid-19 Scenario:
There has been a significant decline in availing fire insurance policies due to economic uncertainty occurred during the lockdown.
Many organizations have adopted work from home culture, which reduced the need for infrastructure at corporate offices. This factor reduced the demand for fire insurance from organizations.
Job losses and business discontinuity are also among the major reasons for reduced adoption of fire insurance policies.
The report offers detailed segmentation of the global fire insurance market based on coverage, enterprise size, industry vertical, and region.
Based on coverage, the standard coverage segment contributed to the highest share, accounting for nearly 90% of the total share in 2019, and is projected to continue its leadership status during the forecast period. However, the optional coverage segment is estimated to manifest the highest CAGR of 16.4% from 2021 to 2028.
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Based on enterprise size, the large enterprises segment held the largest share in 2019, accounting for nearly three-fourths of the global fire insurance market, and is projected to maintain its lead position during the forecast period. However, the SMEs segment is projected to witness the largest CAGR of 13.9% from 2021 to 2028.
Based on region, North America accounted for the highest market share in 2019, contributing to around two-fifths of the total share, and is estimated to maintain its dominant share in terms of revenue by 2028. However, Asia-Pacific is projected to portray the fastest CAGR of 15.2% during the forecast period.
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Leading players of the global fire insurance market analyzed in the research include Amica, Allstate Insurance Company, Allianz, ASSICURAZIONI GENERALI S.PA., AXA, Liberty Mutual Insurance, GEICO, State Farm Mutual Automobile Insurance Company, Ping An Insurance (Group) Company of China, Ltd., and USAA.
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