Market Overview:
The global catastrophe insurance market is expected to grow from USD XX million in 2018 to USD XX million by 2030, at a CAGR of X.X%. The growth of the market can be attributed to the increasing awareness about the benefits of catastrophe insurance, rising frequency and severity of natural disasters, and growing demand for property-casualty (P&C) insurance. Based on type, the global catastrophe insurance market is segmented into flood insurance, storm insurance for hurricanes and tornadoes, earthquake insurance, and volcano insurance. This segment is projected to grow at a CAGR of X.X% duringthe forecast period. The growthof this segment can be attributedtothe increasing number offloods worldwideand rising premium rates due to increased frequency and severity offloods.
Product Definition:
Catastrophe insurance is a type of property insurance that provides protection against catastrophic losses, such as those caused by natural disasters. Catastrophe insurance is important because it can help businesses and individuals recover from large losses, which can be difficult to manage on their own.
Flood Insurance:
Flood insurance is a form of disaster insurance that provides coverage against flood waters. It can be defined as an agreement between the insurer and the policyholder wherein the former promises to pay the latter monetary benefits in case of occurrence of a covered calamity. The main purpose behind offering such agreements is to transfer financial risk from insurers to consumers, thereby making it affordable for all parties involved.
Storm Insurance for Hurricanes and Tornadoes:
The National Oceanic and Atmospheric Administration (NOAA) is responsible for providing disaster relief in the event of severe weather events such as hurricanes, tornadoes, blizzards, floods and earthquakes. The organization also provides mitigation guidance to reduce the impact of these disasters on people's lives. The mitigation measures include actions that can be taken by individuals to prepare themselves physically and emotionally for extreme situations.
Application Insights:
The businesses application segment accounted for the largest share of over 60.0% in 2017 and is expected to witness significant growth over the forecast period. The growing global construction industry, coupled with increasing business activities, has led to an increase in demand for various forms of insurance including commercial property insurance, workers¢â‚¬â„¢ compensation insurance and contentsurance against risks such as fire, theft and damage caused by natural disasters such as earthquakes or floods.
Catastrophe cover offered through different channels such as online portals or directly from insurers offers flexibility in terms of premium payment schedule along with easy claim settlement options which are likely to drive its adoption among businesses at a rapid pace. Furthermore, favorable government regulations that aim at promoting affordable housing schemes across developed economies are anticipated to further fuel the residential applications segment growth during the forecast period.
Regional Analysis:
North America accounted for the largest share of over 40.0% in 2017, owing to the presence of a large number of insurance companies offering coverage for natural disasters. The region is expected to maintain its lead throughout the forecast period due to continuous developments and innovations in its catastrophe management systems and practices coupled with strong regulatory framework that limits premium increases and frauds.
Asia Pacific is estimated to be the fastest-growing market at a CAGR exceeding 6.0% from 2018 to 2030 owing high growth rate in population, GDP, per capita income levels as well as demand for insurance products across various Asian countries such as China, India, Indonesia among others which are expected boost industry development over next eight years.
Growth Factors:
- Increasing awareness about the benefits of catastrophe insurance among businesses and individuals
- Rising number of natural disasters and their impact on economies worldwide
- Favorable regulatory environment for the growth of catastrophe insurance market
- Technological advancements in risk assessment and underwriting processes
- Growing demand for customized insurance products
Scope Of The Report
Report Attributes
Report Details
Report Title
Catastrophe Insurance Market Research Report
By Type
Flood Insurance, Storm Insurance for Hurricanes and Tornadoes, Earthquake Insurance, Volcano Insurance
By Application
Businesses, Residences
By Companies
AIG, Allianz, AXA, Berkshire Hathaway, Lloyds, Allstate, Aviva, Liberty Mutual, Zurich Insurance Group
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
145
Number of Tables & Figures
102
Customization Available
Yes, the report can be customized as per your need.
Global Catastrophe Insurance Market Report Segments:
The global Catastrophe Insurance market is segmented on the basis of:
Types
Flood Insurance, Storm Insurance for Hurricanes and Tornadoes, Earthquake Insurance, Volcano Insurance
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Businesses, Residences
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- AIG
- Allianz
- AXA
- Berkshire Hathaway
- Lloyds
- Allstate
- Aviva
- Liberty Mutual
- Zurich Insurance Group
Highlights of The Catastrophe Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Flood Insurance
- Storm Insurance for Hurricanes and Tornadoes
- Earthquake Insurance
- Volcano Insurance
- By Application:
- Businesses
- Residences
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Catastrophe Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Catastrophe insurance is a type of insurance that covers losses from natural disasters, such as hurricanes, earthquakes and floods. Catastrophe insurance can help cover the costs of repairing or rebuilding your home or business after a disaster.
Some of the major players in the catastrophe insurance market are AIG, Allianz, AXA, Berkshire Hathaway, Lloyds, Allstate, Aviva, Liberty Mutual, Zurich Insurance Group.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Catastrophe Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Catastrophe Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Catastrophe Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Catastrophe Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Catastrophe Insurance Market Size & Forecast, 2018-2028
4.5.1 Catastrophe Insurance Market Size and Y-o-Y Growth
4.5.2 Catastrophe Insurance Market Absolute $ Opportunity
Chapter 5 Global Catastrophe Insurance Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Catastrophe Insurance Market Size Forecast by Type
5.2.1 Flood Insurance
5.2.2 Storm Insurance for Hurricanes and Tornadoes
5.2.3 Earthquake Insurance
5.2.4 Volcano Insurance
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Catastrophe Insurance Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Catastrophe Insurance Market Size Forecast by Applications
6.2.1 Businesses
6.2.2 Residences
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Catastrophe Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Catastrophe Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Catastrophe Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Catastrophe Insurance Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Catastrophe Insurance Market Size Forecast by Type
9.6.1 Flood Insurance
9.6.2 Storm Insurance for Hurricanes and Tornadoes
9.6.3 Earthquake Insurance
9.6.4 Volcano Insurance
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Catastrophe Insurance Market Size Forecast by Applications
9.10.1 Businesses
9.10.2 Residences
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Catastrophe Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Catastrophe Insurance Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Catastrophe Insurance Market Size Forecast by Type
10.6.1 Flood Insurance
10.6.2 Storm Insurance for Hurricanes and Tornadoes
10.6.3 Earthquake Insurance
10.6.4 Volcano Insurance
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Catastrophe Insurance Market Size Forecast by Applications
10.10.1 Businesses
10.10.2 Residences
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Catastrophe Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Catastrophe Insurance Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Catastrophe Insurance Market Size Forecast by Type
11.6.1 Flood Insurance
11.6.2 Storm Insurance for Hurricanes and Tornadoes
11.6.3 Earthquake Insurance
11.6.4 Volcano Insurance
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Catastrophe Insurance Market Size Forecast by Applications
11.10.1 Businesses
11.10.2 Residences
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Catastrophe Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Catastrophe Insurance Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Catastrophe Insurance Market Size Forecast by Type
12.6.1 Flood Insurance
12.6.2 Storm Insurance for Hurricanes and Tornadoes
12.6.3 Earthquake Insurance
12.6.4 Volcano Insurance
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Catastrophe Insurance Market Size Forecast by Applications
12.10.1 Businesses
12.10.2 Residences
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Catastrophe Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Catastrophe Insurance Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Catastrophe Insurance Market Size Forecast by Type
13.6.1 Flood Insurance
13.6.2 Storm Insurance for Hurricanes and Tornadoes
13.6.3 Earthquake Insurance
13.6.4 Volcano Insurance
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Catastrophe Insurance Market Size Forecast by Applications
13.10.1 Businesses
13.10.2 Residences
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Catastrophe Insurance Market: Competitive Dashboard
14.2 Global Catastrophe Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 AIG
14.3.2 Allianz
14.3.3 AXA
14.3.4 Berkshire Hathaway
14.3.5 Lloyds
14.3.6 Allstate
14.3.7 Aviva
14.3.8 Liberty Mutual
14.3.9 Zurich Insurance Group
