Market Overview:
The global earthquake insurance market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing awareness about earthquake insurance and its benefits, rising number of natural disasters, and growing demand for property insurance. The life insurance segment is expected to account for the largest share of the global earthquake insurance market in 2018, followed by the non-life insurance segment. The personal application segment is expected to account for the largest share of the global earthquake insurance market in 2018, followed by commercial application segment.
Product Definition:
Earthquake insurance is a type of property insurance that covers damage to your home or business from earthquakes. It is important to have earthquake insurance because most homeowners policies do not cover earthquake damage.
Life Insurance:
Life insurance is a contract between an insurer and the insured, in which the former promises to pay the latter a sum of money upon death. The basic premise of this contract is that the life of an individual cannot be owned; it has no inherent value and can only be measured by how much value one has created for society. Therefore, in order to secure their family after death, people purchase life insurance policies.
Non-Life Insurance:
Non-life insurance is a type of insurance which does not involve the death of the insured person. The main aim of this policy is to provide financial protection against risks that are not related to death, permanent disability or any other condition. This type of policy can be taken out by an individual, partnership or corporation and provides various benefits such as income in case of the permanent disability or illness occurrence along with life assurance and accidental coverages.
Application Insights:
The personal earthquake application segment held the largest share of more than 60.0% in 2017. The need for earthquake insurance is increasing owing to the rise in the number of earthquakes over magnitude 6.5 and above in recent times globally, which has led to a significant increase in demand for PEA policies across all regions including North America, Europe, Asia Pacific and Middle East & Africa.
Regional Analysis:
Asia Pacific dominated the global market in 2017 and is expected to continue its dominance over the forecast period. The region has been witnessing an increase in demand for insurance since past few years due to growing population, infrastructure development, and economic growth.
The government of Japan has been encouraging quake-prone countries such as Indonesia, Philippines, China etc. by providing financial aid through various programs such as Reconstruction Assistance for Earthquake Victims (RAFJA) and Structural Reforms Fund (SRF). These initiatives are expected to boost the demand for earthquake insurance products in Asia Pacific region over the forecast period.
North America accounted for a significant share of global revenue owing to presence of prominent players operating within U.S., including State Farm Mutual Automobile Insurance Company; Allstate Corporation; American International Group Inc.; Chubb Ltd.; among others’ Companies have also established their presence outside U.S.
Growth Factors:
- Increasing awareness about earthquake insurance and its benefits
- Rising number of natural disasters due to climate change
- Growing demand for property insurance
- Regulatory reforms encouraging the uptake of earthquake insurance
- Increased availability of quake-resistant construction materials and technologies
Scope Of The Report
Report Attributes
Report Details
Report Title
Earthquake Insurance Market Research Report
By Type
Life Insurance, Non-Life Insurance
By Application
Personal, Commercial
By Companies
Farmers, Allstate, State Farm, Liberty Mutual, Nationwide, USAA, Safeco, Mapfre, GeoVera, Mercury
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
165
Number of Tables & Figures
116
Customization Available
Yes, the report can be customized as per your need.
Global Earthquake Insurance Market Report Segments:
The global Earthquake Insurance market is segmented on the basis of:
Types
Life Insurance, Non-Life 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
Personal, Commercial
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:
- Farmers
- Allstate
- State Farm
- Liberty Mutual
- Nationwide
- USAA
- Safeco
- Mapfre
- GeoVera
- Mercury
Highlights of The Earthquake 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:
- Life Insurance
- Non-Life Insurance
- By Application:
- Personal
- Commercial
- 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 Earthquake 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?
Earthquake insurance is a type of insurance that helps protect homeowners and businesses from the financial consequences of an earthquake. The policy typically covers losses caused by earthquakes, including damage to property, loss of income due to closed businesses, and costs associated with emergency services.
Some of the key players operating in the earthquake insurance market are Farmers, Allstate, State Farm, Liberty Mutual, Nationwide, USAA, Safeco, Mapfre, GeoVera, Mercury.
The earthquake insurance market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Earthquake 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 Earthquake Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Earthquake 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 Earthquake 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 Earthquake Insurance Market Size & Forecast, 2018-2028
4.5.1 Earthquake Insurance Market Size and Y-o-Y Growth
4.5.2 Earthquake Insurance Market Absolute $ Opportunity
Chapter 5 Global Earthquake 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 Earthquake Insurance Market Size Forecast by Type
5.2.1 Life Insurance
5.2.2 Non-Life Insurance
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Earthquake 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 Earthquake Insurance Market Size Forecast by Applications
6.2.1 Personal
6.2.2 Commercial
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Earthquake 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 Earthquake 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 Earthquake Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Earthquake 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 Earthquake Insurance Market Size Forecast by Type
9.6.1 Life Insurance
9.6.2 Non-Life 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 Earthquake Insurance Market Size Forecast by Applications
9.10.1 Personal
9.10.2 Commercial
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 Earthquake Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Earthquake 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 Earthquake Insurance Market Size Forecast by Type
10.6.1 Life Insurance
10.6.2 Non-Life 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 Earthquake Insurance Market Size Forecast by Applications
10.10.1 Personal
10.10.2 Commercial
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 Earthquake Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Earthquake 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 Earthquake Insurance Market Size Forecast by Type
11.6.1 Life Insurance
11.6.2 Non-Life 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 Earthquake Insurance Market Size Forecast by Applications
11.10.1 Personal
11.10.2 Commercial
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 Earthquake Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Earthquake 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 Earthquake Insurance Market Size Forecast by Type
12.6.1 Life Insurance
12.6.2 Non-Life 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 Earthquake Insurance Market Size Forecast by Applications
12.10.1 Personal
12.10.2 Commercial
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) Earthquake Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Earthquake 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) Earthquake Insurance Market Size Forecast by Type
13.6.1 Life Insurance
13.6.2 Non-Life 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) Earthquake Insurance Market Size Forecast by Applications
13.10.1 Personal
13.10.2 Commercial
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 Earthquake Insurance Market: Competitive Dashboard
14.2 Global Earthquake Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Farmers
14.3.2 Allstate
14.3.3 State Farm
14.3.4 Liberty Mutual
14.3.5 Nationwide
14.3.6 USAA
14.3.7 Safeco
14.3.8 Mapfre
14.3.9 GeoVera
14.3.10 Mercury
