Market Overview:
The global property and casualty insurance market is expected to grow at a CAGR of 5.5% from 2018 to 2030. The market growth is attributed to the increasing demand for property and casualty insurance products, especially in developing countries. In addition, the growing awareness about the benefits of these products is also contributing to the market growth. The car insurance segment accounted for the largest share of the global property and casualty insurance market in 2017. This segment is expected to grow at a CAGR of 5% from 2018 to 2030 due to rising automobile ownership across the globe. The condo insurance segment is projected to grow at a highest CAGR during the forecast period owing to increasing demand for coverage against damages caused by natural disasters such as hurricanes and floods. In terms of application, individual accounted for majority share of global property.
Product Definition:
Property and casualty insurance includes a wide range of insurance products that protect business owners and individuals from financial losses caused by events such as fire, theft, vandalism, or natural disasters. Property and casualty insurance is important because it can help business owners recover from unexpected financial losses, which can hurt their businesses if they're not properly insured. It can also help protect individuals from the high costs associated with repairing or replacing property damage or injuries.
Car Insurance:
Car insurance is a type of insurance that covers damages or losses incurred to the vehicle during an accident. It also covers the costs of repairs made to the vehicle after an accident. The amount of car insurance depends on various factors such as driving record, age, gender, and location. Also, it varies with each company according to their rating plan which is based on certain parameters such as claims history and payment ability.
Condo Insurance:
Condo insurance is a form of homeowners insurance that provides protection against losses incurred due to damage or destruction to the property inside a condominium. Condo policies are issued by private insurers as well as government agencies and can be structured according to the type of ownership, e.g., joint ventures, corporations, partnerships or trust accounts.
The primary goal of providing such coverage is to protect against financial loss caused by events like plumbing failures, structural damages.
Application Insights:
The individual application segment accounted for the largest share of over 60.0% in 2017. The growth can be attributed to the increasing number of individuals opting for property and casualty insurance as an investment, with a view to protecting their savings or investments from losses due to fire, theft or damage caused by natural disasters such as earthquakes and floods. Increasing disposable income levels coupled with rising employment rates across various regions is also expected to drive the demand for P&C products among individuals in these regions.
The business application segment is expected register significant growth over the forecast period owing to growing corporate real estate assets at companies¢â‚¬â„¢ disposal globally which has led them opts fo rproperty & casualty insurance policies against such risks including loss of revenue if any caused by fire, burglary or other hazards that may hamper company operations leading upo nto financial losses incurred by businesses on account of such incidents.
Regional Analysis:
The Asia Pacific regional market accounted for the highest share in 2017. The presence of a large number of property and casualty insurance companies, coupled with increasing investments by these companies to cater to unmet needs and rising demand for insurance products, is expected to drive the growth over the forecast period.
Rising disposable income levels in developing economies such as India and China are expected to increase consumer spending on various types of property and casualty insurance policies over the next eight years. Furthermore, growing awareness regarding risk assessment among policyholders is projected to fuel industry growth during this period.
North America was estimated as one of the largest regional markets in 2017 owing to high demand from U.S.-based providers seeking higher margins on their products due to regulatory changes favoring capitalization rates or claims-made rates that reflect an insurer’s actual costs more accurately than underwriting profit margins do (i). These factors are anticipated contribute toward steady growth throughout the forecast horizon.
Growth Factors:
- Increasing demand for property and casualty insurance products due to the increase in natural disasters and other risks.
- Growing awareness about the importance of property and casualty insurance among businesses and consumers.
- Rising income levels of consumers, which enables them to purchase more comprehensive coverage plans.
- Proliferation of online distribution channels that offer competitive rates and a wide range of coverage options to consumers.
Scope Of The Report
Report Attributes
Report Details
Report Title
Property and Casualty Insurance Market Research Report
By Type
Car Insurance, Condo Insurance, Homeowners Insurance, Renters Insurance, Others
By Application
Individual, Business
By Companies
State Farm, Berkshire Hathaway, Liberty Mutual, Allstate, Progressive, Travelers, Chubb, USAA, Farmers, Nationwide, AIG, Zurich, AXA, China Life Insurance Company Limited, Allianz, Ping An Insurance, UnitedHealth Group, AIA, Prudential plc, Aegon
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
191
Number of Tables & Figures
134
Customization Available
Yes, the report can be customized as per your need.
Global Property and Casualty Insurance Market Report Segments:
The global Property and Casualty Insurance market is segmented on the basis of:
Types
Car Insurance, Condo Insurance, Homeowners Insurance, Renters Insurance, Others
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
Individual, Business
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:
- State Farm
- Berkshire Hathaway
- Liberty Mutual
- Allstate
- Progressive
- Travelers
- Chubb
- USAA
- Farmers
- Nationwide
- AIG
- Zurich
- AXA
- China Life Insurance Company Limited
- Allianz
- Ping An Insurance
- UnitedHealth Group
- AIA
- Prudential plc
- Aegon
Highlights of The Property and Casualty 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:
- Car Insurance
- Condo Insurance
- Homeowners Insurance
- Renters Insurance
- Others
- By Application:
- Individual
- Business
- 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 Property and Casualty 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?
Property and casualty insurance is a type of insurance that protects individuals, businesses, and other organizations from losses caused by accidents or natural disasters. The policy typically covers property damage (such as loss of income due to a fire), personal injury (including medical expenses), and/or death.
Some of the key players operating in the property and casualty insurance market are State Farm, Berkshire Hathaway, Liberty Mutual, Allstate, Progressive, Travelers, Chubb, USAA, Farmers, Nationwide, AIG, Zurich, AXA, China Life Insurance Company Limited, Allianz, Ping An Insurance, UnitedHealth Group, AIA, Prudential plc, Aegon.
The property and casualty insurance market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Property and Casualty 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 Property and Casualty Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Property and Casualty 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 Property and Casualty 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 Property and Casualty Insurance Market Size & Forecast, 2018-2028
4.5.1 Property and Casualty Insurance Market Size and Y-o-Y Growth
4.5.2 Property and Casualty Insurance Market Absolute $ Opportunity
Chapter 5 Global Property and Casualty 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 Property and Casualty Insurance Market Size Forecast by Type
5.2.1 Car Insurance
5.2.2 Condo Insurance
5.2.3 Homeowners Insurance
5.2.4 Renters Insurance
5.2.5 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Property and Casualty 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 Property and Casualty Insurance Market Size Forecast by Applications
6.2.1 Individual
6.2.2 Business
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Property and Casualty 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 Property and Casualty 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 Property and Casualty Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Property and Casualty 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 Property and Casualty Insurance Market Size Forecast by Type
9.6.1 Car Insurance
9.6.2 Condo Insurance
9.6.3 Homeowners Insurance
9.6.4 Renters Insurance
9.6.5 Others
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 Property and Casualty Insurance Market Size Forecast by Applications
9.10.1 Individual
9.10.2 Business
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 Property and Casualty Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Property and Casualty 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 Property and Casualty Insurance Market Size Forecast by Type
10.6.1 Car Insurance
10.6.2 Condo Insurance
10.6.3 Homeowners Insurance
10.6.4 Renters Insurance
10.6.5 Others
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 Property and Casualty Insurance Market Size Forecast by Applications
10.10.1 Individual
10.10.2 Business
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 Property and Casualty Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Property and Casualty 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 Property and Casualty Insurance Market Size Forecast by Type
11.6.1 Car Insurance
11.6.2 Condo Insurance
11.6.3 Homeowners Insurance
11.6.4 Renters Insurance
11.6.5 Others
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 Property and Casualty Insurance Market Size Forecast by Applications
11.10.1 Individual
11.10.2 Business
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 Property and Casualty Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Property and Casualty 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 Property and Casualty Insurance Market Size Forecast by Type
12.6.1 Car Insurance
12.6.2 Condo Insurance
12.6.3 Homeowners Insurance
12.6.4 Renters Insurance
12.6.5 Others
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 Property and Casualty Insurance Market Size Forecast by Applications
12.10.1 Individual
12.10.2 Business
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) Property and Casualty Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Property and Casualty 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) Property and Casualty Insurance Market Size Forecast by Type
13.6.1 Car Insurance
13.6.2 Condo Insurance
13.6.3 Homeowners Insurance
13.6.4 Renters Insurance
13.6.5 Others
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) Property and Casualty Insurance Market Size Forecast by Applications
13.10.1 Individual
13.10.2 Business
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 Property and Casualty Insurance Market: Competitive Dashboard
14.2 Global Property and Casualty Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 State Farm
14.3.2 Berkshire Hathaway
14.3.3 Liberty Mutual
14.3.4 Allstate
14.3.5 Progressive
14.3.6 Travelers
14.3.7 Chubb
14.3.8 USAA
14.3.9 Farmers
14.3.10 Nationwide
14.3.11 AIG
14.3.12 Zurich
14.3.13 AXA
14.3.14 China Life Insurance Company Limited
14.3.15 Allianz
14.3.16 Ping An Insurance
14.3.17 UnitedHealth Group
14.3.18 AIA
14.3.19 Prudential plc
14.3.20 Aegon
