The flood insurance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Flood Insurance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The flood insurance market size has grown exponentially in recent years. It will grow from $9.87 billion in 2023 to $11.92 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. The growth in the historic period can be attributed to increase in frequency of flood events, rise in awareness of flood risks, rise in property prices, increase in public funding for flood protection, and increase in insurance coverage requirements.
The flood insurance market size is expected to see exponential growth in the next few years. It will grow to $25.46 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%. The growth in the forecast period can be attributed to rising frequency of extreme weather events, increasing government regulations, increasing investment in flood defense infrastructure, growing insurance coverage options, and increasing number of flood insurance providers. Major trends in the forecast period include adoption of advanced flood risk assessment tools, adoption of satellite imagery and remote sensing technologies, integration of climate change models, development of customizable flood insurance policies, and implementation of automated claims processing systems.
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Scope Of Flood Insurance Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Flood Insurance Market Overview
Market Drivers –
The rise in climate change and increasing flood risks is expected to propel the growth of the flood insurance market going forward. The climate change and flood risks are increasing due to rise in urbanization, deforestation, and poor drainage infrastructure. Insurance helps communities to recover more quickly after flooding events by providing the necessary funds for rebuilding and repairs, reinforcing the importance of flood insurance. For instance, in December 2023, according to the UK Health Security Agency, an UK-based government agency, flood risk is anticipated to increase by 61% by 2050 under a modest warming scenario (+2°C) and 118% in a high warming scenario (+4°C) compared with current risk. Therefore, climate change and increasing flood risks is driving the flood insurance market.
Market Trends –
Major companies operating in the flood insurance market are developing automated flood insurance services to streamline claim processing and enhance the customer experience. Automated flood insurance service uses technology to simplify and speed up flood insurance processes, offering quick quotes, efficient policy management, and streamlined claims handling through data analytics and digital tools. For instance, in March 2024, Chubb, a Switzerland-based insurance company, launched a self-service flood insurance system that provides flood insurance quotes for low hazard properties in under two minutes. Integrated with the Chubb Agent Portal and Masterpiece EZ Quote platform, it leverages advanced digital technology for efficiency. It is significant in the flood insurance market as it provides fast and complete coverage options, showing their proactive response to increasing flood risks.
The flood insurance market covered in this report is segmented –
1) By Type: Life Insurance, Non Life Insurance
2) By Coverage: Building Property Coverage, Personal Contents Coverage
3) By Application: Commercial, Residential
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Regional Insights –
North America was the largest region in the flood insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the flood insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the flood insurance market are Berkshire Hathaway Inc., Ping An Insurance Company of China Ltd., Allianz SE, Axa S.A., Munich Re Group, American International Group Inc., Liberty Mutual Insurance Company, Tokio Marine Holdings Inc., The Allstate Corporation, The Progressive Corporation, Swiss Reinsurance Company Ltd, Zurich Insurance Group Ltd, Chubb Limited, The Travelers Companies Inc., Sompo Holdings Inc., Hannover Rück SE, Mapfre SA, The Hartford Financial Services Group Inc., QBE Insurance Group Limited, Everest Re Group Ltd., CNA Financial Corporation, Markel Corporation, Assurant Inc., Arch Capital Group Ltd., Suncorp Group Limited< /b>
Table of Contents
1. Executive Summary
2. Flood Insurance Market Report Structure
3. Flood Insurance Market Trends And Strategies
4. Flood Insurance Market – Macro Economic Scenario
5. Flood Insurance Market Size And Growth
…..
27. Flood Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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