Overview and Scope
Fire insurance refers to a type of property insurance that includes coverage for damage and losses caused by a fire eruption. Fire insurance policies typically include general fire coverage, such as replacement cost and repairing or reconstructing property above the policy limit.
Sizing and Forecast
The fire insurance market size has grown rapidly in recent years. It will grow from $74.07 billion in 2023 to $81.74 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to law enforcement adoption, investments in research, conflict zone utilization, civil unrest and protests, military applications..
The fire insurance market size is expected to see rapid growth in the next few years. It will grow to $120.45 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to urbanization and policing needs, humanitarian and peacekeeping demand, regulations and lethal force restrictions, public perception and advocacy, military strategy and modernization.. Major trends in the forecast period include humanitarian missions and peacekeeping, technological advancements, civil unrest management, regulatory emphasis on non-lethal force, public perception and safety concerns..
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Segmentation & Regional Insights
The fire insurance market covered in this report is segmented –
1) By Coverage: Standard Coverage, Optional Coverage
2) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
3) By Industry Vertical: Manufacturing, Healthcare, Energy And Utilities, Retail And Consumer Goods, IT And Telecom, Hospitality, Other Industry Vertical
North America was the largest region in the fire insurance market in 2023. Europe is expected to be the fastest-growing region in the fire insurance market report during the forecast period. The regions covered in the fire insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
A significant rise in fire accidents is expected to propel the growth of the fire insurance market going forward. A fire incident is defined as a fire on any property in the area. Most consumers, including businesses and homeowners, are inclined towards purchasing more fire insurance plans to protect themselves from future financial losses caused by damage to goods, property, and home contents due to fire incidents. For instance, according to a report published by CTIF, a France-based international association of fire and rescue services, in 2022, an estimated rise in the number of fire accidents accounting for 39,99,276 globally including 1,388,500 majorities of fires recorded in the USA followed by China accounting for 252,000. Therefore, a significant rise in fire accidents is propelling the growth of the fire insurance market.
Key Industry Players
Major companies operating in the fire insurance market report are Amica Mutual Insurance Company, Allstate Insurance Company, Allianz SE, AXA SA, Assicurazioni Generali SpA, Liberty Mutual Insurance Group, Government Employees Insurance Company, Ping An Insurance Company of China Ltd., State Farm Mutual Automobile Insurance Company, United Services Automobile Association, Nippon Life Insurance Company, Munich Re Group, Zurich Insurance Group, Yasuda Mutual Life Insurance Company, Aegon N.V., PNB MetLife India Insurance Company Limited, Aviva PLC, Allied Trust Insurance Company, The Dai-ichi Mutual Life Insurance Company, Asahi Mutual Life Insurance Company, Sumitomo Life Insurance Company, MetLife Inc., Prudential Financial Inc., New York Life Insurance Company, Meiji Yasuda Life Insurance Company, Aetna Inc., CNP Assurances SA, China Pacific Insurance (Group) Co. Ltd., Teachers Insurance and Annuity Association of America – College Retirement Equities Fund, Occidental Fire & Casualty Company of North Carolina .
The fire insurance market report table of contents includes:
1. Executive Summary
2. Fire Insurance Market Characteristics
3. Fire Insurance Market Trends And Strategies
4. Fire Insurance Market – Macro Economic Scenario
5. Global Fire Insurance Market Size and Growth
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31. Global Fire Insurance Market Competitive Benchmarking
32. Global Fire Insurance Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Fire Insurance Market
34. Fire Insurance Market Future Outlook and Potential Analysis
35. Appendix
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