Property And Casualty Insurance Global Market is Likely to Upsurge $3,105.3 billion at a CAGR of 6.9% Globally By 2028 | Chubb Corp., Allianz SE, Kemper Corporation, Westfield Corp. Ltd.

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Overview and Scope
Property and casualty insurance refers to varieties of insurance that aid in protecting individuals and their possessions. Property insurance aids in protecting the possessions, such as houses, cars, and others. Casualty insurance refers to the policy that protects a person, who is legally accountable for an accident that results in someone else’s injuries or property damage.

Sizing and Forecast
The property & casualty insurance market size has grown strongly in recent years. It will grow from $2223.83 billion in 2023 to $2378.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to natural catastrophes and climate events, regulatory changes, global economic conditions, insurance market dynamics, insurance industry consolidation.

The property & casualty insurance market size is expected to see strong growth in the next few years. It will grow to $3105.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to increased frequency and severity of natural disasters, stricter regulatory requirements, globalization of risks, shifts in consumer behavior, technological risks. Major trends in the forecast period include globalization of risks and markets, focus on resilience and business continuity, regulatory changes and compliance challenges, pandemic risk management, alternative capital sources, collaboration and partnerships..

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Segmentation & Regional Insights
The property and casualty insurance market covered in this report is segmented –
1) By Coverage: Fire And Theft, House Damage, Floods And Earthquake, Personal Property, Other Coverages
2) By Distribution Channel: Brokers, Non-Brokers
3) By End-User: Landlord, Homeowners, Renters, Other End Users

North America was the largest region in the property & casualty insurance market in 2023. The regions covered in the property and casualty 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
The rise in natural disasters is expected to propel the growth of the property and casualty insurance market going forward. Natural disaster refers to a catastrophic event such as a flood, earthquake, or storm, that leaves significant damage or casualties. Property insurance covers damages from various natural disasters such as wind, hail, lightning strikes hurricanes, wildfires, and others. For instance, according to data from the National Interagency Fire Center, a US-based agency responsible for wildfire management and emergency assistance, there were 58,985 wildfires in 2021, which affected 7.1 million acres, which is an increase of 17% from 2019. Therefore, the rising natural disasters are driving the growth of the property and casualty insurance market.

Key Industry Players
Major companies operating in the property and casualty insurance market are focused on providing enhanced versions such as customizable and flexible insurance solutions to better serve the needs of business customers. Customizable and flexible insurance solutions refer to tailored coverage options that can be easily adjusted to meet the specific needs of businesses. For instance, in August 2022, The Hartford Financial Services Group, a US-based property and casualty insurance company, launched enhanced versions of its Property Choice and General Liability Choice products, offering greater flexibility and customization for commercial risk management. The updated products feature over 30 new coverage forms in Property Choice, catering to specific industries and allowing businesses to pay for necessary coverages. General Liability Choice incorporates built-in coverages, such as incidental medical malpractice and waiver of subrogation.

The property and casualty insurance market report table of contents includes:
1. Executive Summary