The United States property & casualty insurance market is expected to witness substantial CAGR during the forecast period. Double-digit premium growth, lower catastrophe losses, and an improved auto market are some key contributing factors to the growth in the U.S. property and casualty insurance markets. Insurers are using big data analytics to enhance their performance. Big data is being used in claim management, pricing, underwriting, and risk selection, among others. This growth is mainly driven by increasing points of contact including social media, which provides a bulk of data that can be transformed into insights and leveraged by insurers to efficiently execute the settlement process.
The Important Aspects of the United States Property & Casualty Insurance Market
The property & casualty insurances market supports US consumers and businesses by facilitating protection against damage caused by a variety of incidents including car accidents, medical malpractices, and catastrophes. This makes the industry a crucial part of risk management in the domestic economy of the United States. With the thriving economy of the country, the property & casualty insurance markets is anticipated to register significant growth in the coming years.
The United States property & casualty insurance market is categorized based on insurance type, end user, distribution channel, and region. Based on insurance type, the market can be segmented into automobile, home, office, and others. Among them, the automobile segment is expected to witness high growth during the forecast period owing to the growth in the automobile industry.
Major players operating in the United States property & casualty insurance markets include Berkshire Hathaway Inc., American International Group Inc., Liberty Mutual Holding Company Inc., The Progressive Corporation, The Travelers Companies Inc., United Services Automobile Association, Farmers Group Inc., American Family Mutual Insurance Company S.I., W. R. Berkley Corporation and American Financial Group Inc. The market is fragmented despite the recent increases in the federal funds rate, the interest rates remain near historically low levels.
The objective of the Study:
- To analyze and estimate the market size of the United States property & casualty insurance markets from 2017 to 2020.
- To estimate and forecast the market size of the United States property & casualty insurance market from 2021 to 2027 and the growth rate until 2027.
- to classify and forecast the United States property & casualty insurances market based on insurance type, end user, distribution channel, company, and regional distribution.
- To identify the dominant region or segment in the United States property & casualty insurance markets.
- To identify drivers and challenges for the United States property & casualty insurance market.
- To examine competitive developments such as expansions, mergers & acquisitions, etc., in the United States property & casualty insurance market.
- To conduct pricing analysis for the United States property & casualty insurances market.
- To identify and analyze the profile of leading players operating in the United States property & casualty insurance markets.
- To identify key sustainable strategies adopted by market players in the United States property & casualty insurance market.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of property & casualty insurance providers across the United States. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents also enquired about their competitors. Through this technique, TechSci Research could include the service providers who could not be identified due to the limitations of secondary research. TechSci Research analyzed the presence of all major players across the country.
TechSci Research calculated the market size of the United States property & casualty insurances market using a bottom-up approach, wherein data for various end-user segments were recorded and forecast for the future years. TechSci Research sourced these values from industry experts and company representatives and externally validated them by analyzing historical data of these services and end users for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations, and financial reports were also studied by TechSci Research.
Key Target Audience of United States Property & Casualty Insurances Market
- Property & casualty insurance service providers, suppliers, distributors, and other stakeholders
- Government bodies such as regulating authorities and policymakers
- Organizations, forums, and alliances related to property & casualty insurance
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as property & casualty insurance service providers, suppliers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
| Attribute | Details |
| Base Year | 2021 |
| Historical Years | 2017 – 2020 |
| Estimated Year | 2022E |
| Forecast Period | 2023F – 2027F |
| Quantitative Units | Revenue in USD Million, and CAGR for 2017-2021 and 2022E-2027F |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | Insurance Type
End User Distribution Channel |
| Region Scope | South-Region, West-Region, Mid-West Region & Northeast-Region |
| Key Companies Profiled | Berkshire Hathaway Inc., American International Group Inc., Liberty Mutual Holding Company Inc., The Progressive Corporation, The Travelers Companies Inc., United Services Automobile Association, Farmers Group Inc., American Family Mutual Insurance Company S.I., W. R. Berkley Corporation, and American Financial Group Inc |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to regional & segment scope. |
| Pricing and Purchase Options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Report Scope for United States Property & Casualty Insurance Market
In this report, the United States property & casualty insurances market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- United States Property & Casualty Insurance Market, By Insurance Type:
- Automobile
- Home
- Office
- Others
- United States Property & Casualty Insurance Market, By End User:
- OEMs
- Aftermarket
- United States Property & Casualty Insurance Market, By Distribution Channel:
- Direct
- Agency
- Banks
- Others
- United States Property & Casualty Insurance Market, By Region:
- Wales
- England
- Scotland
- Northern Ireland
