Property and Casualty Insurance Market Size, Share, Trends, Growth, Opportunities, and Strategies 2024: A Comprehensive Report

The Property And Casualty Insurance by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Property And Casualty Insurance, 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..

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.

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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

Technological advancements are a key trend gaining popularity in the property and casualty insurance market. Companies operating in the property and casualty insurance market are adopting new technologies to sustain their position in the market. For instance, in January 2023, Peppercorn, a UK-based Insurtech start-up, launched a conversational AI assistant. This technology, along with the company’s counter-fraud technologies and pre-inception underwriting decisions, eliminates the need for a real call center thereby offering an enhanced purchase experience to its customers and reducing operating costs and expense ratio.

The property and casualty insurance market report table of contents includes: