Property Insurance Market Trends and Analysis by Region, Line of Business, Competitive Landscape and Forecast to 2027 (2024)

Property Insurance Market Overview

The written premium of property insurance was $591.8 billion in 2022. The market is expected to achieve a CAGR of more than 6% during 2023-2027. The Property insurance market research report provides in-depth market analysis, information, and insights into the global and regional property insurance industry. It provides a detailed outlook as well as values for key performance indicators such as written premiums and claims during the review period and forecast period.

Property Insurance Market Outlook, 2022-2027 ($ Billion)

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The report gives a comprehensive overview of the global and regional property insurance industry, key lines of business, key trends, drivers, challenges, regulatory overview, developments in the industry, and insights into key technological developments impacting the market. The report provides a detailed analysis of the competitive landscape, overview, and comparative analysis of leading companies and top insurance markets’ premium and profitability trends for every region. It also gives insurers access to information on property insurance dynamics in the country.

Property Insurance Market Trends

Hydrogen energy, focus on environmental, social, and governance (ESG), rising digitalization and insurtech, and demand for smart home devices are some of the trends impacting the property insurance market. For instance, ESG has been a major theme for all large insurers and will be a central part of any leading business strategy over the coming years. Most insurers in Canada have implemented ESG principles in their underwriting and new product development practices. Aviva Canada aims to become a net-zero company by 2040 and to achieve net-zero carbon emissions in its operations and supply chain by 2030.

Property Insurance Market Segmentation by Lines of Business

The lines of business included in the property insurance market are home multi-risk insurance, fire and natural hazards insurance, agriculture/livestock policies, construction and engineering, industrial multi-risk, and other property insurance. Home multi-risk was the leading property insurance LOB in 2022.

However, Agriculture or livestock insurance is expected to record the highest growth rate over the forecast period. Developments in agriculture and parametric insurance and developing markets’ efforts to create insurance frameworks will support product development and growth over 2023–27.

Property Insurance Market Analysis by Lines of Business, 2022 (%)

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Property Insurance Market Segmentation by Regions

The key regions where property insurance is available are Asia-Pacific, Europe, the Middle East and Africa, North America, and South and Central America. North America is the leading region in the property insurance market in 2023. US, China, and Germany are some of the top markets of 2023, in terms of written premiums.

Property Insurance Market Analysis by Regions, 2023 (%)

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Property Insurance Market – Competitive Landscape

Some of the key insurers in the property insurance market are State Farm, Chubb, Liberty Mutual, Allstate, and Travelers among others. In 2022, State Farm had the highest market share.

In January 2023, State Farm appointed HCLTech to modernize its IT operations. HCLTech will speed up the modernization of State Farm’s hybrid cloud infrastructure via automation, innovative technological tools, and established business procedures.As a result, State Farm will be able toprioritize important technological goals while improving the quality of IT assistance for its clients, agents, and staff.

Property Insurance Market Analysis by Insurers, 2022 (%)

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Segments Covered in the Report

Property Insurance Lines of Business Outlook (Value, $ Billion, 2018-2027)

Home Multi-Risk Insurance
Fire and Natural Hazards Insurance
Agriculture/Livestock Policies
Construction and Engineering
Industrial Multi Risk
Other Property Insurance

Property Insurance Regional Outlook (Value, $ Billion, 2018-2027)

Asia-Pacific
Europe
Middle East and Africa
North America
South and Central America

Scope

This report provides a comprehensive analysis of the Global Property Insurance industry –

It provides historical values for the global and regional property Insurance industry for the report’s 2018–22 review period, and projected figures for the forecast period 2023–27.
It offers a detailed analysis of the regional property Insurance industry and market forecasts to 2027.
It provides key market trends in the Global property Insurance industry.
It provides rankings, premiums, and market share of top global and regional property insurers and analyzes the competitive landscape.

Key Highlights

Key insights and dynamics of the property insurance industry.
Insights on key market trends in the property insurance industry.
Insights on key growth and profitability challenges in the property insurance industry.
Comparative analysis of leading property insurance providers.
In-depth analysis of regional markets.
Insight on the future growth trend and market outlook.

Reasons to Buy

Make strategic business decisions using in-depth historical and forecast market data related to the global and regional property insurance industry.
In-depth market analysis, information, and insights into the global property insurance industry.
In-depth analysis of the competitive landscape and top 20 regional markets.
Understand the key dynamics, trends, and growth opportunities in the global and regional property insurance industry.
Identify key regulatory developments impacting market growth.
Identify growth opportunities in key regional markets.

State Farm
Liberty Mutual
Chubb
Travelers
Allstate
PICC
MS&AD Insurance
Tokio Marine
Ping An
Allianz
Generali
AXA
Helvetia Holding
Tawuniya
Misr
Harel
Clal Insurance
Sompo

Property Insurance Market Trends and Analysis by Region, Line of Business, Competitive Landscape and Forecast to 2027 (2024)

FAQs

What are the trends and emerging issues in insurance and risk management? ›

Issues can arise from companies offering embedded insurance, including data privacy and guarding proprietary data. It is important to note that advancements in insurtech and improved prediction capabilities pose a critical risk or challenge: the potential to exclude or discriminate against high-risk individuals.

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What are some of the current trends in place relative to life insurance? ›

Comparatively, the life insurance and annuity sector has been more stable. Rising rates have boosted net yields, balance sheets have remained robust and premium trends have been favorable as demand for savings and retirement products has grown.

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What is going on with the insurance industry? ›

Insurance policy costs have gone up steadily every year, from just over $1,000 in 2015 to almost $1,500 in 2021. "I think the home insurance industry is abandoning Californians who have diligently paid their premiums for decades," said Carmen Balber with Consumer Watchdog, an advocacy group.

What is the fastest growing insurance type? ›

FASTEST-GROWING INSURANCE LINE

Cyber values at risk (data and information) grow and fluctuate much more rapidly than those for tangible property.
Cyber property settings (hardware, software, and networks) evolve much more rapidly than those for tangible property.

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Nov 30, 2023

What are the trends that are shaping the future of the insurance industry? ›

AI and machine learning have the potential to impact every aspect of the way insurance businesses are run, making almost every process more efficient. Specialized functions such as fraud prevention, anti-money laundering, underwriting, and pricing are set to be overhauled using this transversal tech.

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What are the three biggest issues facing the insurance industry? ›

This article examines the top 5 challenges facing the insurance industry today and how insurers can overcome them.

1) Digital Disruption. ...
2) Regulatory Compliance. ...
3) Climate Change. ...
4) Changing Customer Needs. ...
5) Cybersecurity Threats.

Feb 15, 2024

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What is the outlook for property insurance in 2024? ›

Rate increase, capacity improvement variations

Alera Group's recent P&C Market Outlook shows that prices will continue to go up in 2024, with most lines of business likely to experience a 1%-10% increase.

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What are the trends for P&C insurance in 2024? ›

Insurers are raising rates to cover their costs.

To preserve profits, insurers increased full coverage premiums by an average of 26% in 2024, according to Bankrate. That's the biggest hike in about 48 years.

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What is the life insurance industry trend in 2024? ›

To raise RoE and ease demands on capital as new loss patterns drive up indemnity and volatility, insurance carriers will go beyond traditional product offerings and deeper into advice/services. Tele-health, care navigation and risk mitigation services will become a greater area of focus for carriers in 2024 and beyond.

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How much is the property insurance trend? ›

Across the country, premiums have jumped 23% since 2023.

Homeowners insurance rates have risen dramatically, according to an analysis by Bankrate. The average premium in February 2024 is about $141 a month for a home with $250,000 worth of dwelling insurance. That represents a 23% increase from January 2023.

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Why are insurance companies dropping customers? ›

In 2022, insurance giant AllState also paused its sales of new home insurance policies in California due to wildfires and higher costs of doing business in the state. According to KCRA, seven of the 12 largest insurance groups in California have either paused or restricted new homeowner policies in the past year.

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Is insurance in a hard market right now? ›

THE HARD MARKET CONTINUES

In fact, some high-quality risks may actually see minor rate decreases by late 2022. This year, primary and lead umbrella markets will continue to work together to cover the primary because when the same company holds both and handles incoming claims, excess often performs better.

What is the hardest type of insurance to sell? ›

Difficult Sales Process

Even when pitching to the most-qualified prospect, do not assume you have an easy sell. Life insurance is a very difficult product to sell.

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Why are insurance companies struggling? ›

The main drivers are the higher costs insurers face, including from more severe storms; higher replacement costs; and re-insurance, the type of insurance used by insurers to limit their risks. These are passed on to consumers.

What type of insurance is most profitable? ›

Life insurance is the most profitable—and the hardest—type of insurance to sell. With the highest premiums and the longest-running contract, it brings in cash over a long period of time. In the first year, agents make the largest annual sum on a policy, bringing in anywhere from 40–120% of the policy premium.

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What are emerging issues and emerging trends? ›

If a trend is a historical change up until the present, then an emerging issue is a possible new technology, a potential public policy issue, or a new concept or idea that, while perhaps fringe thinking today, could mature and develop into a critical mainstream issue in the future or become a major trend in its own ...

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What are emerging risks in insurance? ›

Emerging Risks are new or future risks whose hazard potential is not yet reliably known and whose implications are difficult to assess. These risks may evolve over time from being weak signals to clear tendencies with a high potential for danger.

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What is an emerging risk in risk management? ›

Emerging risk: A new or unforeseen risk that we haven't yet contemplated. This is a risks that should be on our radar, but is not, and its potential for harm or loss is not fully known. Adopted From: Enterprise Risk Management Initiative Staff.

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What is an emerging issue and a trend? ›

Since the issues identified in EIA are new, we cannot rely on their history to predict how they will influence the future. This distinguishes EIA from trend analysis. Trend analysis is used for issues where we have historical data that can be used to identify a trend, that can then be extrapolated to the future.

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Market Size (2022)	$591.8 billion
CAGR (2023-2027)	>6%
Forecast Period	2023-2027
Historical Period	2018-2022
Key Lines of Business	· Home Multi-Risk Insurance · Fire and Natural Hazards Insurance · Agriculture/Livestock Policies · Construction and Engineering · Industrial Multi Risk · Other Property Insurance
Key Regions	· Asia-Pacific · Europe · Middle East and Africa · North America · South and Central America
Leading Insurers	· State Farm · Chubb · Liberty Mutual · Allstate · Travelers
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