New York, June 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Property And Casualty Insurance Global Market Report 2023" - https://www.reportlinker.com/p06464128/?utm_source=GNW
, Chubb Corp., American International Group Inc., State Farm Insurance, Allianz SE, Admiral Group Plc., The Hartford Financial Services Group Inc., Nationwide Mutual Insurance Company, The Progressive Group, China Pacific Insurance Co. Ltd., and Tokio Marine Holdings Inc.
The global property & casualty insurance market is expected to grow from $1,696.75 billion in 2022 to $1,843.14 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The property & casualty insurance market is expected to reach $2,466.84 billion in 2027 at a CAGR of 7.6%.
The property and casualty insurance market includes revenues earned by entities by providing property and casualty insurance services covering medical expenses, vehicle damage, and property loss or damage.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Property and casualty insurance refer to varieties of insurance that aid in protecting individuals and their possessions.Property insurance aids in protecting the possessions, such as house, car, 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.
North America was the largest region in the property & casualty insurance market in 2022. The regions covered in the property & casualty insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main coverages under property and casualty insurance are fire and theft, house damage, floods and earthquake, personal property, and others.The fire and theft cover segment refers to insurance that will cover damages incurred to the belongings due to a fire and damages that are incurred due to theft in your property.
These are distributed by various channels including brokers and non-brokers for landlords, homeowners, renters, and other end users.
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.
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.
In March 2021, Applied Underwriters, a US-based risk services company, acquired Florida Casualty Insurance Co. (FCIC) for an undisclosed amount. Through this acquisition, Applied Underwriters aims to further develop and integrate the company’s structural architecture and plans to expand its presence as a key and international player in the market. Florida Casualty Insurance Co. (FCIC) is a US-based company offering casualty insurance services.
The countries covered in the property & casualty insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The property and casualty insurance market research report is one of a series of new reports that provides property and casualty insurance market statistics, including property and casualty insurance industry global market size, regional shares, competitors with a property and casualty insurance market share, detailed property and casualty insurance market segments, market trends, and opportunities, and any further data you may need to thrive in the property and casualty insurance industry. This property and casualty insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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