Fire Insurance Market Estimated to Exceed US XXX Billion Globally By 2027: IMARC Group

 

Fire insurance is a legal contract between the policyholder and insurance company that provides coverage for property damage and losses incurred due to a fire outbreak. It is designed to reimburse the costs of replacement, repair, and reconstruction of the damaged property in a fire accident. Besides fire-related perils, a fire insurance policy also covers damages caused due to accidental fire, explosions, and lightning. Moreover, the term fire insurance policy is usually for a year; however, it can be renewed depending on the terms and conditions mentioned in the policy schedule.

Report Metric

Historical: 2016-2021

Base Year: 2021

Forecast Year: 2022-2027


The global fire insurance market reached a value of US$ XX Billion in 2021. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2022-2027.

Fire Insurance Market Trends and Drivers:

The market is primarily driven by the rising number of fire accidents and the growing need for financial security due to uncertainties. Besides this, the increasing awareness among individuals about the numerous benefits of fire insurance represents another major growth-inducing factor.

In addition, key players are introducing new policies with comprehensive coverage and affordable premiums to expand their customer base while gaining a competitive edge. This, along with the implementation of stringent safety regulations and favorable government policies, is escalating the demand for fire insurance across commercial and residential sectors.

Furthermore, rising disposable incomes, easy claim settlements, a surge in the number of properties, and various product innovations are some of the other factors anticipated to propel the market growth in the coming years.


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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Fire Insurance Market 2022-2027 Analysis and Segmentation:

 The report has segmented the market on the basis of region, coverage, enterprise size and industry vertical.

Breakup by Coverage:

  • Standard Coverage
  • Optional Coverage

Breakup by Enterprise Size:

  • Large Enterprises
  • Small and Medium-sized Enterprises

Breakup by Industry Vertical:

  • Manufacturing
  • Healthcare
  • Energy and Utilities
  • Retail and Consumer Goods
  • IT and Telecom
  • Hospitality
  • Others

 Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa


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Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022- 2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

Competitive Landscape:

 The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  1. Allianz SE
  2. Amica Mutual Insurance Company
  3. Assicurazioni Generali S.p.A.
  4. Axa S.A.
  5. Liberty Mutual Fire Insurance Company
  6. Ping An Insurance Company of China Ltd.
  7. State Farm Insurance
  8. The Allstate Corporation
  9. The Government Employees Insurance Company
  10. United Services Automobile Association

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.


Contact Us:

IMARC Services Private Limited.
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Sheridan, WY 82801 USA – Wyoming
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Tel No:(D) +91 120 433 0800
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