Global Property and Casualty Insurance Market Analysis and Trends Report 2023-2027 - A $2.46 Trillion Market Opportunity by 2027

DUBLIN, Nov. 24, 2023 /PRNewswire/ -- The "Property And Casualty Insurance Global Market Report 2023" has been added to  ResearchAndMarkets.com's offering.

The global property & casualty insurance market is expected to grow from $1.69 trillion in 2022 to $1.84 trillion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The property & casualty insurance market is expected to reach $2.46 trillion in 2027 at a CAGR of 7.6%.

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 rise in natural disasters is expected to propel the growth of the property and casualty insurance market going forward. 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.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Report Scope

Markets Covered:

• By Coverage: Fire And Theft; House Damage; Floods And Earthquake; Personal Property; Other Coverages
• By Distribution Channel: Brokers; Non-Brokers
• By End-User: Landlord; Homeowners; Renters; Other End Users

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Company Profiles:

• The Allstate Corporation
• AXA S.A.
• Liberty Mutual Group
• The People's Insurance Company (Group) of China Limited
• Zurich Insurance Group Ltd.
• 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.
• Tokio Marine Holdings Inc.

For more information about this report visit https://www.researchandmarkets.com/r/c1yd7

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SOURCE Research and Markets