According to the latest report by IMARC Group, titled “Global Fire Insurance Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027“, the global fire insurance market reached a value of US$ 63.76 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 99.5 Billion by 2027 exhibiting a CAGR of 7.30% during 2022-2027.
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 |
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.
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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.
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:
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.
Allianz SE, Amica Mutual Insurance Company, Assicurazioni Generali S.p.A., Axa S.A., Liberty Mutual Fire Insurance Company, Ping An Insurance Company of China Ltd., State Farm Insurance, The Allstate Corporation, The Government Employees Insurance Company and United Services Automobile Association.
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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
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.
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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.
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