Global Fire Insurance Market is Likely to Grow at a CAGR Value of Around 5.20% by 2028

22-Aug-2022 | Zion Market Research

The global fire insurance market size was worth USD 22,813.70 million in 2021 and is estimated to grow to USD 30,923.60 million by 2028, with a compound annual growth rate (CAGR) of around 5.20 percent during the forecast period. The report analyzes the fire insurance market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the fire insurance market.

Fire insurance is an agreement between the policyholder and the insurance company to cover all loss and damage caused by fire to the insured's property. Fire accidents are sudden and can happen instantaneously anywhere, including businesses, homes, and other places, due to fire, explosion, water tank rupture, and other causes. These factors cause enormous damage and expose policyholders to financial risk, driving consumer demand for fire insurance policies. Fire insurance is a type of property insurance often included in a homeowner's policy and provides coverage against property damage caused by fire. Key factors driving the development of fire insurance market trends include growing demand for insurance policies, growing need for financial security in the face of increased uncertainties, and the growing number of assets are the key factors driving the growth of the global fire insurance market. In addition, the lack of knowledge about fire insurance policies and high insurance costs hinders the market growth. Furthermore, the implementation of technologies in existing products & service lines and government initiatives related to fire insurance policies are expected to provide lucrative opportunities for market expansion during the forecast period.

The global fire insurance market is segregated based on coverage, enterprise size, industry vertical, and region. By coverage, the market is divided into standard coverage and optional coverage. Among these, in 2021, standard fire insurance dominated the global market. By enterprise size, the market is bifurcated into large enterprises and small & medium-sized enterprises. Over the forecast period, the large enterprise segment is expected to develop at the fastest rate due to the rising adoption of fire insurance. On the basis of industry vertical, the market is bifurcated into manufacturing, healthcare, energy and utilities, retail & consumer goods, IT & telecom, hospitality, and others. In 2021, the manufacturing category had a major share.

Global Fire Insurance Market

The global fire insurance market revenue was dominated by North America in 2021 and is expected to maintain its position during the forecast period. Key factors driving market growth in this region include the presence of key players such as Allstate Insurance Company and USAA. Furthermore, the increase in the incidence of lightning strikes, fires, accidents, injuries, and property damage by others is driving the adoption of fire insurance in this area. However, the Asia-Pacific region is expected to witness a significant growth rate during the forecast period due to increased construction and real estate activities. In addition, the International Fire Safety Standards in Asia focus on developing regulations to improve investment in infrastructure and provide more consistency in fire safety levels and minimal fire by setting specific standards, which is expected to offer lucrative opportunities for the market in this region.

Key market players in the global fire insurance market include Amica Mutual Insurance Company, Allianz SE, Axa S.A., Assicurazioni Generali S.p.A., Ping An Insurance Company of China Ltd., Liberty Mutual Fire Insurance Company, State Farm Insurance, The Government Employees Insurance Company, The Allstate Corporation, and United Services Automobile Association.

Recent developments:

  • In May 2022, Amica Insurance Company partnered with Rocket Mortgage to enter the mortgage insurance space.
  • In May 2022, Liberty Mutual Insurance has decided to acquire Fetch Technology to purchase certain technology assets of insurance portal services.

Browse the full Global Fire Insurance Market By Coverage (Standard Coverage and Optional Coverage), By Enterprise Size (Large Enterprises, and Small and Medium-sized Enterprises), By Industry Vertical (Manufacturing, Healthcare, Energy & Utilities, Retail and Consumer Goods, I.T. & Telecom, Hospitality, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028. Report at

Global fire insurance market is segmented as follows:

By Coverage

  • Standard Coverage
  • Optional Coverage

By Enterprise Size

  • Large Enterprises
  • Small and Medium-sized Enterprises

By Industry Vertical

  • Manufacturing
  • Healthcare
  • Energy and Utilities
  • Retail and Consumer Goods
  • I.T. and Telecom
  • Hospitality
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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