Global Fire Insurance Market: Overview
Fire insurance is a kind of agreement between the insurance company and policyholders to cover all the damages and losses caused by the fire to the policyholder's property. Fire incidents are unprecedented and can occur instantly anywhere including residential, business, and other areas due to the bursting of the water tank, explosion, fire outbreak, and many others. Such factors led to the enormous destruction and can put the policyholder at the risk of finances. However, such emerging scenarios led to the need for a fire insurance policy. It is a kind of property coverage that includes all over protection against the damages that happened to the property.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Global Fire Insurance Market: Growth Factors
One of the major factors driving the growth of the global fire insurance market is the growing awareness among the people regarding the benefits of insurance policies. Moreover, the availability of various kinds of insurance policies under an affordable budget and convenient payment installments further accelerate the growth of the global fire insurance market. Also, the growing need for financial safety among people in times of rising uncertainty also propels the growth of the market globally. Growing government initiatives to spike the adoption rate of fire insurance policies in order to reduce the damage and loss to the people also boost the demand in the global fire insurance market. Moreover, the government is facilitating many fire insurance policy schemes to reduce the risk of dwellings and small & micro-enterprises in order to hold on to the economic growth also. However, such initiatives by the government will create many lucrative growth opportunities in the global fire insurance market during the forecast period. The implementation of technologies in existing services and product lines is expected to escalate the growth of the global fire insurance market.
Global Fire Insurance Market: Segmentation
The global fire insurance market can be segmented into enterprise size, coverage, end-user, and region.
By enterprise size, the market can be segmented into small & medium enterprises and large enterprises.
By coverage, the market can be segmented into optional and standard coverage. The standard coverage segment accounts for the largest share in the global fire insurance market due to the high coverage of the cost of damage up to the actual volume of the property along with the provision of financial safety against various loan accidental related claims. The optional coverage segment is anticipated to grow significantly during the forecast period due to the assurance of whole value for goods and replacement process in case of damage, loss, or theft under one premium.
By end-user, the market can be segmented into hospitality, IT & telecom, retail & consumer goods, energy & utilities, healthcare, manufacturing, and others. The energy & utility segment holds the largest share in the global fire insurance market due to the high possibility of fire incidents in the sector.
Global Fire Insurance Market: Regional analysis
North America accounts for the largest share in the global fire insurance market due to the presence of the prominent market players in the region. Also, the high incidences of injuries, accidents, explosions, lightning, and damage to property further propel the growth of the regional market during the forecast period.
Asia Pacific is expected to witness huge growth during the forecast period due to the fast proliferation of the construction and real estate sector.
Global Fire Insurance Market: Competitive Players
Some of the significant players in the global fire insurance market are Standard Life Assurance, Yasuda Mutual Life Insurance, Swiss Reinsurance, Royal and Sun Alliance, Mitsui Mutual Life Insurance, TIAA-CREF, CPIC, PingAn, CNP Assurances, Aetna, Meiji Life Insurance, New York Life Insurance, Prudential Financial, Aegon, Allstate, MetLife, Sumitomo Life Insurance, Prudential, Zurich Financial Services, Munich Re Group, Dai-ichi Mutual Life Insurance, State Farm Insurance, Cardinal Health, Assicurazioni Generali, Aviva, American Intl. Group, Nippon Life Insurance, AXA, and Allianz.
Global Fire Insurance Market: Regional Segment Analysis
What Reports Provides
Request the coronavirus impact analysis across industries and markets
One of the major factors driving the growth of the global fire insurance market is the growing awareness among the people regarding the benefits of insurance policies. Moreover, the availability of various kinds of insurance policies under an affordable budget and convenient payment installments further accelerate the growth of the global fire insurance market.
Some of the significant players in the global fire insurance market are Standard Life Assurance, Yasuda Mutual Life Insurance, Swiss Reinsurance, Royal and Sun Alliance, Mitsui Mutual Life Insurance, TIAA-CREF, CPIC, PingAn, CNP Assurances, Aetna, Meiji Life Insurance, New York Life Insurance, Prudential Financial.
North America accounts for the largest share in the global fire insurance market due to the presence of the prominent market players in the region. Also, the high incidences of injuries, accidents, explosions, lightning, and damage to property further propel the growth of the regional market during the forecast period.
Zion Market Research
Tel: +1 (844) 845-5245
USA/Canada Toll Free No.+1 (855) 465-4651
3rd Floor,
Mrunal Paradise, Opp Maharaja Hotel,
Pimple Gurav, Pune 411061,
Maharashtra, India
Phone No 020-46277770
US OFFICE NO +1 (844) 845-5245
US/CAN TOLL FREE +1 (855) 465-4651
Email: sales@zionmarketresearch.com
We have secured system to process your transaction.
Monday - Friday: 9AM - 6PM
Saturday - Sunday: Closed