Fire Insurance Market - Global Industry Analysis

Fire Insurance Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2026

Category: Consumer Goods Report Format : PDF Report Code: ZMR-6282 Status : Upcoming

Description

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

  • 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

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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FrequentlyAsked Questions

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.

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