Fire Insurance Market - Global Industry Analysis

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

Published Date: 22-Aug-2022 Category: Consumer Goods Report Format : PDF Pages: 267 Report Code: ZMR-6282 Status : Published

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.

Description

Fire Insurance Market Size And Industry Analysis

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 approximately 5.20 percent over 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 Market: Overview

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. 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 and service lines and government initiatives related to fire insurance policies are expected to provide lucrative opportunities for market expansion during the forecast period.

Global Fire Insurance Market

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COVID-19 Impact:

The COVID-19 pandemic has impacted businesses of the fire insurance. The COVID-19 pandemic spread throughout the world as strict lock-downs are implemented by governments and shut down companies. Thus, the movement of people is restricted during the covid-19 pandemic; the global fire insurance market is likely to be impacted considerably during the forecast period. Besides that, the adoption of fire insurance moved the market growth during the pandemic period.

Key Insights

  • As per the analysis shared by our research analyst, the global fire insurance market value will grow at a CAGR of 5.20% over the forecast period.
  • In terms of revenue, the global fire insurance market size was valued at USD 22,813.70 million in 2021 and is estimated to grow to USD 30,923.60 million by 2028.
  • 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.
  • By coverage, the standard coverage segment dominated with accounted significant market share in 2021.
  • By enterprise size, the large enterprise segment accounted significant amount of market share in 2021.
  • In 2021, North America captured the largest revenue share of the global market.

Fire Insurance Market: Growth Drivers

The rising need for financial safety aids the global market growth

As the number of people needing fire insurance coverage for things like lightning strikes, fire, aircraft damage, riots, strikes, and intentional damage increases, insurers are under pressure to invest and create new products that are less popular, have strong coverage, and people financially secure in the event of destruction, replacement, or other damage. In recent years, more accidents have occurred, such as hurricanes, hurricanes, and tornadoes. This makes fire insurance even more critical. Most businesses and homeowners rely on fire insurance to protect against future financial losses caused by damage such as property, furniture, and home furnishings. Insurers have added more Coverage to their products to make them easier to use and stay ahead of competitors in the global fire insurance market in the forecast period.

Fire Insurance Market: Restraints

The lack of awareness regarding fire insurance may hamper the global market growth.

The fire insurance market is hindered as people do not fully understand fire insurance. Consumer experience and fire insurance are two of the most important things to consider. This can be done by filling the knowledge gaps in the fire insurance market. In 2020, the Insurance Information Institute surveyed 9% of respondents who did not know their fire policy covers disaster or moderate conditions. Furthermore, market growth is hampered by customer misunderstanding about premium rates and lack of knowledge about family insurance in developing Asia-Pacific countries, among other countries.

Fire Insurance Market: Opportunities

The supportive government initiatives bring up several growth opportunities

More and more insurance service providers are using advanced technologies such as geolocation, fire alarm warning, fire security detection, fireproof skeleton protection, artificial intelligence (A.I.), fingerprint, blockchain, and big data. This gives market underwriters new ways of doing business; with these technological advancements, fire delivery platforms will offer more averaging, such as averaging policy, consequential loss policy, claim policy, and others, faster and more accessible at the point of sale. Additionally, digital transformation enables fire insurers to provide highly personalized user experiences to their customers. Also, to maintain their position in the global fire insurance market, insurance companies are looking at using big data analytics, which can help them charge high premiums. In addition, technologies help collect data to meet individual customer needs, calculate risk, and detect fraud. Therefore, technological advances that make fire insurance easier to buy and use more conveniently will likely create good business opportunities for insurers.

Fire Insurance Market: Segmentation

The global fire insurance market is segregated based on coverage, enterprise size, industry vertical, and region.

By coverage, the market is divided intostandard coverage and optional coverage. Among these, standard fire insurance is a type of property insurance usually part of a home insurance policy. It protects from physical damage caused by fire. Therefore, it is the dominant segment in the coverage segment.

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. These enterprises purchase insurance to avoid loss and damage from fire. They also want coverage for maintenance and repair of broken machinery and equipment to improve enterprise operations while it's closed.

Recent Developments

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

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.

Fire Insurance Market: Regional Landscape

The presence of market players and growing geriatric population help North America dominate the global 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.

Fire Insurance Market: Competitive Landscape

Some of the main competitors dominating the global fire insurance market include –Amica Mutual Insurance Company, Allianz S.E., 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.

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

Table Of Content

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Fire Insurance Market, (2022 - 2028) (USD Million)
    • 2.2 Global Fire Insurance Market : snapshot
  • Chapter 3. Global Fire Insurance Market - Industry Analysis
    • 3.1 Fire Insurance Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 The rising need for financial safety aids the global market growth
    • 3.3 Market Restraints
      • 3.3.1. The lack of awareness regarding fire insurance may hamper the global market growth
    • 3.4 Market Opportunities
      • 3.4.1. The supportive government initiatives bring up several growth opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Coverage
      • 3.7.2 Market attractiveness analysis By Enterprise Size
      • 3.7.3 Market attractiveness analysis By Industry Vertical
  • Chapter 4. Global Fire Insurance Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Fire Insurance Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Fire Insurance Market - Coverage Analysis
    • 5.1 Global Fire Insurance Market overview: By Coverage
      • 5.1.1 Global Fire Insurance Market share, By Coverage, 2021 and 2028
    • 5.2 Standard Coverage
      • 5.2.1 Global Fire Insurance Market by Standard Coverage, 2022 - 2028 (USD Million)
    • 5.3 Optional Coverage
      • 5.3.1 Global Fire Insurance Market by Optional Coverage, 2022 - 2028 (USD Million)
  • Chapter 6. Global Fire Insurance Market - Enterprise Size Analysis
    • 6.1 Global Fire Insurance Market overview: By Enterprise Size
      • 6.1.1 Global Fire Insurance Market share, By Enterprise Size, 2021 and 2028
    • 6.2 Large Enterprises
      • 6.2.1 Global Fire Insurance Market by Large Enterprises, 2022 - 2028 (USD Million)
    • 6.3 Small and Medium-sized Enterprises
      • 6.3.1 Global Fire Insurance Market by Small and Medium-sized Enterprises, 2022 - 2028 (USD Million)
  • Chapter 7. Global Fire Insurance Market - Industry Vertical Analysis
    • 7.1 Global Fire Insurance Market overview: By Industry Vertical
      • 7.1.1 Global Fire Insurance Market share, By Industry Vertical, 2021 and 2028
    • 7.2 Manufacturing
      • 7.2.1 Global Fire Insurance Market by Manufacturing, 2022 - 2028 (USD Million)
    • 7.3 Healthcare
      • 7.3.1 Global Fire Insurance Market by Healthcare, 2022 - 2028 (USD Million)
    • 7.4 Energy and Utilities
      • 7.4.1 Global Fire Insurance Market by Energy and Utilities, 2022 - 2028 (USD Million)
    • 7.5 Retail and Consumer Goods
      • 7.5.1 Global Fire Insurance Market by Retail and Consumer Goods, 2022 - 2028 (USD Million)
    • 7.6 I.T. and Telecom
      • 7.6.1 Global Fire Insurance Market by I.T. and Telecom, 2022 - 2028 (USD Million)
    • 7.7 Hospitality
      • 7.7.1 Global Fire Insurance Market by Hospitality, 2022 - 2028 (USD Million)
    • 7.8 Others
      • 7.8.1 Global Fire Insurance Market by Others, 2022 - 2028 (USD Million)
  • Chapter 8. Fire Insurance Market - Regional Analysis
    • 8.1 Global Fire Insurance Market Regional Overview
    • 8.2 Global Fire Insurance Market Share, by Region, 2021 & 2028 (USD Million)
    • 8.3. North America
      • 8.3.1 North America Fire Insurance Market, 2022 - 2028 (USD Million)
        • 8.3.1.1 North America Fire Insurance Market, by Country, 2022 - 2028 (USD Million)
    • 8.4 North America Fire Insurance Market, by Coverage, 2022 - 2028
      • 8.4.1 North America Fire Insurance Market, by Coverage, 2022 - 2028 (USD Million)
    • 8.5 North America Fire Insurance Market, by Enterprise Size, 2022 - 2028
      • 8.5.1 North America Fire Insurance Market, by Enterprise Size, 2022 - 2028 (USD Million)
    • 8.6 North America Fire Insurance Market, by Industry Vertical, 2022 - 2028
      • 8.6.1 North America Fire Insurance Market, by Industry Vertical, 2022 - 2028 (USD Million)
    • 8.4. Europe
      • 8.4.2 Europe Fire Insurance Market, 2022 - 2028 (USD Million)
        • 8.4.2.1 Europe Fire Insurance Market, by Country, 2022 - 2028 (USD Million)
    • 8.4 Europe Fire Insurance Market, by Coverage, 2022 - 2028
      • 8.4.1 Europe Fire Insurance Market, by Coverage, 2022 - 2028 (USD Million)
    • 8.5 Europe Fire Insurance Market, by Enterprise Size, 2022 - 2028
      • 8.5.1 Europe Fire Insurance Market, by Enterprise Size, 2022 - 2028 (USD Million)
    • 8.6 Europe Fire Insurance Market, by Industry Vertical, 2022 - 2028
      • 8.6.1 Europe Fire Insurance Market, by Industry Vertical, 2022 - 2028 (USD Million)
    • 8.5. Asia Pacific
      • 8.5.3 Asia Pacific Fire Insurance Market, 2022 - 2028 (USD Million)
        • 8.5.3.1 Asia Pacific Fire Insurance Market, by Country, 2022 - 2028 (USD Million)
    • 8.4 Asia Pacific Fire Insurance Market, by Coverage, 2022 - 2028
      • 8.4.1 Asia Pacific Fire Insurance Market, by Coverage, 2022 - 2028 (USD Million)
    • 8.5 Asia Pacific Fire Insurance Market, by Enterprise Size, 2022 - 2028
      • 8.5.1 Asia Pacific Fire Insurance Market, by Enterprise Size, 2022 - 2028 (USD Million)
    • 8.6 Asia Pacific Fire Insurance Market, by Industry Vertical, 2022 - 2028
      • 8.6.1 Asia Pacific Fire Insurance Market, by Industry Vertical, 2022 - 2028 (USD Million)
    • 8.6. Latin America
      • 8.6.4 Latin America Fire Insurance Market, 2022 - 2028 (USD Million)
        • 8.6.4.1 Latin America Fire Insurance Market, by Country, 2022 - 2028 (USD Million)
    • 8.4 Latin America Fire Insurance Market, by Coverage, 2022 - 2028
      • 8.4.1 Latin America Fire Insurance Market, by Coverage, 2022 - 2028 (USD Million)
    • 8.5 Latin America Fire Insurance Market, by Enterprise Size, 2022 - 2028
      • 8.5.1 Latin America Fire Insurance Market, by Enterprise Size, 2022 - 2028 (USD Million)
    • 8.6 Latin America Fire Insurance Market, by Industry Vertical, 2022 - 2028
      • 8.6.1 Latin America Fire Insurance Market, by Industry Vertical, 2022 - 2028 (USD Million)
    • 8.7. The Middle-East and Africa
      • 8.7.5 The Middle-East and Africa Fire Insurance Market, 2022 - 2028 (USD Million)
        • 8.7.5.1 The Middle-East and Africa Fire Insurance Market, by Country, 2022 - 2028 (USD Million)
    • 8.4 The Middle-East and Africa Fire Insurance Market, by Coverage, 2022 - 2028
      • 8.4.1 The Middle-East and Africa Fire Insurance Market, by Coverage, 2022 - 2028 (USD Million)
    • 8.5 The Middle-East and Africa Fire Insurance Market, by Enterprise Size, 2022 - 2028
      • 8.5.1 The Middle-East and Africa Fire Insurance Market, by Enterprise Size, 2022 - 2028 (USD Million)
    • 8.6 The Middle-East and Africa Fire Insurance Market, by Industry Vertical, 2022 - 2028
      • 8.6.1 The Middle-East and Africa Fire Insurance Market, by Industry Vertical, 2022 - 2028 (USD Million)
  • Chapter 9. Company Profiles
    • 9.1 Amica Mutual Insurance Company
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 Allianz S.E.
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 Axa S.A.
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 Assicurazioni Generali S.p.A.
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Ping An Insurance Company of China Ltd.
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Liberty Mutual Fire Insurance Company
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 State Farm Insurance
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 The Government Employees Insurance Company
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 The Allstate Corporation
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 United Services Automobile Association.
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments

Table Of Figures

  • 1. Market research Type
  • 2. Market research methodology
  • 3. Global Fire Insurance Market, 2022 - 2028 (USD Million)
  • 4. Porter’s Five Forces Analysis
  • 5. Global Fire Insurance Market attractiveness, By Coverage
  • 6. Global Fire Insurance Market attractiveness, By Enterprise Size
  • 7. Global Fire Insurance Market attractiveness, By Industry Vertical
  • 8. Global Fire Insurance Market share by Coverage, 2022 and 2028 (USD Million)
  • 9. Global Fire Insurance Market by Standard Coverage, 2022 - 2028 (USD Million)
  • 10. Global Fire Insurance Market by Optional Coverage, 2022 - 2028 (USD Million)
  • 11. Global Fire Insurance Market share by Enterprise Size, 2022 and 2028 (USD Million)
  • 12. Global Fire Insurance Market by Large Enterprises, 2022 - 2028 (USD Million)
  • 13. Global Fire Insurance Market by Small and Medium-sized Enterprises, 2022 - 2028 (USD Million)
  • 14. Global Fire Insurance Market share by Industry Vertical, 2022 and 2028 (USD Million)
  • 15. Global Fire Insurance Market by Manufacturing, 2022 - 2028 (USD Million)
  • 16. Global Fire Insurance Market by Healthcare, 2022 - 2028 (USD Million)
  • 17. Global Fire Insurance Market by Energy and Utilities, 2022 - 2028 (USD Million)
  • 18. Global Fire Insurance Market by Retail and Consumer Goods, 2022 - 2028 (USD Million)
  • 19. Global Fire Insurance Market by I.T. and Telecom, 2022 - 2028 (USD Million)
  • 20. Global Fire Insurance Market by Hospitality, 2022 - 2028 (USD Million)
  • 21. Global Fire Insurance Market by Others, 2022 - 2028 (USD Million)
  • 22. Global Fire Insurance Market share, by Region, 2022 and 2028
  • 23. North America Fire Insurance Market, 2022 - 2028 (USD Million)
  • 24. Europe Fire Insurance Market, 2022 - 2028 (USD Million)
  • 25. Asia Pacific Fire Insurance Market, 2022 - 2028 (USD Million)
  • 26. Latin America Fire Insurance Market, 2022 - 2028 (USD Million)
  • 27. The Middle-East and Africa Fire Insurance Market, 2022 - 2028 (USD Million)

Table Of Tables

  • 1. Global Fire Insurance Market: Snapshot
  • 2. Drivers of the Fire Insurance Market: impact analysis
  • 3. North America Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 4. North America Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 5. North America Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 6. U.S. Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 7. U.S. Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 8. U.S. Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 9. Canada Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 10. Canada Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 11. Canada Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 12. Europe Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 13. Europe Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 14. Europe Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 15. Germany Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 16. Germany Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 17. Germany Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 18. France Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 19. France Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 20. France Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 21. U.K. Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 22. U.K. Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 23. U.K. Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 24. Italy Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 25. Italy Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 26. Italy Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 27. Spain Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 28. Spain Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 29. Spain Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 30. Rest of Europe Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 31. Rest of Europe Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 32. Rest of Europe Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 33. Asia Pacific Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 34. Asia Pacific Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 35. Asia Pacific Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 36. China Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 37. China Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 38. China Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 39. Japan Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 40. Japan Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 41. Japan Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 42. India Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 43. India Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 44. India Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 45. South Korea Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 46. South Korea Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 47. South Korea Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 48. South-East Asia Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 49. South-East Asia Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 50. South-East Asia Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 51. Rest of Asia Pacific Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 52. Rest of Asia Pacific Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 53. Rest of Asia Pacific Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 54. Latin America Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 55. Latin America Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 56. Latin America Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 57. Brazil Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 58. Brazil Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 59. Brazil Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 60. Mexico Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 61. Mexico Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 62. Mexico Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 63. Rest of Latin America Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 64. Rest of Latin America Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 65. Rest of Latin America Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 66. The Middle-East and Africa Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 67. The Middle-East and Africa Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 68. The Middle-East and Africa Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 69. GCC Countries Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 70. GCC Countries Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 71. GCC Countries Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 72. South Africa Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 73. South Africa Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 74. South Africa Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)
  • 75. Rest of Middle-East Africa Fire Insurance Market revenue, By Coverage, 2022 - 2028 (USD Million)
  • 76. Rest of Middle-East Africa Fire Insurance Market revenue, By Enterprise Size, 2022 - 2028 (USD Million)
  • 77. Rest of Middle-East Africa Fire Insurance Market revenue, By Industry Vertical, 2022 - 2028 (USD Million)

Methodology

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FrequentlyAsked Questions

As the number of people needing fire insurance coverage for things like lightning strikes, fire, aircraft damage, riots, strikes, and intentional damage increases, insurers are under pressure to invest and create new products that are less popular, have strong Coverage, and people financially secure in the event of destruction, replacement, or other damage. In recent years, more accidents have occurred, such as hurricanes, hurricanes, and tornadoes. This makes fire insurance even more critical. Most businesses and homeowners rely on fire insurance to protect against future financial losses caused by damage such as property, furniture, and home furnishings. Insurers have added more Coverage to their products to make them easier to use and stay ahead of competitors in the market in the forecast period.

According to a report, the global fire insurance market was worth 22,813.70 (USD million) in 2021 and is predicted to grow to 30,923.60 (USD Million) by 2028, with a compound annual growth rate (CAGR) of about 5.20 percent.

Fire insurance market revenue was dominated by North America in 2020 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.

Some of the main competitors dominating 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.

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