Earthquake Insurance Market Report 2024

This Earthquake Insurance industry report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The earthquake insurance market size has grown strongly in recent years. It will grow from $7.54 billion in 2023 to $8.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth during the historic period can be attributed to the rise in natural disasters, government initiatives and regulations, rapid global urbanization, the growing demand for insuring older buildings, and the increasing popularity of home insurance policies.

The earthquake insurance market size is expected to see strong growth in the next few years. It will grow to $10.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The projected growth in the forecast period can be attributed to the increased adoption of insurance policies driven by future uncertainties, expanding construction activity, the rise in natural disasters, greater awareness of the necessity for earthquake insurance, and the advancing levels of infrastructure development. Key trends during this period include the increasing installation of earthquake warning systems, the introduction of new technologies such as Internet of Things (IoT)-based systems and data analytics, the development of innovative and customized risk products, advancements in risk modeling methodologies, and ongoing product innovations.

The rise in natural disasters is anticipated to fuel the growth of the earthquake insurance market. Natural disasters, which are catastrophic events caused by natural forces, lead to significant loss of life, environmental damage, and destruction of private property or public infrastructure. This increase in natural disasters can be linked to factors such as rising global temperatures, more intense storms, altered weather patterns, urbanization, and changes in land use. Earthquake insurance provides financial protection against earthquake-related damages, covering the repair costs for homes and buildings, thereby helping individuals and businesses maintain economic stability and recover more quickly after such events. For instance, ReliefWeb, a key humanitarian information platform managed by the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), reported in March 2023 that 387 natural hazards and disasters were recorded globally, slightly higher than the 2002-2021 average of 370. Consequently, the increasing frequency of natural disasters is driving the expansion of the earthquake insurance market.

Leading companies in the earthquake insurance sector are focusing on the development of innovative insurance policies, such as natural catastrophe (Nat cat) insurance, to ensure quicker and more efficient payouts following natural disasters. NormanMax Syndicate 3939 is a trailblazing entity specializing in natural catastrophe parametric re/insurance products for events such as hurricanes, tropical cyclones, typhoons, and earthquakes. For instance, in May 2024, NormanMax Insurance Holdings, a US-based insurance company, introduced Syndicate 3939. These innovative parametric products offer transparent and rapid payouts, effectively addressing critical insurance gaps and can be distributed efficiently and at scale, tackling issues related to trapped capital. This syndicate is particularly noteworthy as it is the first of its kind at Lloyd's, focusing specifically on natural catastrophe parametric insurance products, including those covering hurricanes, tropical cyclones, typhoons, and earthquakes.

In April 2024, SageSure, a US-based insurance services company, acquired GeoVera MGA for an undisclosed amount. This acquisition was a strategic move by SageSure to expand its portfolio by integrating GeoVera's expertise in catastrophe-exposed insurance. GeoVera MGA is a US-based provider of residential earthquake insurance.

Major companies operating in the earthquake insurance market are Berkshire Hathaway Inc., State Farm Insurance, Nationwide Mutual Insurance Company, Allstate Corporation, Liberty Mutual Insurance Company, Zurich Insurance Group Ltd., Chubb Limited, The United Services Automobile Association (USAA), Mapfre S.A., The Hartford Financial Services Group Inc., American Family Mutual Insurance Company S.I., Farmers Insurance Group, Assurant Inc., Cincinnati Financial Corporation, Mercury General Corporation, Amica Mutual Insurance Company, CW Group Holdings Inc., The Earthquake Commission (EQC), GeoVera Holdings Inc., The California Earthquake Authority.

North America was the largest region in the earthquake insurance market in 2023. The regions covered in the earthquake insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the earthquake insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Earthquake insurance is a form of property insurance aimed at protecting homeowners and renters from the financial losses that can occur due to earthquake damage. This insurance helps reduce the financial burden of earthquakes and offers peace of mind to those residing in earthquake-prone areas.

The primary categories of earthquake insurance are life insurance and non-life insurance. Life insurance involves a contract between an individual and an insurance company, where the insurer agrees to pay a designated beneficiary a specified amount upon the insured person's death or after a certain period. The coverage options include comprehensive and catastrophic. These policies are distributed through various channels such as banks, agents, brokers, retailers, and others, and are utilized in different applications, including personal and commercial, by various end-users such as individuals and businesses.

The earthquake insurance market research report is one of a series of new reports that provides earthquake insurance market statistics, including earthquake insurance industry global market size, regional shares, competitors with an earthquake insurance market share, detailed earthquake insurance market segments, market trends, and opportunities, and any further data you may need to thrive in the earthquake insurance industry. This earthquake insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The earthquake insurance market includes revenues earned by entities by providing residential earthquake insurance, commercial earthquake insurance, comprehensive earthquake insurance, and low-risk earthquake insurance, high-risk earthquake insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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