Property and Casualty Insurance Market Report 2026

The property and casualty insurance market size has grown strongly in recent years. It will grow from $2.53 trillion in 2025 to $2.69 trillion in 2026 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to rising urbanization and asset ownership, expansion of mortgage and auto financing, increasing demand for risk protection products, growth of broker-based insurance distribution, improving insurance awareness.

The property and casualty insurance market size is expected to see strong growth in the next few years. It will grow to $3.48 trillion in 2030 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to increasing adoption of telematics-enabled policies, rising focus on disaster risk coverage, expansion of digital insurance platforms, growing demand for flexible insurance products, increasing regulatory alignment with climate risk disclosures. Major trends in the forecast period include increasing adoption of usage-based insurance models, rising integration of digital claims processing, growing focus on climate-resilient insurance products, expansion of omni-channel distribution strategies, enhanced emphasis on customer-centric policy design.

The increase in vehicle accidents is expected to propel the growth of the property and casualty insurance market going forward. Vehicle accidents refer to injuries, fatalities, or other adverse outcomes resulting from unplanned events, often involving vehicles, mishaps, or hazardous situations. Property and Casualty Insurance is used as financial protection for individuals and businesses in the event of vehicle accidents, covering damages and liabilities. For instance, in January 2024, according to a report published by The Road Safety Authority, a Ireland-based state government agency, there was a rise in road fatalities in Ireland across various user groups compared to 2022. There were increases among drivers (+13), passengers (+12), motorcyclists (+4), pedal cyclists (+2), pedestrians (+1), and other road users (+1). In 2022, the average monthly death toll was 13, while it rose to 16 deaths per month in 2023. Therefore, the increase in vehicle accidents is driving the property and casualty insurance market.

Major companies operating in the property and casualty insurance market are focusing on adopting advanced technologies such as conversational artificial intelligence systems to improve customer engagement, operational efficiency, and cost management. Conversational artificial intelligence systems are digital tools that leverage natural language processing and machine learning to mimic human interactions, enabling capabilities such as automated customer support, intelligent underwriting assistance, and real-time fraud detection. For instance, in January 2023, Peppercorn, a UK-based Insurtech start-up, launched a conversational AI assistant. Combined with the company’s counter-fraud technologies and pre-inception underwriting decisions, this system eliminates the need for a traditional call center, enhancing the customer purchase experience while reducing operating costs and expense ratios.

In November 2023, Brookfield Reinsurance Ltd., a Bermuda-based reinsurance company, acquired Argo Group International Holdings, Ltd. for approximately $1.1 billion. With this acquisition, Brookfield Reinsurance aimed to strengthen its position in the property and casualty insurance market by integrating Argo Group’s specialty underwriting platform, enhancing its underwriting capabilities, and expanding its commercial insurance product portfolio. Argo Group International Holdings, Ltd. is a US-based property and casualty insurance company specializing in underwriting specialty commercial insurance products, including liability, professional lines, and property coverage for businesses.

Major companies operating in the property and casualty insurance market are The Allstate Corporation, Axa S.A., Liberty Mutual Group Inc., The People's Insurance Company of China Limited, Zurich Insurance Group Ltd., Chubb Corp., American International Group Inc., State Farm Mutual Automobile Insurance Company, Allianz SE, Admiral Group plc, The Hartford Financial Services Group Inc., Nationwide Mutual Insurance Company, The Progressive Group, China Pacific Insurance Co. Ltd., Tokio Marine Holdings Inc., Berkshire Hathaway Group, The Travelers Companies Inc., United Services Automobile Association, Farmers Insurance Co. Inc., American Family Insurance Group, Hartford Insurance Group, Erie Insurance Group, Auto-Owners Insurance Group, CNA Insurance Companies, AmTrust NGH Group, EMC Insurance Companies, Markel Corporation, Selective Insurance Group Inc., Cincinnati Insurance Companies, Donegal Insurance Group, Grange Mutual Casualty Group, Hanover Insurance Group, Kemper Corporation, Main Street America Group, Mercury General Corporation, Motorists Insurance Group, National General Insurance Group, Plymouth Rock Group of Companies, Utica National Insurance Group, W.R. Berkley Corporation, Westfield Corp. Ltd.

North America was the largest region in the property & casualty insurance market in 2025. The regions covered in the property and casualty insurance market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the property and casualty insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The property and casualty insurance market includes revenues earned by entities by providing property and casualty insurance services covering medical expenses, vehicle damage, and property loss or damage. 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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