Property and Casualty Insurance Market Report 2025

This Property and Casualty Insurance market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.

The property and casualty insurance market size has grown strongly in recent years. It will grow from $1.99 trillion in 2024 to $2.16 trillion in 2025 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to natural catastrophes and climate events, regulatory changes, global economic conditions, insurance market dynamics, insurance industry consolidation.

The property and casualty insurance market size is expected to see strong growth in the next few years. It will grow to $3.06 trillion in 2029 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to increased frequency and severity of natural disasters, stricter regulatory requirements, globalization of risks, shifts in consumer behavior, technological risks. Major trends in the forecast period include globalization of risks and markets, focus on resilience and business continuity, regulatory changes and compliance challenges, pandemic risk management, alternative capital sources, collaboration and partnerships.

The increase in natural disasters is anticipated to drive the growth of the property and casualty insurance market in the coming years. Natural disasters are catastrophic events like floods, earthquakes, or storms that result in significant damage or loss of life. Property insurance provides coverage for damages caused by various natural disasters, including wind, hail, lightning strikes, hurricanes, and wildfires. For example, in September 2024, Munich Re Group, a Germany-based multinational insurance company, reported that in 2023, natural disasters resulted in 74,000 fatalities, a stark increase compared to the five-year average of 10,000 deaths, largely due to devastating earthquakes in Turkey and Syria. Consequently, the rising frequency of natural disasters is fueling growth in the property and casualty insurance market.

The rise in vehicle accidents is expected to drive the growth of the property and casualty insurance market in the coming years. Vehicle accidents involve injuries, fatalities, or other negative outcomes stemming from unforeseen incidents, often related to vehicles, mishaps, or hazardous conditions. Property and casualty insurance provides financial protection for individuals and businesses in the event of vehicle accidents, covering damages and liabilities. For example, in January 2024, a report from The Road Safety Authority, an Ireland-based government agency, indicated an increase in road fatalities in Ireland across various user groups compared to 2022. Fatalities rose 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, which increased to 16 deaths per month in 2023. Therefore, the rise in vehicle accidents is contributing to the growth of the property and casualty insurance market.

Technological advancements emerge as a prominent trend gaining traction in the property and casualty insurance market. Companies in this market are adopting new technologies to maintain their competitive positions. For instance, in January 2023, Peppercorn, a UK-based Insurtech start-up, introduced a conversational AI assistant. This technology, combined with counter-fraud technologies and pre-inception underwriting decisions, eliminates the need for a traditional call center, enhancing the purchasing experience for customers while reducing operating costs and the expense ratio.

Major companies in the property and casualty insurance market focus on providing enhanced versions, such as customizable and flexible insurance solutions, to better cater to the needs of business customers. Customizable and flexible insurance solutions involve tailored coverage options easily adjustable to meet specific business needs. In August 2022, The Hartford Financial Services Group, a US-based property and casualty insurance company, launched enhanced versions of its Property Choice and General Liability Choice products, offering increased flexibility and customization for commercial risk management. The updated products include over 30 new coverage forms in Property Choice, tailored to specific industries, and General Liability Choice incorporates built-in coverages such as incidental medical malpractice and waiver of subrogation.

In February 2022, HSBC Holdings plc, a UK-based provider of banking and financial investment services, acquired AXA Singapore for $529 million. This acquisition aims to generate synergies and broaden the range of financial products and services available to customers in Singapore. AXA Group is a Singapore-based provider of general insurance solutions, including property and casualty insurance.

Property and casualty insurance encompass various insurance types designed to protect individuals and their belongings. Property insurance focuses on safeguarding possessions such as houses and cars, while casualty insurance protects individuals who are legally responsible for accidents resulting in others' injuries or property damage.

The main coverages under property and casualty insurance include fire and theft, house damage, floods and earthquakes, personal property, and others. The fire and theft coverage segment provides insurance for damages caused to belongings due to fire and theft-related damages on the property. These insurance products are distributed through various channels, including brokers and non-brokers, and cater to landlords, homeowners, renters, and other end users.

The property and casualty insurance market research report is one of a series of new reports that provides property and casualty insurance market statistics, including property and casualty insurance industry global market size, regional shares, competitors with a property and casualty insurance market share, detailed property and casualty insurance market segments, market trends, and opportunities, and any further data you may need to thrive in the property and casualty insurance industry. This property and casualty 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.

Major companies operating in the property and casualty insurance market report 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, Progressive Corporation, Allstate India Private Limited, 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 2023. The regions covered in the property and casualty insurance market report are Asia-Pacific, 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, 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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