Property and Casualty Insurance Global Market Report 2024

The property & casualty insurance market size has grown strongly in recent years. It will grow from $2,223.83 billion in 2023 to $2,378.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth observed in the historical period can be attributed to factors such as economic growth and asset accumulation, regulatory requirements and compliance, globalization leading to increased business risks, occurrences of natural disasters and catastrophic events, and concerns related to legal liability.

The property & casualty insurance market size is expected to see strong growth in the next few years. It will grow to $3,105.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to factors such as climate change and extreme weather events, increasing cybersecurity risks and data breaches, global economic trends and associated trade risks, liability concerns in the digital age, and the impact of pandemics and public health risks. Major trends expected in the forecast period include the development of customer-centric solutions, the integration of IoT (Internet of Things) devices, the rise of parametric insurance, collaboration with ecosystem partners, and a heightened focus on pandemic preparedness within the property and casualty insurance industry.

The anticipated increase in natural disasters is set to drive the growth of the property and casualty insurance market in the future. Natural disasters, defined as catastrophic events such as floods, earthquakes, or storms causing significant damage or casualties, prompt the need for property insurance, which covers damages from various natural disasters such as wind, hail, lightning strikes, hurricanes, wildfires, and others. For example, according to data from the National Interagency Fire Center, there were 58,985 wildfires in 2021 affecting 7.1 million acres, marking a 17% increase from 2019. Thus, the escalating frequency of natural disasters is a catalyst for the growth of the property and casualty insurance market.

The expected rise in vehicle accidents is projected to boost the property and casualty insurance market. Vehicle accidents, involving injuries, fatalities, or adverse outcomes, often require financial protection. Property and Casualty Insurance serves as a safety net for individuals and businesses in the aftermath of vehicle accidents, covering damages and liabilities. In 2021, according to the Government of Canada, there were 1,768 motor vehicle fatalities, reflecting a 1.3% increase from 2020. The fatality rate per billion vehicle kilometers traveled also rose from 4.7 in 2020 to 4.8 in 2021. Consequently, the surge in vehicle accidents is a driving force behind 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 March 2021, Applied Underwriters, a US-based risk services company, acquired Florida Casualty Insurance Co. (FCIC) for an undisclosed amount. Through this acquisition, Applied Underwriters aims to further develop and integrate the company’s structural architecture and expand its presence as a key international player in the market. Florida Casualty Insurance Co. (FCIC) is a US-based company offering casualty insurance services.

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 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.

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.