Fire Insurance Global Market Report 2024

The fire insurance market size has grown rapidly in recent years. It will grow from $74.07 billion in 2023 to $81.74 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The historical growth in fire insurance can be attributed to increased adoption by law enforcement agencies, investments in research and development, utilization in conflict zones, responses to civil unrest and protests, and applications within the military sector.

The fire insurance market size is expected to see rapid growth in the next few years. It will grow to $120.45 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The forecasted growth in fire insurance is expected to be driven by factors such as urbanization and evolving policing needs, increased demand for humanitarian and peacekeeping efforts, regulatory changes and restrictions on lethal force, public perception and advocacy, and advancements in military strategy and modernization. Major trends in the forecast period include a focus on humanitarian missions and peacekeeping, technological advancements, improved strategies for managing civil unrest, regulatory emphasis on non-lethal force, and increased attention to public perception and safety concerns.

A noticeable uptick in fire accidents is anticipated to drive the growth of the fire insurance market in the foreseeable future. This rise in fire incidents, encompassing damage to properties globally, prompts increased interest among consumers, including businesses and homeowners, to invest in comprehensive fire insurance plans. These insurance policies serve as a protective financial measure against potential losses resulting from damage to property, goods, and home contents due to fire incidents. For example, a report by CTIF in 2022 highlighted an estimated increase in global fire accidents, reaching 39,99,276 incidents. Notably, the USA recorded a majority of fires, accounting for 1,388,500 incidents, followed by China with 252,000 fires. Consequently, the surge in fire accidents acts as a driving force for the expansion of the fire insurance market.

The burgeoning demand for properties is expected to be a significant driver propelling the growth of the fire insurance market in the upcoming years. The real estate sector's increasing demand for parcels of land, buildings, or real estate assets highlights the importance of fire insurance as a protective tool for property owners. This insurance coverage serves as a crucial safeguard for mitigating financial risks and protecting assets against fire-related damages. For instance, in February 2023, Australia reported over 730,000 property sale settlements amounting to a total value of $674.5 billion in 2022, as per Property Exchange Australia Ltd. This escalating demand for properties underscores the driving force behind the growth of the fire insurance market.

Product innovation emerges as a dominant trend shaping the fire insurance market landscape. Leading insurance companies within this sector are actively introducing innovative insurance packages to fortify their market positions. For instance, in February 2021, AXA Affin General Insurance Berhad, a Malaysia-based insurance firm, launched BAPE (Business Advantage Plus Enhanced), an innovative fire insurance solution tailored specifically for small and medium enterprises (SMEs). This business protection policy covers fire protection, fire consequential loss, and other perils such as burglary, public liability, and compensation. The BAPE solution offers distinct advantages to various business types, including food and beverage facilities, budget hotels, and learning centers, emphasizing the trend of product innovation within the fire insurance market.

Prominent entities within the fire insurance market are leveraging a strategic partnership approach to introduce and enhance fire safety technologies. These strategic partnerships involve collaborative efforts where companies leverage each other's strengths and resources to achieve mutual benefits and advancements. For instance, in June 2022, Steadfast Group, an Australia-based insurance company, unveiled a strategic investment and partnership with Flame Security International (FSI), a Sydney-based fire protection technology firm. This investment aims to bolster the fire resistance capabilities of residential and commercial properties. Steadfast Group plans to collaborate with insurance partners and broker networks to promote FSI's suite of products. This partnership positions Steadfast as a significant investor and technical collaborator, addressing global challenges related to fire risks and environmental sustainability through economically viable solutions. Flame Security International (FSI) stands as a US-based company specializing in fire protection technology.

In November 2021, Everlake U.S. Holdings Company, a US-based insurance enterprise, completed the acquisition of Allstate Life Insurance Company for an estimated $4 billion. This strategic acquisition by Allstate aimed to strengthen its foothold in the property-liability segment of the market and expand its suite of client protection services. This transaction strategically reallocates capital into high-potential property-liability sectors and security services, simultaneously mitigating interest-rate risks. Allstate Life Insurance Company, the acquired entity, is a US-based insurance firm offering fire coverage among its services. This acquisition signifies Allstate's strategic move towards broadening its insurance offerings and reinforcing its presence in the fire insurance market.

Major companies operating in the fire insurance market report are Amica Mutual Insurance Company, Allstate Insurance Company, Allianz SE, AXA SA, Assicurazioni Generali SpA, Liberty Mutual Insurance Group, Government Employees Insurance Company, Ping An Insurance Company of China Ltd., State Farm Mutual Automobile Insurance Company, United Services Automobile Association, Nippon Life Insurance Company, Munich Re Group, Zurich Insurance Group, Yasuda Mutual Life Insurance Company, Aegon N.V., PNB MetLife India Insurance Company Limited, Aviva plc, Allied Trust Insurance Company, The Dai-ichi Mutual Life Insurance Company, Asahi Mutual Life Insurance Company, Sumitomo Life Insurance Company, MetLife Inc., Prudential Financial Inc., New York Life Insurance Company, Meiji Yasuda Life Insurance Company, Aetna Inc., CNP Assurances SA, China Pacific Insurance (Group) Co. Ltd., Teachers Insurance and Annuity Association of America - College Retirement Equities Fund, Occidental Fire & Casualty Company of North Carolina.

North America was the largest region in the fire insurance market in 2023. Europe is expected to be the fastest-growing region in the fire insurance market report during the forecast period. The regions covered in the fire insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the fire insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Fire insurance typically offers two main types of coverage such as standard coverage and optional coverage. Standard coverage is the conventional insurance that protects against fire-related property damage and losses. It is utilized by various enterprises, including large corporations and small to medium-sized businesses, across industry verticals such as manufacturing, healthcare, energy and utilities, retail and consumer goods, IT and telecom, and hospitality.

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


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