Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 22,813.70 million | USD 30,923.60 million | 5.20% | 2021 |
FrequentlyAsked Questions
As the number of people needing fire insurance coverage for things like lightning strikes, fire, aircraft damage, riots, strikes, and intentional damage increases, insurers are under pressure to invest and create new products that are less popular, have strong Coverage, and people financially secure in the event of destruction, replacement, or other damage. In recent years, more accidents have occurred, such as hurricanes, hurricanes, and tornadoes. This makes fire insurance even more critical. Most businesses and homeowners rely on fire insurance to protect against future financial losses caused by damage such as property, furniture, and home furnishings. Insurers have added more Coverage to their products to make them easier to use and stay ahead of competitors in the market in the forecast period.
According to a report, the global fire insurance market was worth 22,813.70 (USD million) in 2021 and is predicted to grow to 30,923.60 (USD Million) by 2028, with a compound annual growth rate (CAGR) of about 5.20 percent.
Fire insurance market revenue was dominated by North America in 2020 and is expected to maintain its position during the forecast period. Key factors driving market growth in this region include the presence of key players such as Allstate Insurance Company and USAA. Furthermore, the increase in the incidence of lightning strikes, fires, accidents, injuries, and property damage by others is driving the adoption of fire insurance in this area.
Some of the main competitors dominating the global fire insurance market include Amica Mutual Insurance Company, Allianz SE, Axa S.A., Assicurazioni Generali S.p.A., Ping An Insurance Company of China Ltd., Liberty Mutual Fire Insurance Company, State Farm Insurance, The Government Employees Insurance Company, The Allstate Corporation, and United Services Automobile Association.
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