Property and Casualty Insurance Market Size Worth $1036.17 Billion by 2033: The Brainy Insights

The global property and casualty insurance market size is anticipated to grow from USD 700 billion to USD 1036.17 billion in 10 years. The market will experience rapid growth due to technological advancements in property and casualty insurance during the forecast period.

Newark, March 04, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 700 billion in 2023 global property and casualty insurance market will reach USD 1036.17 billion in 2033. P&C insurance is the abbreviation for property and casualty insurance. It is a broad type of insurance that includes liability and property coverage. Physical asset loss or damage is covered by property insurance. The tangible assets comprise residences, individual possessions, and commercial real estate. Liability insurance addresses legal obligations stemming from harm or injury to third parties. Businesses purchase this insurance to protect physical assets, mitigate liability risks, and maintain company continuity; individuals purchase it to protect their homes. The dangers of owning property and participating in certain activities make property and casualty insurance necessary. It provides comfort and monetary stability. Insurance policies give money to cover medical bills, settle legal claims, and replace or repair damaged property. These insurance plans can be tailored to each customer’s unique situation to match their needs. Property and liability insurance, which provides a range of coverage alternatives for both individuals and organizations, is essential to risk management.

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Key Insight of the Global Property and Casualty Insurance Market

North America will dominate the market during the forecast period.

The insurance industry in the region is among the biggest and most advanced in the world, providing a wide choice of products to cater to customers’ different demands. Regulatory consistency and strictness ensure consumer protection and industry stability, which creates a favourable operating environment for insurers. High levels of wealth and income and a societal focus on financial stability all lead to a rise in the demand for insurance in North America. Businesses are always launching new goods and utilizing sophisticated risk modelling, which helps the local market expand and gain worldwide hegemony.

In 2023, the homeowners insurance segment dominated the market with the largest market share of 37% and revenue of 259 billion.

The product type segment is divided into homeowners insurance, condo insurance, car insurance, landlord insurance, renters insurance and others. In 2023, the homeowners insurance segment dominated the market with the largest market share of 37% and revenue of 259 billion.

In 2023, the agency segment dominated the market with the largest share of 46% and revenue of 322 billion.

The distribution channel segment is divided into direct, agency, banks and others. In 2023, the agency segment dominated the market with the largest share of 46% and revenue of 322 billion.

Advancement in market

To adapt to the evolving needs of property/casualty (P&C) insurers, BriteCore, a SaaS core administration solutions provider for P&C insurance carriers, has launched a new wave of product features. Role-based data analytics, new business lines for P&C insurance companies, and smooth interactions with outside vendors are among the planned improvements. The new features update the cloud-native BriteCore Platform, enabling increased productivity and efficiency, modern customer experience, and corporate development. Over ninety insurers in the United States and Canada rely on the cutting-edge platform developed by BriteCore. P&C insurers may quickly and easily implement product and rating changes because of the firm’s robust tools.

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Market Dynamics

Driver: The growing likelihood of climate change leads to increased natural disasters.

The frequency and intensity of natural catastrophes are increasing due to climate change, which increases property damage and fatalities. Extreme weather phenomena, including hurricanes, floods, wildfires, and heatwaves, are becoming more frequent due to the planet’s changing climate. Increased frequency and intensity of storms brought on by rising global temperatures have disastrous effects on ecosystems, infrastructure, and populations. The increasing dangers people and businesses confront demonstrate the link between climate change and natural disasters. These climate-change-related disasters directly endanger property, causing anything from structural losses to uprooting entire towns. The need for property and liability insurance is significantly rising due to the rising risks and damage caused by climate-related calamities. People and companies understand how important it is to have financial safeguards against these occurrences’ erratic and heightened nature. The demand for insurance coverage to lessen the financial impact of property loss and liability claims is growing as extreme weather occurrences become more frequent.

Restraints: The premiums’ high cost.

Due to high premiums, given the risk assessment procedure, claims history, and coverage limits, individuals and organisations with little financial resources may find insurance unaffordable. The intricacy of premium computations leads to misunderstandings and delays. Property and liability insurance use is restricted by its high cost and its intricate premium structures, computations, hidden fees, and conditionalities.

Opportunities: The strict legislative regulations impose insurance coverage obligations.

Public awareness of the need for financial protection against liability claims and property damage has increased due to legal regulations requiring insurance coverage. The diversity and affordability of insurance options and the number of insurance providers are rising. Customers may now easily study, compare, and buy plans because of the ease with which online platforms and insurance businesses have made the insurance process accessible. Technical developments have improved operational efficiency when combined with data analytics, allowing for a more precise risk evaluation.

Challenges: Coverage limits and complex claim process.

Coverage limits and deductibles lead to underinsurance and financial strain for policyholders. Claim denials, often stemming from policy exclusions or disputes, create uncertainty and dissatisfaction among those expecting coverage. Hidden charges, such as undisclosed fees, can contribute to unexpected financial burdens, affecting the overall affordability of insurance. Therefore, Coverage limits, complex claim processes, and claim denials lead to the unreliability of insurance coverage, which will challenge the market’s growth.

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Some of the major players operating in the global property and casualty insurance market are:

• Allstate Corporation
• Bajaj Allianz General Insurance
• Berkshire Hathaway Inc.
• Chubb Limited
• Liberty Mutual Insurance
• National Insurance Company Ltd.
• Progressive Corporation
• State Farm Group
• The New India Assurance Co Ltd
• Travelers Companies Inc

Key Segments covered in the market:

By Product Type

• Homeowners Insurance
• Condo Insurance
• Car Insurance
• Landlord Insurance
• Renters Insurance
• Others

By Distribution Channel

• Direct
• Agency
• Banks
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.

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Head of Business Development
Phone: +1-315-215-1633

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