Global Property Insurance Market to Exhibit 5.60% CAGR from 2016 to 2020 owing to Increasing Fire Incidents

Published Date : Jun 27, 2016

ALBANY, New York, June 27, 2016 - has recently announced the addition of a new report, titled ‘Global Property Insurance Market 2016-2020,’ to its offerings. As per the report’s findings, the global property insurance market is expected to expand at a steady 5.60% CAGR from 2016 to 2020. The increasing incidence of fraud cases are projected to drive the use of risk management tools, state the report’s authors. Rising fire incidents will also motivate more people to insure their properties; thus expected to benefit the global property insurance market in the years to come. 

Property insurance comprises fire, earthquake, flood, boiler, and home insurance. Fires in residential complexes have increased in the recent past. Property frauds have also become a growing global concern for property owners. The level of damage to property due to fire and the amount of economic loss due to property fraud has been high. Insuring the property from such unforeseen events has become a necessity rather than a choice. Insurance companies protect the properties insured and offer reimbursement in the case of any damage caused due to natural calamities such as storms, lighting, earthquakes, cyclones, and fire.

The growing awareness towards property insurance is expected to propel the global market, state the analysts. Property insurance covers damage to or loss of commercial or personal property. By availing a suitable property insurance policy, the property owners can hope to minimize the losses. Leading players in the global property insurance market are focusing on offering customized insurance policies to match the needs of property owners. According to the analysts, currently, many top performing insurance companies are exploring new ways of offering protection against complex risks. The global property insurance market is set to witness growing consolidation of various companies, which will give rise to new policies.

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The study highlights the emerging trends in the global property insurance market. The rising use of social media channels for promoting the importance of property insurance has created awareness among many customers. Property insurers are now also using social media platforms for fraud investigation and to provide new product updates. As per the report, the growing use of social media platforms will benefit the global market for property insurance.

For a better understanding of the global property insurance market, analysts have considered various geographical segments such as the Americas, Europe, Asia Pacific, and the Middle East and Africa. Some of the key companies operating in the global property insurance market are Allstate Insurance, American International Group (AIG), Berkshire Hathaway Homestate Companies, Liberty Mutual, State Farm Fire & Casualty Co., Nationwide Mutual Insurance Co., Farmers Insurance Group of Companies, Chubb Federal Insurance Co., CAN Financial Corps, Continental Casualty Company, and Wells Fargo.

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