Portland, OR, May 31, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the fire insurance market generated $ 58.49 billion in 2019 and is expected to generate $ 120.49 billion by 2028, with a CAGR of 11.9% from 2021 to 2028. Report provides detailed analysis of changing dynamics market, key segments, value chain, major investment pockets, regional scenario and competitive landscape.
Rising need for financial security due to uncertainties, innovative products and services offered by major players, and surging demand for insurance policies are driving the growth of the global fire insurance market. However, the lack of policy knowledge hinders the growth of the market. On the other hand, government support initiatives and the implementation of new technologies present opportunities in the years to come.
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- There has been a significant drop in fire insurance policies in force due to the economic uncertainty that arose during the lockdown.
- Many organizations have embraced the work-from-home culture, which has reduced the need for infrastructure in corporate offices. This factor has reduced the demand for fire insurance from organizations.
- Job losses and business discontinuity are also among the main reasons for reduced adoption of fire insurance policies.
The report offers detailed segmentation of the global fire insurance market on the basis of coverage, company size, industry vertical, and region.
Based on coverage, the standard coverage segment contributed the highest share, accounting for almost 90% of the total share in 2019, and is expected to maintain its leading status during the forecast period. However, the optional coverage segment is estimated to have the highest CAGR of 16.4% from 2021 to 2028.
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Based on company size, the large company segment held the largest share in 2019, accounting for nearly three quarters of the global fire insurance market, and is expected to maintain its leading position during the period. forecast. However, the SME segment is expected to experience the highest CAGR of 13.9% from 2021 to 2028.
Depending on the region, North America represented the highest market share in 2019, contributing about two-fifths of the total share, and is expected to maintain its dominant revenue share through 2028. However, Asia-Pacific is expected to post the fastest CAGR of 15.2% over of the forecast period.
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The major players of the global fire insurance market analyzed in the research include Amica, Allstate Insurance Company, Allianz, ASSICURAZIONI GENERALI S.PA., AXA, Liberty Mutual Insurance, GEICO, State Farm Mutual Automobile Insurance Company, Ping An Insurance ( Group) Company of China, Ltd. and USAA.
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