Global Property Insurance Market 2016-2020

Market outlook of the global property insurance market

Technavio’s research analyst predicts the global property insurance market to grow steadily at a CAGR of 6% during the forecast period. The focus towards new technology and distribution systems are the primary growth drivers for this market. The insurers are shifting their focus from stand-alone technology projects to an environment where there is a continuous technological improvement. The property insurance vendors are using multiple distribution and communication channels to attract different customer segments. Many top vendors are also making use of the cost-effective solutions in infrastructure, communication, and analytics.

The growing adoption of data analytics and predictive modeling strategy in this market are expected to boost the market growth during the forecast period. Property insurance vendors are looking for a multi-channel distribution strategy in advanced data analytics such as univariate analysis, sampling, regression/general linear modeling, splines, and spatial smoothing. Also, advanced modeling tools and techniques are expected to help vendors collect useful data that will facilitate decision making. This, in turn, would help in the proper rating of the claims that are processed, thus bringing in transparency in the underwriting process during the forecast period.

End-user segmentation and analysis of the property insurance market

• Personal property insurance
• Commercial property insurance

The personal property insurance segment dominated the market during 2015, with a market share of 53%. If we look at the current market scenario, many top vendors in the property insurance market are providing property coverage policies that include additional risks. The additional risks include coverage against personal belongings like jewelry and furs, art and antiques, stamp or coin collections, firearms, musical instruments, and expensive cameras. This will help in attracting a huge customer segment during the forecast period.

Geographical segmentation and analysis of the property insurance market

• Americas
• APAC
• EMEA

EMEA accounted for 36% of the market share during 2015 and is expected to grow at a CAGR of 6% during the forecast period. As EMEA has the potential for growth, there has been a steady rise in the number of firms that make use of the predictive analytics model and strategies. This, in turn, has increased the awareness among customers about the property risk exposure in different markets.

Competitive landscape and key vendors

Top suppliers in the property insurance market are opting for various operating models that include shared service centers and more centralized enterprise architecture models. This will help in the better handling of claims and thereby managing the data and information. The top property insurance vendors are expected to avoid fraudulent claims with the aid of business intelligence tools during the forecast period. This will help in retaining the customer base through product integration and customization.

The leading vendors in the market are -

• American International Group
• Allstate Insurance
• Liberty Mutual
• Berkshire Hathaway

Other prominent vendors in the market include Lloyd’s, Wells Fargo, Zurich Insurance, State Farm Fire & Casualty, Nationwide Mutual Insurance, Farmers Insurance Group of Companies, Chubb’s Federal Insurance, CAN Financial Corp.’s Continental Casualty Company, Munich Re and AXA.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the global property insurance market?
• What are the key market trends impacting the growth of the property insurance market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the vendors in the global property insurance market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global property insurance market?

Technavio also offers customization on reports based on specific client requirement.

Related reports:

• Global Trade Finance Market 2015-2019
• Global Islamic Financing Market 2015-2019
• Global Micro, Small, and Medium Enterprise Financing Market - Market Research 2015-2019
• Global Takaful Market - Market Research 2015-2019