Enjoy complimentary customisation on priority with our Enterprise License!
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.
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.
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.
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 -
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.
Technavio also offers customization on reports based on specific client requirement.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by property
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Appendix
PART 15: Explore Technavio
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.