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The property and casualty insurance market is estimated to grow at a CAGR of 8.5% between 2022 and 2027. The market size is forecasted to increase by USD 676.06 million. The growth of the market depends on several factors, including the increase in uncertain catastrophic events, the digitalization of the insurance industry, and the increasing government regulations on mandatory insurance coverage.
This property and casualty insurance market report extensively covers market segmentation by distribution channel (direct business, agents, banks, and others), product type (fire insurance, motor insurance, marine insurance, aviation insurance, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The digitalization of the insurance industry is notably driving market growth, although factors such as data privacy and security concerns may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The digitalization of the insurance industry is notably driving market growth. Digitalization has led to significant changes in the insurance industry. Insurance companies are providing convenient, efficient, and personalized services to their clients. Insurtech companies leverage advanced technologies to offer innovative insurance products and services that are tailored to customers' preferences. This enables customers to easily compare insurance policies and choose the one that suits their demands.
Insurance companies can use advanced tools to collect and analyze vast amounts of data. With the use of big data analytics and AI, they can provide personalized and targeted policies and pricing as well as risk management. The use of mobile apps and online platforms has also changed the insurance industry. Customers can easily access insurance services using their smartphones or computers, which makes the process of buying and managing insurance policies more convenient. These factors are expected to drive the growth of the global property and casualty insurance market during the forecast period.
The increasing adoption of cloud-based solutions in the insurance industry is a key trend in the market. Cloud systems are cost-effective, as software services can be used on a pay-per-use basis. Limited requirements for hardware infrastructure, low dependency on in-house IT personnel, and low maintenance costs are some of the factors fueling the adoption of cloud-based solutions. This enables enterprises to focus on developing their core competencies.
Cloud-based property and casualty insurance solutions are flexible to scale up and down, depending on the company's requirements. They also enable high-speed deployment and low upfront costs. These solutions enable organizations to access data and services remotely. Moreover, they have a short implementation time, which further reduces the cost of implementation and improves the return on investment (ROI). Cloud-based property and casualty insurance solutions have various advantages compared with traditional property and casualty insurance offerings. Therefore, the rising adoption of cloud-based solutions in the insurance industry will boost the growth of the market during the forecast period.
Data privacy and security concerns are challenging market growth. The insurance industry has been relying significantly more on technology in recent years for functions such as processing systems, online data, and electronic communication. However, technological advances make it easier for hackers and cybercriminals to access vulnerable data. The insurance industry can be adversely affected by the misuse of data from a device or the cloud. Any failure in cybersecurity can expose can result in huge financial losses.
The spread of COVID-19 compelled organizations to work remotely. Various organizations adopted remote working models even after the removal of lockdown measures. This has increased cybersecurity and data privacy risks for businesses. As per The Travelers Companies Travelers Risk Index Results 2022, cyber threats were the main concern for business decision-makers. Such issues can cause a loss of revenue for vendors operating in the global property and casualty insurance market. These factors are expected to hinder the growth of the global property and casualty insurance market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Property and Casualty Insurance Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Allianz SE - The company offers property and casualty insurance such as environmental liability and personal accident insurance.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the direct business segment will be significant during the forecast period. This segment includes the direct sale of insurance to buyers. Insurance companies provide a range of services, such as insurance quotes, policy applications, and claims management in direct business. Customers can rely on insurance agencies for all-around support throughout.
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The direct business segment was valued at USD 458.38 million in 2017 and continued to grow until 2021. Insurance companies have a better understanding of customers' needs and preferences, which allows them to provide personalized services. This helps them create strong relationships with their clients and establish trust. These factors are expected to drive the direct business segment in the global property and casualty insurance market during the forecast period.
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North America is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The presence of a large and affluent high-income group is driving the growth of the market in North America. This has created a significant demand for insurance products, especially property and casualty insurance. The high level of innovation and the adoption of advanced technologies are also driving the growth of the regional market. Insurers are leveraging advanced technologies to develop new products, enhance customer experience, and improve operational efficiency. The regulatory environment in North America is also contributing to the growth of the property and casualty insurance market in the region. The regulatory framework in the region is designed to protect consumers and ensure fair competition among insurers. Therefore, regulators work closely with insurance companies to promote market stability, consumer protection, and financial soundness. Such factors will drive the growth of the market in the region during the forecast period.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020, most North American countries were severely affected by the COVID-19 pandemic, which forced governments to impose lockdowns. Banking stocks in the region were negatively impacted due to economic instability and volatility in capital markets. The lockdown also disrupted supply chains in several industries, which resulted in the downfall of revenue generation of businesses. As a result, the demand for property and casualty insurance declined in 2020. However, in 2021, the region entered a recovery phase due to large-scale vaccination drives, which led to the resumption of business activities. Moreover, financial companies are increasingly using advanced technologies such as AI, blockchain, and cloud-based services to enhance the customer experience of processing property and casualty insurance. Such factors are expected to drive the growth of the regional property and casualty insurance market during the forecast period.
The property and casualty insurance market report forecasts market growth by revenue at global, regional, & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the property and casualty insurance market as a part of the global specialized consumer services market within the global diversified consumer services market. The parent market, the global specialized consumer services market, covers revenue generated by consumer service providers, including residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. Growth of the global specialized consumer services market will be driven by factors such as growth in worldwide construction activities, rise in disposable income, and increased adoption of multichannel marketing strategies. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Property And Casualty Insurance Market Scope |
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Report Coverage |
Details |
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Page number |
184 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.5% |
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Market growth 2023-2027 |
USD 676.06 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.5 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 45% |
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Key countries |
US, China, Japan, UK, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Allianz SE, American International Group Inc., AXA Group, Berkshire Hathaway Inc., Chubb Ltd., CNA Financial Corp., ICICI Bank Ltd., Liberty Mutual Insurance Co., Mitsubishi Corp, Munich Reinsurance Co., Nationwide Mutual Insurance Co., Sompo Holdings Inc., State Farm Mutual Automobile Insurance Co., The Allstate Corp., The Travelers Co. Inc., Toyota Motor Corp., Universal Insurance Holdings Inc., USAA, Zurich Insurance Co. Ltd., and PICC Property and Casualty Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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