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Report
Fire Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Report I 2023-05-29 I 144 Pages I IMARC Group
The global fire insurance market size reached US$ 69.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 106.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.24% during 2023-2028.
Fire insurance refers to a type of property insurance that provides coverage for damage and losses incurred due to a fire outbreak. It is generally available as an add-on cover that the individual can purchase by paying some extra amount. It is designed to reimburse the costs of replacement, reconstruction and repair of the insured property destroyed or damaged in a fire accident. Nowadays, insurance companies offer policies that also cover property damage or loss caused by firefighters, water or smoke. As a result, fire insurance has gained traction among businesses since it protects them from the financial burden in case of a fire breakout.
Fire Insurance Market Trends:
A significant rise in fire accidents and the growing need for financial security due to rising uncertainties represent the primary factors driving the market. Besides this, the increasing awareness about numerous benefits offered by fire insurance among the masses is another major growth-inducing factor. Additionally, the leading players are launching new policies with more comprehensive coverage, affordable premiums and benefits to expand their customer base and gain a competitive edge. This, in confluence with the implementation of favorable government policies and stringent safety standards, is catalyzing the product demand. For instance, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated general insurers to provide three standard products, namely Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha, and Bharat Laghu Udyam Suraksha, for homeowners and enterprises. These products will cover the home building and content, plant, machinery, stocks, furniture, and other assets. Furthermore, easy claim settlements, increasing consumer expenditure capacities and several product innovations are some of the other factors providing a positive outlook for the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global fire insurance market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on coverage, enterprise size and industry vertical.
Breakup by Coverage:
Standard Coverage
Optional Coverage
Breakup by Enterprise Size:
Large Enterprises
Small and Medium-sized Enterprises
Breakup by Industry Vertical:
Manufacturing
Healthcare
Energy and Utilities
Retail and Consumer Goods
IT and Telecom
Hospitality
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Allianz SE, Amica Mutual Insurance Company, Assicurazioni Generali S.p.A., Axa S.A., Liberty Mutual Fire Insurance Company, Ping An Insurance Company of China Ltd., State Farm Insurance, The Allstate Corporation, The Government Employees Insurance Company and United Services Automobile Association.
Key Questions Answered in This Report:
How has the global fire insurance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global fire insurance market?
What are the key regional markets?
What is the breakup of the market based on the coverage?
What is the breakup of the market based on the enterprise size?
What is the breakup of the market based on the industry vertical?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global fire insurance market and who are the key players?
What is the degree of competition in the industry?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Fire Insurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Coverage
6.1 Standard Coverage
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Optional Coverage
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Enterprise Size
7.1 Large Enterprises
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Small and Medium-sized Enterprises
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Industry Vertical
8.1 Manufacturing
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Healthcare
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Energy and Utilities
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Retail and Consumer Goods
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 IT and Telecom
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Hospitality
8.6.1 Market Trends
8.6.2 Market Forecast
8.7 Others
8.7.1 Market Trends
8.7.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Allianz SE
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.1.4 SWOT Analysis
14.3.2 Amica Mutual Insurance Company
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 SWOT Analysis
14.3.3 Assicurazioni Generali S.p.A.
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 Axa S.A.
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.4.4 SWOT Analysis
14.3.5 Liberty Mutual Fire Insurance Company
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.5.3 SWOT Analysis
14.3.6 Ping An Insurance Company of China Ltd.
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.6.4 SWOT Analysis
14.3.7 State Farm Insurance
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.7.3 SWOT Analysis
14.3.8 The Allstate Corporation
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 The Government Employees Insurance Company
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.9.3 SWOT Analysis
14.3.10 United Services Automobile Association
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 SWOT Analysis
Figure 1: Global: Fire Insurance Market: Major Drivers and Challenges
Figure 2: Global: Fire Insurance Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Fire Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Fire Insurance Market: Breakup by Coverage (in %), 2022
Figure 5: Global: Fire Insurance Market: Breakup by Enterprise Size (in %), 2022
Figure 6: Global: Fire Insurance Market: Breakup by Industry Vertical (in %), 2022
Figure 7: Global: Fire Insurance Market: Breakup by Region (in %), 2022
Figure 8: Global: Fire Insurance (Standard Coverage) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Fire Insurance (Standard Coverage) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Fire Insurance (Optional Coverage) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Fire Insurance (Optional Coverage) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Fire Insurance (Large Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Fire Insurance (Large Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Fire Insurance (Small and Medium-sized Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Fire Insurance (Small and Medium-sized Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Fire Insurance (Manufacturing) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Fire Insurance (Manufacturing) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Fire Insurance (Healthcare) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Fire Insurance (Healthcare) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Fire Insurance (Energy and Utilities) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Fire Insurance (Energy and Utilities) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Fire Insurance (Retail and Consumer Goods) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Fire Insurance (Retail and Consumer Goods) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Fire Insurance (IT and Telecom) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Fire Insurance (IT and Telecom) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Fire Insurance (Hospitality) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Fire Insurance (Hospitality) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Fire Insurance (Other Industry Verticals) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Fire Insurance (Other Industry Verticals) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: North America: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: North America: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: United States: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: United States: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Canada: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Canada: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Asia-Pacific: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Asia-Pacific: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: China: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: China: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Japan: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Japan: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: India: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: India: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: South Korea: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: South Korea: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Australia: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Australia: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Indonesia: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Indonesia: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Others: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Others: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Europe: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Europe: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Germany: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Germany: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: France: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: France: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: United Kingdom: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: United Kingdom: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Italy: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Italy: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Spain: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Spain: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Russia: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Russia: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Others: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Others: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Latin America: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Latin America: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Brazil: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Brazil: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Mexico: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Mexico: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Others: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Others: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Middle East and Africa: Fire Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Middle East and Africa: Fire Insurance Market: Breakup by Country (in %), 2022
Figure 78: Middle East and Africa: Fire Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 79: Global: Fire Insurance Industry: SWOT Analysis
Figure 80: Global: Fire Insurance Industry: Value Chain Analysis
Figure 81: Global: Fire Insurance Industry: Porter's Five Forces Analysis
Table 1: Global: Fire Insurance Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Fire Insurance Market Forecast: Breakup by Coverage (in Million US$), 2023-2028
Table 3: Global: Fire Insurance Market Forecast: Breakup by Enterprise Size (in Million US$), 2023-2028
Table 4: Global: Fire Insurance Market Forecast: Breakup by Industry Vertical (in Million US$), 2023-2028
Table 5: Global: Fire Insurance Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Fire Insurance Market: Competitive Structure
Table 7: Global: Fire Insurance Market: Key Players
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