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Property & Casualty Insurance Market Size

  • Report ID: GMI7113
  • Published Date: Oct 2023
  • Report Format: PDF

Property & Casualty Insurance Market Size

Property & Casualty Insurance Market size was valued at USD 1.8 trillion in 2023 and is estimated to register a CAGR of over 5.5% between 2024 and 2032. The increasing GDP contributes to the expansion of the market by driving economic growth, which results in greater assets, property, and commercial activities. As GDP rises, individuals and businesses have more to protect, leading to an increased demand for P&C insurance products such as property, liability, and business interruption coverage. According to the Bureau of Economic Analysis U.S., in the second quarter of 2023, real Gross Domestic Product (GDP) in the U.S. grew at an annual rate of 2.1 percent, as per the "third" estimate.

 

Property & Casualty Insurance Market

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Rising urbanization is propelling the property and casualty insurance market by increasing the concentration of properties and businesses in urban areas. The demand for insurance coverage on properties, homes, commercial enterprises, and vehicles will surge as more people migrate to cities and urban infrastructure expands. According to the UNCTAD, 57% of world population lives in urban areas. In the coming 25 years, global population is projected to grow by 1.6 billion people. Urban environments are prone to unique risks such as higher traffic congestion, property thefts, and natural disasters, necessitating comprehensive P&C insurance. Urbanization-driven demand expansion fuels the market growth as insurers adapt to the evolving risk landscape in urban areas.

Implementing and maintaining technology solutions in the property & casualty (P&C) insurance market poses a significant challenge due to the associated high costs. Developing and maintaining robust digital infrastructure, including core systems and data analytics, requires substantial investments. Smaller insurers may struggle with these costs, which will limit their competitiveness. Additionally, the ongoing expenses for updates, cybersecurity, and compliance can also strain budgets. To address this challenge, insurers are seeking cost-effective and scalable solutions to ensure their long-term viability and competitiveness.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of property & casualty insurance reached USD 1.8 trillion in 2023 and is set to witness over 5.5% CAGR between 2024 and 2032, owing to the rising rate of urbanization along with the higher insurance coverage on properties, homes, commercial enterprises, and vehicles.

The agency distribution channel segment held over 38% of the market share in 2023, attributed to the rising expansion of digital channels.

North America recorded over 30% of the market share in 2023, due to the presence of robust insurance sector, high urbanization rates, and the strong focus on risk management.

Some of the prominent property & casualty insurance companies are State Farm Group, Berkshire Hathaway Inc., Progressive Corporation, Allstate Corporation, Liberty Mutual Insurance, Travelers Companies Inc., and Chubb Limited.

Property & Casualty Insurance Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 226
  • Countries covered: 21
  • Pages: 220
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