Summary
The global Personal Property Insurance Market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
Property is a lifetime investment and most people usually invest all their savings in building their home. People are very reluctant when it comes to safeguarding this lifetime investment. Natural calamities like cyclones, floods and earthquakes can cause a huge amount of loss to physical properties and human lives. Now it has become a necessity to have adequate cover for property. A property insurance plan can help in reducing the financial stress and these policies also protect their homes from natural calamities. Property insurance provides cover from fire, explosion etc. Furthermore, an increase in the adoption of modeling strategy and data analytics in the property insurance market is also expected to boost growth of the global personal property insurance market during the forecast period. However, there is a lack of awareness amongst people regarding these policies.
Market Drivers:
Increasing demand for insurance services related to casualty and property is estimated to augment growth of the global personal property insurance market during the forecast period. Increasing incidences of catastrophic damages like earthquakes, forest fires, avalanches, tsunamis, lightning and volcanic eruption around the world have increased the demand for growth of the global personal property insurance market. For instance, the National Centers for Environmental Information mentioned that in 2021, the United States of America witnessed 20 separate weather and climate disasters. Moreover, increasing competition in the personal property market is expected to propel growth of the global personal property insurance market during the forecast period.
Market Restraints:
Shortage of awareness with regard to personal property insurance policies is expected to hinder growth of the global personal property insurance market during the forecast period.
Regional Insights:
North America is estimated to witness robust growth in the global personal property insurance market during the forecast period, due to the presence of key players in the region. Furthermore, Asia-Pacific is also anticipated to witness significant growth in the global personal property insurance market during the forecast period, due to rising population in the region.
Key Players:
Key players active in the global personal property insurance market are Prudential Financial, Allstate Insurance, Aviva, Liberty Mutual, GEICO, Allianz, MetLife, Chubb, AIG, State Farm Insurance, PingAn, CPIC and Zurich Financial Services.
The Insurance Information Institute, in the United States of America revealed that in 2022, around 93% of homeowners have home insurance
The Personal Property Insurance Market report highlights product development and growth strategies such as mergers and acquisitions adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the Personal Property Insurance Market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- Allstate Insurance
- Allianz
- AXA
- Aviva
- State Farm Insurance
- Zurich Financial Services
- MetLife
- GEICO
- Liberty Mutual
- Aegon
- Prudential Financial
- AIG
- PingAn
- Chubb
- CPIC
By the Product Type, the market is primarily segmented into:
- Renters Insurance
- Condo Insurance
- Homeowners Insurance
- Others
By Applications, the market is segmented into:
- 20 Years Old
- 20~30 Years Old
- 30~40 Years Old
- 40~50 Years Old
- 50~60 Years Old
- 60 Years Old
The report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the Personal Property Insurance Market Report:
- To assess the size of the market by value and volume
- Analyze the Personal Property Insurance Market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine share of the Personal Property Insurance Market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state–of–the–art tools and the current primary and secondary research approaches
- Discuss major factors that impact growth of the Personal Property Insurance Market
The Personal Property Insurance Market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the Personal Property Insurance Market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type and application, 2019 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
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