1. Market Research
  2. > Financial Services
  3. > Insurance Market Trends
  4. > Property Insurance

The business of private real estate insurance: kick-start your market research using top industry reports

 
  • Currently 0/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
0 vote
Share

Global Property Insurance Industry Report

 

Property insurance provides protection against risks to property, such as fire, theft and some weather damage. This cover can include home insurance, renters’ insurance, flood insurance and earthquake insurance. Personal property is generally covered by a homeowners or renters policy, unless it is of particularly high value, in which case it can usually be covered by purchasing an addition to the policy called a "rider". If a claim is filed, the policy will either reimburse the holder of the policy for the actual cost of repairing the damage, or the replacement cost of the item.

 

Berkshire Hathaway, AXA, Zurich Insurance Group, ACE Group and China Life Insurance are some of the prominent players operating in the industry.

 

Key Segments

 

There is a range of types of property insurance based on the type of cover:

 

  • Home Insurance: A form of property cover designed to protect an individual's home against damage to the building, or to possessions in the home.  This can be further categorized as buildings insurance & contents insurance. In some countries these are offered as two different covers and in some countries both are included. While home insurance generally covers most situations where loss could occur, some events are typically excluded from policies, namely: earthquakes, floods, acts of war.
  • Renters’ policy:  This insurance provides coverage for a policy holder's belongings within a rental property and for the owner’s legal liability to the tenant.
  • Commercial property cover: This protects commercial property from perils like fire, theft and natural disaster. Generally businesses, including manufacturers, retailers, service-oriented businesses and not-for-profit organizations are the policy holders for this type of protection.

 

Property insurance can also provide cover against open perils or named perils:

 

  • Open perils: Refers to policy that insures against loss to cover property from all causes except those that are specifically excluded. This type of protection is expensive because it is more comprehensive.
  • Named perils: The named peril policy covers losses caused to covered property only by the perils explicitly listed in the policy. A typical broad form of named peril insurance includes cover from fire, windstorm, hail, riot, vandalism, explosion and smoke. Flood insurance and earthquake insurance are two other common examples of named peril policies.

 

 

Regional Market Shares

 

The insurance industry in the US is the largest of any country in the world in terms of revenue and insurance premiums historically contributed around 8% of GDP in the US. Gross premiums written total more than $1 trillion and of this property/casualty (P/C) insurers account for more than 45%.The US market for property cover is fragmented with State Farm Group, Allstate Insurance Group and Farmers Insurance Group the leading providers in this industry.

 

Europe is a more than a €1.1 trillion industry for insurance, of which gross property premiums total more than €90 billion. Germany, France, UK are the largest markets for home cover in Europe.  The Generali Group and Allianz are some of the leading companies in the property protection industry in Europe.

 

In Japan property insurance is more than a $14 billion industry and is projected to rise to more than an $18 billion industry in the medium term. American Home Assurance Company and MS&AD Insurance Group Holdings, Inc. are key players.

 

 

Market Outlook

 

Key trends across the industry include:

 

Telemetry-based product innovation is developing quickly and likely to penetrate the property insurance industry. Home automation or “smart home” technology is making entry through popular consumer solutions and provides opportunities for underwriters to recognize risk factors among customers. As smart home technology evolves, insurers may utilize real-time telemetric data to assess of risk and prevent losses. This will also help them to issue more intelligent policies based on live data emanating from customer homes. Homeowners are also interested in home automation capabilities for the premium discounts attached to it as companies are willing to offer discounts for security systems, fire protection systems, camera systems and some water-leak detection. For instance Allstate Insurance offers a 25% premium discount for those who sign up for a home monitoring service.

 

Geocoding is another emerging trend. Rather than only showing information about the neighborhood, detailed geocoding can offer data about a building’s individual attributes, taking into account factors like structural integrity and a building’s footprint. With this information, insurance companies can determine with greater accuracy what kind of risks the property can withstand.

 

In most countries, the channels to reach the customers are becoming more digital, particularly with the expanding use of mobile devices. Industry analysis predicts that in Europe digital interactions with financial services organizations will outnumber face-to-face by 250 to 1 in the near future.

 

List of Top Analysts

 

 

 

You might be interested in these related markets

 

Understand the Property Insurance Industry Quickly & Get Actionable Data Easily. The Latest Reports with Statistics & Trends from Top Industry Sources
1-10 of about 300 reports

Global Property Insurance Markets

  • May 2015
    5 pages
  • Property Insura  

  • World  

View report >

Property Insurance Industry in the US

  • May 2015
    7 pages
  • Property Insura  

  • United States  

View report >

Property Insurance Industry in Japan

  • March 2014
    9 pages
  • Insurance  

    Insurance  

  • Japan  

View report >

Property Insurance Industry in the US and the UK

  • November 2014
    7 pages
  • Property Insura  

    Insurance  

  • United States  

    United Kingdom  

View report >

Natural Catastrophe Insurance Statistics in the US

  • August 2015
    30 pages
  • Natural Catastr  

  • United States  

View report >

Insurance Industry in Asia

  • July 2015
    52 pages
  • Insurance  

    Flood Insurance  

  • Asia  

    World  

View report >

Flood Insurance Industry in the US

  • May 2015
    3 pages
  • Flood Insurance  

  • United States  

    North America  

View report >

Flood Insurance Industry in the US Forecast

  • May 2015
    5 pages
  • Flood Insurance  

  • United States  

View report >

Insurance Industry in the US

  • March 2015
    6 pages
  • Insurance  

    Property Insura  

  • United States  

View report >

Insurance Industry in the US Forecast

  • March 2015
    6 pages
  • Insurance  

    Property Insura  

  • United States  

View report >


About 400 reports

Purchase Reports From Reputable Market Research Publishers
(From $ 99 - $ 2 616)

Affinity and Partnership Marketing in UK Household and Home Emergency Insurance

Affinity and Partnership Marketing in UK Household and Home Emergency Insurance

  • $ 2 993
  • Industry report
  • June 2015
  • by Finaccord

Finaccord's report titled Affinity and Partnership Marketing in UK Household and Home Emergency Insurance represents the most detailed research ever undertaken on this sector and is one of seven studies ...

Non-life Insurance In Croatia, Key Trends And Opportuni ...

August 2015 $ 1 950

The Insurance Industry In Georgia, Key Trends And Oppor ...

August 2015 $ 1 950

The Insurance Industry In Costa Rica, Key Trends And Op ...

July 2015 $ 1 950

The Insurance Industry In The Central African Republic, ...

July 2015 $ 1 950

The Insurance Industry In Cameroon, Key Trends And Oppo ...

July 2015 $ 1 950

The Insurance Industry In Tunisia, Key Trends And Oppor ...

July 2015 $ 1 950

The Insurance Industry In Paraguay, Key Trends And Oppo ...

July 2015 $ 1 950

Non-life Insurance In Luxembourg, Key Trends And Opport ...

July 2015 $ 1 950

The Insurance Industry In Mongolia, Key Trends And Oppo ...

July 2015 $ 1 950

ReportLinker is an award-winning market research solution that finds, filters and organizes the latest industry data so you get all the market research you need - quickly, in one place.