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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.

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Parent industry: Insurance
Related industries: Health Insurance, Life Insurance, Reinsurance, Pension, Auto Insurance, Auto Insurance

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