Property insurance market is predicted to reach USD 37,615 billion at a CAGR of 9.80% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Property insurance market”.

The property insurance market is estimated to register a CAGR of 9.80% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global property insurance market— State Farm Mutual Automobile Insurance Company, Chubb, Allianz, Zurich, American International Group, Inc., PICC, Liberty Mutual Insurance, Allstate Insurance Company, Admiral Group Plc, AXA

Market Highlights

The global property insurance market is accounted to register a CAGR of 9.80% during the forecast period and is estimated to reach USD 37,615 billion by 2032.

Property insurance is frequently a prerequisite for mortgages or loans from lenders. Due to the necessity, property owners must obtain insurance, increasing market demand. Property owners' awareness of the need for insurance coverage against these risks is expanding as a result of climate change-related increases in the frequency and severity of natural catastrophes, which is propelling market expansion. Property insurers face a great deal of difficulties when it comes to managing risks related to extreme weather, rising sea levels, and shifting patterns of natural disasters brought on by climate change.

Segment Analysis

The global property insurance market has been segmented based on coverage, end user, and application.

On the basis of coverage, the market is segmented into Fire and Theft, House Damage, Floods and Earthquake, Personal Property, and Others. the floods and earthquake segment was attributed to holding the largest market share in 2022, due to the consequences of global warming and climate change on coastal cities.

Based on end user, the global property insurance market has been segmented into Landlords, Homeowners, Renters, and Others. The landlords segment was expected to hold the largest market share in 2022, because of the growing awareness about climate change and disasters in enterprises and individuals.

Based on Application, the global property insurance market has been segmented into Personal, and Enterprise. The personal segment was expected to hold the largest market share in 2022. This is because mostly individuals who own or rent homes typically purchase homeowners insurance.

Regional Analysis                                                                 

The global property insurance market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe property insurance market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The property insurance market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World property insurance market comprises of Middle East, Africa, and Latin America.

The largest market share for property insurance was maintained by the North American regional sector. The area frequently experiences earthquakes, floods, wildfires, storms, and other natural calamities. Property owners are encouraged to safeguard their assets against potential damages by the rising frequency and severity of these catastrophes, which in turn drives demand for property insurance coverage. In North America, the country's rapid infrastructural development and urbanization have increased property ownership and construction activity. Due to the need for coverage against a wider range of risks, this growth expands the market for property insurance.

Moreover, the Europe market has been persistently growing over the forecast period. Property ownership rises as a result of ongoing urbanization, city growth, and infrastructure development throughout Europe. Property insurance is becoming more and more popular as a means of defending against hazards including fire, theft, and liability. Europe is vulnerable to a number of climate-related disasters, such as storms, wildfires, and flooding. As a result of climate change, there is a growing need for property insurance coverage against extreme weather occurrences.

Additionally, In many Asia-Pacific nations, rapid economic growth and urbanization result in rising property ownership and infrastructural development. The need for property insurance to protect against numerous dangers rises as a result of this increase. In several Asia-Pacific nations, rising prosperity and a developing middle class contribute to a rise in property ownership. In order to safeguard their possessions, including residential and commercial real estate, property owners look for insurance.

Furthermore, the rest of the world's property insurance market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising investment in research and development. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.

Key Findings of the Study

• The global property insurance market is expected to reach USD 37615 billion by 2032, at a CAGR of 9.80% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the rising prosperity and a developing middle class contribute to a rise in property ownership.


• Based on application, the personal segment was attributed to holding the largest market in 2022.


• State Farm Mutual Automobile Insurance Company, Chubb, Allianz, Zurich, American International Group, Inc., PICC, Liberty Mutual Insurance, Allstate Insurance Company, Admiral Group Plc, AXA.