The Global Property Insurance Market size accounted for USD XX million in historical year, is anticipated to mount at a notable CAGR of XX% by the end of the forecast period. One of the major factors driving the growth of property insurance market over the forecast period is rising adoption of data analytics as well as predictive modeling strategy. Moreover, several major market participants are opting for a strategy that has multi-channel distribution in innovative data analytics for instance sampling, univariate analysis, splines, general linear modeling as well as spatial smoothing. Besides, innovative modeling techniques and tools can enable decision making with the help of beneficial data collected. Further, this would enable creating transparency in the process of underwriting over the forecast period. However, cyber security issues plus high hazard jeopardies are major restraints towards property insurance market growth.
Furthermore, property insurance market across the globe is segmented by different end-users and geography. Further, end-user segment is sub-divided to personal property insurance and commercial property insurance. Personal property insurance segment led the market in previous year by acquiring approx. 53% of overall Property Insurance Market share. Likewise, geographical segment is subdivided into North America, Latin America, Asia-Pacific, Europe and Middle East & Africa. Europe dominates the market with largest market share in previous year owing to the rising awareness amongst the consumers about the risks in property insurance market. Europe is followed by Middle East & Africa as there are large number of vendors adopting predictive analytics model as well as strategies.
Some of the major market participants of the property insurance market are adopting several operating models that will consists of shared service centers plus extra federal enterprise architecture models. This will enhance the process of handling the claims and also enable better management of data & information. Furthermore, the business intelligence tools will also enable vendors in avoiding any fraudulent claims over the forecast period. Besides, adoption of these tools would enable vendors in retaining their customer base. Some of the key players operating in completive landscape include American International Group, Allstate Insurance, Berkshire Hathaway, Liberty Mutual, AXA, Farmers Insurance Group of Companies, Lloyd’s, Wells Fargo, State Farm Fire & Casualty, Nationwide Mutual Insurance, Chubb’s Federal Insurance, CAN Financial Corp.’s Continental Casualty Company and Munich Re.
Property Insurance Market Scope
|Forecast Unit||Value (USD)|
|Segment Covered||End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||American International Group, Allstate Insurance, Berkshire Hathaway, Liberty Mutual, AXA, Farmers Insurance Group of Companies, Lloyd’s, Wells Fargo, State Farm Fire & Casualty, Nationwide Mutual Insurance|
Key Segments in the “Global Property Insurance Market” are-
- End-User Industries
- Commercial property insurance
- Personal property insurance
- Geographical Segmentation
- North America
- Latin America
- Middle East & Africa.
What to expect from the upcoming report on ‘Global Property Insurance Market’:
- Analysis about future prospects as well as Global Property Insurance Market trends market over the forecast period (2018-2025)
- Information regarding technological progressions as well as innovations taking place in developing as well as developed economies including property insurance market in India and property insurance market UK
- Supportive initiatives by government likely to influence the market dynamics.
- Key drivers influencing market’s growth, opportunities, restraints, sales channels and distributors.
- In-depth analysis of different market segmentations including regional segmentations, applications and product types.
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.