Global Fire Insurance Market to Reach USD 139.3 Billion by 2033, Propelled by Growing Incidences of Fire Accidents

December 23, 2024 | BFSI

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As per the latest report by IMARC Group, titled “Fire Insurance Market Report by Coverage (Standard Coverage, Optional Coverage), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), Industry Vertical (Manufacturing, Healthcare, Energy and Utilities, Retail and Consumer Goods, IT and Telecom, Hospitality, and Others), and Region 2025-2033,” the global fire insurance market size reached USD 78.9 Billion in 2024. Fire insurance is a legal contract between an insurance company and the policyholder that provides coverage for damage and losses incurred due to a fire outbreak. It is designed to reimburse the costs of replacement, reconstruction and repair of the insured property destroyed or damaged in a fire accident. Besides fire-related perils, the fire insurance policy also provides coverage against accidental fire, explosion, and lightning incidents. Over the years, fire insurance has gained traction among businesses since it offers additional benefits and provides financial security.

Global Fire Insurance Market Trends:

The market is primarily driven by the increasing number of uncertainties like fire accidents. Besides this, the rising awareness about numerous benefits offered by fire insurance policy represents another major growth-inducing factor. Moreover, key players are introducing new policies with comprehensive coverage and affordable premiums to expand their customer base and gain a competitive edge, which is also contributing to the market growth. Additionally, the governing authorities of numerous countries are introducing favorable policies and stringent safety standards to create awareness about the various benefits offered by fire insurance. For instance, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated general insurers to provide three standard products, namely Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha, and Bharat Laghu Udyam Suraksha, for homeowners and enterprises. Furthermore, easy claim settlements, rising disposable incomes, and several product innovations are some of the other factors anticipated to propel the market growth. Looking forward, IMARC Group expects the market value to reach USD 139.3 Billion by 2033, exhibiting a CAGR of 6.2% during the forecast period (2025-2033).

Market Summary:

Based on the coverage, the market has been bifurcated into standard and optional coverage.
On the basis of the enterprise size, the market has been categorized into large, and small and medium-sized enterprises.
Based on the industry vertical, the market has been segmented into manufacturing, healthcare, energy and utilities, retail and consumer goods, IT and telecom, hospitality, and others.
Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the industry has also been examined, with some of the key players being Allianz SE, Amica Mutual Insurance Company, Assicurazioni Generali S.p.A., Axa S.A., Liberty Mutual Fire Insurance Company, Ping An Insurance Company of China Ltd., State Farm Insurance, The Allstate Corporation, The Government Employees Insurance Company and United Services Automobile Association.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Segment Coverage	Coverage, Enterprise Size, Industry Vertical, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Allianz SE, Amica Mutual Insurance Company, Assicurazioni Generali S.p.A., Axa S.A., Liberty Mutual Fire Insurance Company, Ping An Insurance Company of China Ltd., State Farm Insurance, The Allstate Corporation, The Government Employees Insurance Company and United Services Automobile Association
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Fire Insurance Market to Reach USD 139.3 Billion by 2033, Propelled by Growing Incidences of Fire Accidents

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