[June 10, 2021]

Worldwide Fire Insurance Industry to 2028 - Government Initiatives Regarding Fire Insurance Policy Present Opportunities - ResearchAndMarkets.com

The "Fire Insurance Market by Coverage, Enterprise Size and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

Fire insurance is like property coverage that pays for damages to property and other losses caused due to fire. It not only covers the cost of repairing or replacing damaged property in home, but also covers the costs of accommodations for the houses that are vacant or not in usable form.

Fire insurance is a type of insurance which is used to cover the residence and most of the household belongings against fire and natural calamities like forest fire, thunderstorm, and others. Furthermore, the IRDAI Insurance Regulatory and Development Authority of India has mandated all fire insurance companies to introduce 3 standardized products namely, Bharat Griha Raksha Bharat, Sookshma Udyam, and Suraksha, and Bharat Laghu Udyam Suraksha against SFSP i.e. Standard Fire and Special Perils for homeowners and enterprise from April 1, 2021. This policy will cover home building, home content, plant, machinery, stocks, and other assets, and can apply as per risk perception.

Increased demand for insurance policies, rise in need for financial safety in case of increase in uncertainties, and surge in number of properties are the major factors that drive the growth of the global fie insurance market. Moreover, lack of awareness regarding fire insurance policy, and high premium cost hamper the growth of the market. Furthermore, implementation of technologies in existing products and service lines and government initiatives regarding fire insurance policies are expected to provide lucrative opportunity for the market expansion during the forecast period.

The fire insurance market is segmented on the basis of coverage, enterprise size, industry vertical and region. In terms of coverage, it is fragmented into standard coverage and optional coverage. Depending on enterprise size, it is divided into large enterprises and small and medium enterprises. Based on industry vertical, it is classified into manufacturing, healthcare, energy & utilities, retail & consumer goods, IT & telecom, hospitality and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Benefits

• The study provides an in-depth analysis of the global fire insurance market along with the current trends and future estimations to elucidate the imminent investment pockets.
• Information about key drivers, restraints, and opportunities and their impact analysis on the global fire insurance market size is provided in the report.
• Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• The quantitative analysis of the market from 2021 to 2028 is provided to determine the market potential.

Market Dynamics

Drivers

• Rise in need for financial Safety in case of increasing uncertainties
• Innovative products and services offered by major fire insurance players
• Increased demand for insurance policies

Restraint

• Lack of awareness regarding fire insurance policy

Opportunity

• Government initiatives regarding fire insurance policy
• Implementation of technologies in existing products and service lines

Key Market Players

• Amica
• Allianz
• Allstate Insurance Company
• AXA
• ASSICURAZIONI GENERALI S.P.A.
• GEICO
• Liberty Mutual Insurance
• Ping An Insurance (Group) Company of China, Ltd.
• State Farm Mutual Automobile Insurance Company
• USAA

For more information about this report visit https://www.researchandmarkets.com/r/yc9bpj

View source version on businesswire.com: https://www.businesswire.com/news/home/20210610005709/en/

[ Back To TMCnet.com's Homepage ]