The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

During the forecast period, a significant increase in fire accidents is expected to drive innovation in fire insurance manufacturing, thereby driving the market.

The global fire insurance market is expected to grow from $67.28 billion in 2022 to $74.08 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The global fire insurance market size is expected to grow to $106.57 billion in 2027 at a CAGR of 9.5%.

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Global Fire Insurance Market Segments Include:

• By Coverage: Standard Coverage, Optional Coverage
• By Enterprise Size: Large Enterprises, Small And Medium Enterprises
• By Industry Vertical: Manufacturing, Healthcare, Energy And Utilities, Retail And Consumer Goods, IT And Telecom, Hospitality, Other Industry Vertical
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global fire insurance market in 2021.

Major Market Players in the fire insurance market include Amica Mutual Insurance, Allstate Insurance Company, Allianz, AXA, Assicurazioni Generali S.p.A., Liberty Mutual Insurance Company, GEICO, Ping An Insurance (Group) Company of China Ltd.

Product innovation has emerged as the most popular trend in the fire insurance market. To boost their market position, major insurance companies in the fire insurance industry are launching novel insurance packages. For example, in February 2021, AXA Affin General Insurance Berhad, a Malaysian insurance company, launched BAPE, or Business Advantage Plus (Enhanced), a business protection policy specifically designed for small and medium enterprises (SMEs) that covers fire protection, fire consequential loss, and other perils such as burglary, public liability, and compensation. Certain types of businesses, such as food and beverage establishments, low-cost hotels, and learning centres, benefit from the solution as well.

The Fire Insurance Global Market Report 2023  provides a fire insurance market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The fire insurance market forecast analyzes fire insurance market size, fire insurance market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Fire insurance is a type of property insurance that covers damage and losses caused by a fire outbreak. General fire coverage, such as replacement cost and repairing or reconstructing property above the policy limit, is generally included in fire insurance plans.

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