How Is The Global Earthquake Insurance Market Defined?
Earthquake insurance is a type of property insurance designed to protect homeowners and renters against the financial losses that may result from earthquake damage. This insurance helps mitigate the financial impact of earthquakes and provides peace of mind for those living in seismically active regions.
Earthquake Insurance Global Market Report 2024 provides data on the global earthquake insurance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The earthquake insurance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Earthquake Insurance Market Size And Annual Growth Rate?
The earthquake insurance sector has expanded steadily, growing from $7.54 billion in 2023 to $8.02 billion in 2024 at a CAGR of 6.3%. Growth factors include rising natural disasters, government regulations, urbanization, insuring older buildings, and the popularity of home insurance policies. By 2028, the market is anticipated to reach $10.30 billion at a CAGR of 6.5%, driven by uncertainties, construction activities, natural disaster occurrences, and growing awareness of earthquake insurance. Key trends include advanced risk modeling, IoT-based systems, data analytics, innovative risk products, and new technology applications.
Which Key Drivers Are Propelling The Earthquake Insurance Market's Growth?
The increasing frequency of natural disasters is anticipated to drive the growth of the earthquake insurance market. Natural disasters, such as earthquakes, are becoming more frequent, influenced by factors like climate change, urbanization, and extreme weather patterns. Earthquake insurance helps protect individuals and businesses financially by covering the cost of repairs to homes and infrastructure damaged by earthquakes. For example, a March 2023 report from ReliefWeb stated that 387 natural hazards and disasters were recorded globally, slightly above the 2002–2021 average of 370. This rise in natural disasters is likely to spur demand for earthquake insurance.
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What Are The Key Segments Within The Global Earthquake Insurance Market?
The earthquake insurance market covered in this report is segmented –
1) By Type: Life Insurance, Non-Life Insurance
2) By Coverage Type: Comprehensive, Catastrophic
3) By Distribution Channel: Banks, Agents, Brokers, Retailers, Other Distribution Channels
4) By Application: Personal, Commercial
5) By End-User: Individuals, Business
How Are New Trends Impacting The Size Of The Earthquake Insurance Market?
In the earthquake insurance market, companies are prioritizing the development of innovative insurance policies, such as natural catastrophe (Nat cat) insurance, to ensure quicker and more efficient payouts in the aftermath of natural disasters. NormanMax Syndicate 3939, a leader in parametric insurance products for natural catastrophes, launched a new syndicate in May 2024. This initiative focuses on providing rapid and transparent payouts for events like hurricanes, typhoons, and earthquakes, bridging critical insurance gaps and addressing issues like trapped capital.
Which Region Drives The Highest Growth In The Earthquake Insurance Market?
North America was the largest region in the earthquake insurance market in 2023. The regions covered in the earthquake insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
