About Property Insurance
A property insurance policy covers any loss or damage to personal or commercial property. It also insures against loss or damage to the contents that are kept on the property and are under the control of the customers. However, if the property is given on rent or lease, the owner is expected to take appropriate insurance by the terms of the lease or contract. The more kind of loss the policy covers, the higher the premium.
Technavio’s analysts forecast the global property insurance market to grow at a CAGR of 5.6% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global property insurance market for 2016-2020. To calculate the market size, the report considers two types of property insurance premium: personal and commercial.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Property Insurance Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Property Insurance Market: American International Group, Allstate Insurance, Berkshire Hathaway Homestate, and Liberty Mutual Insurance.
Other Prominent Vendors in the market are: State Farm Fire & Casualty Co., Nationwide Mutual Insurance Co., Farmers Insurance Group of Companies, Chubb’s Federal Insurance Co., CNA Financial Corp.’s Continental Casualty Company, Wells Fargo, Munich Re, Zurich Insurance Group, AXA, and Lloyd’s.
Commenting on the report, an analyst from Technavio’s team said: “An upcoming trend in the insurance industry is the use of data analytics and predictive modeling strategies. Many top analytics companies are tying-ups with property insurance firms to improve the underwriting profits and also to lower the loss ratio. Customers are demanding innovative solutions and telematics in the commercial property policy and commercial package offered. This will also help customers to get useful insights about the portfolio metrics and risks associated and thereby identifying the pricing inadequacy and the profitability.”
According to the report, a key driver of market growth is the use of risk management tools. The property insurance vendors are looking for strong investment returns that they can reinvest to get higher yields. This brings in profitability to the system. Therefore, it is important that the vendors meet the customers' demand while challenging the increased risk and uncertainty. For instance, PACE is an advanced software application tool that integrates the management of the property risk survey reports and evaluates it. Its advanced security features include a hierarchy permission-based system that gives full access to customers' data. Such features ensure transparency in the risk management solutions.
Further, the report states that one challenge that would impact market growth is the effect of pricing and rating systems used by the insurance industry.
American International Group, Allstate Insurance, Berkshire Hathaway Homestate, Liberty Mutual Insurance, State Farm Fire & Casualty Co., Nationwide Mutual Insurance Co., Farmers Insurance Group of Companies, Chubb’s Federal Insurance Co., CNA Financial Corp.’s Continental Casualty Company, Wells Fargo, Munich Re, Zurich Insurance Group, AXA, Lloyd’s.