Commercial Earthquake Insurance Market Scope
Commercial earthquake insurance provides coverage against the uncertain loss and damage due to the earthquake. It covers direct damage, commercial property, business income, and other additional expenses depending on the type of policy plan taken and individual risks. The commercial earthquake insurance is decided based on several factors such as construction material, building age, replacement cost, fault distance, etc and it is used by various industries.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
RLI Corp (United States), ICW Group (United States), Zurich Insurance Group Ltd. (Switzerland), Fuller Insurance Agency (United States), Catalytic Risk Managers & Insurance Agency, LLC (United States), Aegis General Insurance Agency (United States), Hanson Insurance Group (United States), NHC Insurance (United States), The J. Morey Company (United States) and Mitchell & Mitchell Insurance Agency, Inc. (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Commercial Earthquake Insurance market , by Application (Office Buildings, Hospital, Hotel and Others) and Region with country level break-up.
On the basis of geography, the market of Commercial Earthquake Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 12th April 2021 - Zurich Insurance Group (Zurich) subsidiary Farmers Group, Inc. (FGI) and Farmers Exchanges1 have completed the acquisition of MetLife’s property and casualty (P&C) business in the U.S. and On 23rd Dec 2020 - ICW Group Insurance Companies, a leading group of property and casualty carriers, is expanding its Customer Experience (CX) and Enterprise Marketing teams in addition to seeking numerous positions to support its aggressive growth initiatives.
"The California Earthquake Authority (CEA) provides most earthquake insurance in California. CEA offers earthquake policies, for homeowners, mobile homeowners, condo unit owners, and renters. One cannot buy earthquake insurance directly from CEA you buy it directly from insurance companies that are members of CEA."
Market Trend
- The popularity of Direct Damage Coverage of Commercial Earthquake Insurance
Market Drivers
- Growing Number of Earthquake Incidents Around the World
- Need for Protection Against the Earthquake Damage and Loss
Opportunities
- Growing Promotional Programs for Insurance Policies will Boost the Commercial Earthquake Insurance Market
Restraints
- Costly Premium of Commercial Earthquake Insurance
Challenges
- Increasing Number of Fraudulent Commercial Earthquake Insurance Players in the Market
Key Target Audience
Commercial Earthquake Insurance Providers, Commercial Earthquake Insurance Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others