What is Property Insurance Market Scope?
Property insurance is a series of policies that provide either liability coverage or property protection coverage. Property insurance offers financial reimbursement to the owner or renter of a structure and its contents in case there is damage or theft, and to a person other than the owner or renter if that person is injured on the property. Rapid economic developments, globalization, and digitalization in developing economies have led to significant growth of the global property insurance market in the forecast period.
The Property Insurance market study is being classified, by Application (Personal Property, Large Corporations, Small and Medium-Sized Companies and Other) and major geographies with country level break-up.
The Players having a strong hold in the market are Allianz, AXA,American Intl. Group, and Aviva. Analysts at AMA predicts that Players from United States and European will contribute to the maximum growth of Global Property Insurance market throughout the predicted period.
Allianz (Germany), AXA (France), American Intl. Group (United States), Aviva (United Kingdom), Assicurazioni Generali (Italy), State Farm Insurance (United States), Munich Re Group (Germany), Zurich Financial Services (Switzerland), Asahi Mutual Life Insurance (Japan) and Aegon (Netherlands) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are MetLife (United States), Swiss Reinsurance (Switzerland), CNP Assurances ( France), Meiji Yasuda Life Insurance Company (Japan), Standard Life Assurance (United Kingdom) and WanaArtha Life (Indonesia).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Property Insurance market by Type, Application and Region.
On the basis of geography, the market of Property 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).
On 14th June 2019, Allianz has invested USD 384 million for a 49 percent interest in an office condominium in New York. Allianz has entered into a sale-leaseback agreement as part of a consortium alongside Related Companies and a third-party investor, who has acquired the remainder of the office condominium.
Influencing Market Trend
- Growing Adoption of Cloud-based Technologies
Market Drivers
- Rising Personal Property Threats Globally
- Increasing Stringency of Government Regulations
Opportunities
- Rising Adoption of Property Insurance Policies are Expected to Drive the Market
Restraints
- Tricky Terms and Conditions
Challenges
- Potential Crime Incidents
Key Target Audience
Property Insurance Providers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Other
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