What is Catastrophe Insurance Market?
Catastrophe insurance is insurance that protects businesses and residences against natural disasters such as earthquakes, floods, and hurricanes, and against human-made disasters such as a riot or terrorist attack. It is different from other types of insurance from a business standpoint, as well. It is difficult to estimate the total potential exposure to, and cost of, an insured loss, especially since a catastrophic event often results in an extremely large number of claims being filed at the same time. The factors such as Increased Incidences of Natural Disasters and Increased Awareness among People are driving the global catastrophic insurance market.
Highlights from Catastrophe Insurance Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | American International Group (United States), Allianz SE (Germany), Axa S.A. (France), Berkshire Hathaway (United States), Lloyds Banking Group (United Kingdom), Allstate (United States), Aviva plc (United Kingdom), Liberty Mutual Group (United States), Zurich Insurance Group (Switzerland) and Chubb Limited (United States) |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Catastrophe Insurance market throughout the forecasted period.
American International Group (United States), Allianz SE (Germany), Axa S.A. (France), Berkshire Hathaway (United States), Lloyds Banking Group (United Kingdom), Allstate (United States), Aviva plc (United Kingdom), Liberty Mutual Group (United States), Zurich Insurance Group (Switzerland) and Chubb Limited (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Kin Insurance (United States) and Cigna (United States). Catastrophe Insurance Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Businesses and Residences |
Type | Flood Insurance, Storm Insurance for Hurricanes and Tornadoes, Earthquake Insurance and Volcano Insurance |
Distribution | Online Channel,Offline Channel |
On the basis of geography, the market of Catastrophe 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
High Adoption of Direct Channels to Selling Policies
Market Growth Drivers:
Increased Incidences of Natural Disasters and Increased Awareness among People
Challenges:
Long Claim Settlement Procedures
Restraints:
Some Insurance Providers are Not Covering All Things about Insurance
Opportunities:
Development in New Accounting Standards and Regulation and Cost Optimization Strategies Driving New Investment in Future
Key Target Audience
Catastrophe Insurance Providers, Distributors, Emerging Companies, Research Professionals and End-users
In January 2020, Germany-based insurer Allianz SE has completed its acquisition of U.K.-based Liverpool Victoria General Insurance Group Ltd. and the general insurance unit of U.K.-based financial services company Legal and General Group PLC, Morning Star reports citing Alliance News.