About Earthquake Insurance
Earthquake insurance is the property insurance which pays the policyholder in the event of earthquake damage. It features a high deductible, which makes the earthquake insurance useful if the entire home is destroyed, but not useful if the home is merely damaged. The premium may vary depending on the material used in homes such as wood, location, and the probability of earthquake. After a sizeable earthquake has occurred the insurance companies stop selling the coverage for few weeks. Various government regulations in different countries is increasing the demand for earthquake insurance.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Earthquake Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Farmers insurance group (United States), Allstate (United States), State Farm (United States), Liberty Mutual (United States), Nationwide (United States), USAA (United States), Safeco (United States), Mapfre (Spain), GeoVera (United States) and Munich Re (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Mercury (United States), HDFC Ergo (India), Hartford Insurance group (United States), Erie insurance group (United States), Fairfax financial group (Canada), W.R. Barkley corporation (United States) and Zurich insurance group (Switzerland).
Segmentation Overview
AMA Research has segmented the market of Global Earthquake Insurance market by Type (Life Insurance and Non-Life Insurance) and Region.
On the basis of geography, the market of 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). If we see Market by End users, the sub-segment i.e. Personal will boost the Earthquake Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. Dwelling coverage will boost the Earthquake Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution channel, the sub-segment i.e. Online will boost the Earthquake Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Property Insurance are Now Made to Compensate an Insured for the Financial Impact
Market Growth Drivers:
Increasing Prevalence of Natural Disasters and Benefits Such as Personal Property Coverage is Fuelling the Market Growth
Challenges:
Lack of Awareness about the Earthquake Insurance and High Risk Associated with the Insurance
Restraints:
Stringent Government Regulations and High Costs Associated with the Insurance
Opportunities:
Increasing Per capita Income
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Key Target Audience
Insurance provider, Government Regulatory Bodies, Government associations, Research organisations, Private Research Organisations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.