Fire Insurance Market Report 2024 (Global Edition)

Global Fire Insurance Market Report 2024 Market Size Split by Coverage Outlook: (Standard Coverage, Optional Coverage), by Enterprise Size Outlook: (Large Enterprises, SMEs), by Industry Vertical Outl...

Fire Insurance Market Report Description

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Competitive Landscape of the Fire Insurance Market

The competitive landscape of the fire insurance industry is distinguished by the presence of multiple regional and global insurers offering customized plans for the residential, commercial, and industrial sectors. Companies are concentrating on leveraging new technologies to evaluate risks and streamline claims processes. Partnerships with construction enterprises and real estate developers are popular ways to broaden market reach. Furthermore, new product development allows insurers to respond to a wide range of consumer requirements effectively.

In November 2024, Guidewire Software unveiled its latest platform release, Las Leñas, and introduced AI-driven capabilities during its annual customer conference, Connections. The event emphasized Guidewire’s focus on improving risk selection, pricing, indemnity management, and claims efficiency. Highlights included the launch of Claims Intel and a preview of AI-augmented underwriting and claims advancements, with keynote sessions accessible online. (Source: https://www.insurtechinsights.com/guidewire-announces-las-lenas-release-and-ai-innovations-to-transform-pc-insurance/) In July 2024, SAISON Automobile and Fire Insurance Company, Limited, and Guidewire announced that SAISON Auto & Fire Insurance had adopted Guidewire ClaimCenter as its new claims management system. The company implemented ClaimCenter on Guidewire Cloud for its auto insurance operations, with the implementation project led by Capgemini, a Global Premier member of the Guidewire PartnerConnect consulting program. (Source: https://ir.guidewire.com/news-releases/news-release-details/saison-auto-fire-insurance-introduces-guidewire-modernize-claims) In October 2024, Beazley launched the innovative FLEX consortium, offering comprehensive coverage for a variety of risks faced by financial institutions. Addressing the complexities of an evolving risk landscape, the FLEX consortium introduced a transformative approach to risk management. This initiative represented a significant shift in how the insurance industry caters to the unique needs of financial institutions. (Source: https://insurtechdigital.com/articles/closing-cyber-risk-with-beazley-insurance-consortium-flex)

Top Companies Market Share in Fire Insurance Industry: (In no particular order of Rank)

• Amica
• Allianz
• Allstate Insurance Company
• AXA
• GEICO
• Liberty Mutual Insurance
• State Farm Mutual Automobile Insurance Company
• USSA
• Nippon Life Insurance
• Munich Re Group
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Fire Insurance Market

Which Region Dominates the Fire Insurance Market in 2024?

According to Cognitive Market Research, North America currently dominates the Fire Insurance market, and the region is expected to have significant growth during the projected period. Increased investments in infrastructure, rising property values, and growing awareness of risk management strengthen the region's leadership in providing reliable fire insurance coverage.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Increasing infrastructure investments and rising awareness of property protection have boosted demand, making the region a key area of focus for insurers offering tailored coverage solutions.

The current report Scope analyzes Fire Insurance Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Fire Insurance

According to Cognitive Market Research, the global Fire Insurance market size was estimated at USD 74152.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 29661.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Fire Insurance market with a market size of USD 23402.53 million in 2024 and is projected to grow at a CAGR of 8.8% during the forecast period. The US holds a major share of the fire insurance market due to the high demand for property coverage.
• The Canada Fire Insurance market had a market share of USD 3559.32 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period. Canada's fire insurance market is growing due to urbanization and rising awareness about property risk protection.
• The Mexico Fire Insurance market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 2699.15 million in 2024.

Europe Fire Insurance

According to Cognitive Market Research, the global Fire Insurance market size was estimated at USD 74152.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 22245.75 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031.

• The United Kingdom Fire Insurance market had a market share of USD 3737.29 million in 2024 and is projected to grow at a CAGR of 10.1% during the forecast period. The UK is leading the fire insurance market with advanced risk management strategies and regulatory frameworks.
• The France Fire Insurance market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 2046.61 million in 2024.
• According to Cognitive Market Research, the German Fire Insurance market size was valued at USD 4404.66 million in 2024 and is projected to grow at a CAGR of 9.5% during the forecast period. Germany's fire insurance market is experiencing growth due to rising property investments and stronger risk management strategies.
• The Italy Fire Insurance market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 1913.13 million in 2024.
• The Russia Fire Insurance market is projected to witness growth at a CAGR of 8.3% during the forecast period, with a market size of USD 3448.09 million in 2024.
• The Spain Fire Insurance market is projected to witness growth at a CAGR of 8.4% during the forecast period with a market size of USD 1824.15 million in 2024
• The Luxembourg Fire Insurance market is projected to witness growth at a CAGR of 9.4% during the forecast period, with a market size of USD 689.62 million in 2024.
• The Portugal Fire Insurance market is projected to witness growth at a CAGR of 9.1% during the forecast period, with a market size of USD 467.16 million in 2024.
• The Greece Fire Insurance market is projected to witness growth at a CAGR of 9.6% during the forecast period, with a market size of USD 266.95 million in 2024.
• The Rest of Europe's Fire Insurance market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD 3448.09 million in 2024.

Asia Pacific Fire Insurance

According to Cognitive Market Research, the global Fire Insurance market size was estimated at USD 74152.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 17055.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.8% from 2024 to 2031.

• According to Cognitive Market Research, the China Fire Insurance market size was valued at USD 7674.78 million in 2024 and is projected to grow at a CAGR of 12.3% during the forecast period. China holds the largest share of the fire insurance market due to rapid urban growth and infrastructure development.
• The Japan Fire Insurance market is projected to witness growth at a CAGR of 11.3% during the forecast period, with a market size of USD 2353.60 million in 2024.
• The India Fire Insurance market had a market share of USD 2046.61 million in 2024 and is projected to grow at a CAGR of 14.6% during the forecast period. India's fire insurance market is experiencing the fastest growth due to rapid urbanization and increased property investments.
• The South Korean Fire Insurance market is projected to witness growth at a CAGR of 11.9% during the forecast period, with a market size of USD 1705.51 million in 2024.
• The Australian Fire Insurance market is projected to witness growth at a CAGR of 12.5% during the forecast period, with a market size of USD 886.86 million in 2024.
• The South East Asia Fire Insurance market is projected to witness growth at a CAGR of 13.8% during the forecast period, with a market size of USD 1176.80 million in 2024.
• The Rest of Asia Pacific Fire Insurance market is projected to witness growth at a CAGR of 12.6% during the forecast period, with a market size of USD 1210.91 million in 2024.

South America Fire Insurance

According to Cognitive Market Research, the global Fire Insurance market size was estimated at USD 74152.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 3707.63 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.2% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Fire Insurance market size was valued at USD 1586.86 million in 2024 and is projected to grow at a CAGR of 10.8% during the forecast period. Brazil is expected to dominate the fire insurance market due to strong urbanization and growing property investments.
• Argentina's Fire Insurance market had a market share of USD 622.88 million in 2024 and is projected to grow at a CAGR of 11.1% during the forecast period. Argentina's fire insurance market is experiencing growth due to rising urbanization and growing property protection awareness.
• Colombia Fire Insurance market is projected to witness growth at a CAGR of 10.0% during the forecast period, with a market size of USD 329.98 million in 2024.
• Peru Fire Insurance market is projected to witness growth at a CAGR of 10.4% during the forecast period, with a market size of USD 304.03 million in 2024.
• Chile Fire Insurance market is projected to witness growth at a CAGR of 10.5% during the forecast period, with a market size of USD 266.95 million in 2024.
• The Rest of Latin America's Fire Insurance market is projected to witness growth at a CAGR of 9.3% during the forecast period, with a market size of USD 596.93 million in 2024.

Middle East and Africa Fire Insurance

According to Cognitive Market Research, the global Fire Insurance market size was estimated at USD 74152.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 1483.05 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.5% from 2024 to 2031..

• The GCC Countries Fire Insurance market is projected to witness growth at a CAGR of 11.3% during the forecast period, with a market size of USD 634.75 million in 2024. GCC countries control the fire insurance market through robust regulations and growing demand for property protection.
• The Egypt Fire Insurance market is projected to witness growth at a CAGR of 10.8% during the forecast period, with a market size of USD 155.72 million in 2024.
• The South Africa Fire Insurance market is projected to witness growth at a CAGR of 11.5% during the forecast period, with a market size of USD 234.32 million in 2024. South Africa's fire insurance market is growing due to expanding urbanization and increased focus on property risk management.
• The Turkey Fire Insurance market is projected to witness growth at a CAGR of 10.0% during the forecast period, with a market size of USD 127.54 million in 2024.
• The Nigeria Fire Insurance market is projected to witness growth at a CAGR of 9.6% during the forecast period, with a market size of USD 155.72 million in 2024.
• The Rest of the MEA Fire Insurance market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 175.00 million in 2024.

Fire Insurance Market Analysis

How are Segments Performing in the Global Fire Insurance Market?

Fire Insurance Market Coverage Segment Analysis

According to Cognitive Market Research, standard coverage holds a major share in the fire insurance market due to its broad applicability and essential protection for both residential and commercial properties. It typically includes coverage for property damage, loss of possessions, and liability for fire-related incidents. As the most commonly chosen option, standard coverage meets regulatory requirements and consumer demands, contributing significantly to the market's growth and stability.

Optional coverage in the fire insurance market is one of the fastest-growing segments, with increasing demand for tailored policies that cover a broader range of risks. This includes coverage for business interruption, additional living expenses, and coverage for specific assets such as antiques or electronics. As consumers seek more customized protection, insurers are expanding their optional coverage offerings, driving growth in this sector of the fire insurance market.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Fire Insurance Industry. Request a Free Sample PDF!

Fire Insurance Market Enterprise Size Segment Analysis

According to Cognitive Market Research, large enterprises hold a dominant share in the fire insurance market due to their higher exposure to property and operational risks. These businesses typically require comprehensive coverage to protect large-scale assets, industrial facilities, and infrastructure. The increasing need for risk mitigation, particularly in sectors like manufacturing, energy, and commercial real estate, drives their significant involvement in the fire insurance market.

Small and medium enterprises (SMEs) are the fastest-growing segment in the fire insurance market due to their increasing need for protection against property and business risks. As SMEs expand and face higher exposure to fire-related damages, the demand for affordable and comprehensive fire insurance solutions grows. This segment is particularly driven by the need to safeguard assets, ensure business continuity, and comply with safety regulations..

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Fire Insurance Industry Vertical Outlook: Segment Analysis

Fire Insurance Market Industry Vertical Segment Analysis

According to Cognitive Market Research, the manufacturing segment holds a prominent share in the fire insurance market due to the high risk of fire incidents in industrial facilities. Manufacturing units often involve machinery, flammable materials, and complex operations, increasing the need for comprehensive fire coverage. Additionally, regulatory requirements and safety standards further drive insurance adoption. This segment remains critical as industries prioritize safeguarding assets and minimizing potential financial losses from fire-related events.

The IT and telecom sector is one of the fastest-growing segments in the fire insurance market due to the increasing reliance on data centers, network infrastructure, and telecommunications equipment. As these assets grow in value and importance, the need for comprehensive fire protection rises. Furthermore, the growing risk of cyber threats and physical damage to tech infrastructure is further driving demand for specialized fire insurance coverage in this sector.

• Manufacturing
• Healthcare
• Energy & Utilities
• Retail & Consumer Goods
• IT & Telecom
• Hospitality
• Others

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

Author's Conclusion