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Fire insurance is an agreement between a policyholder and an
insurance company to cover all losses and damages caused by fire to the insured
property. The global fire insurance market was worth USD 22,813.70 million in
2021 and is estimated to grow to USD 30,923.60 million by 2028, with a CAGR of
around 5.20% during the forecast period. This growth can be attributed to
factors such as an increasing demand for insurance policies, the need for
financial security in the face of uncertainty, and the growing number of
assets.
The market is divided based on coverage, enterprise size,
industry vertical, and region. Standard coverage dominated the market in 2021,
and large enterprises are expected to develop at the fastest rate over the
forecast period. Manufacturing had a major share in the industry vertical
segment in 2021.
There are several growth opportunities in the global fire
insurance market, including supportive government initiatives and advancements
in technology. Insurance service providers are using advanced technologies such
as geo-location, fire alarm warning, fire security detection, fireproof
skeleton protection, artificial intelligence, fingerprint, block-chain, and big
data. These technological advancements give market underwriters new ways of
doing business, and fire delivery platforms will offer more averaging, such as
averaging policy, consequential loss policy, claim policy, and others, faster
and more accessible at the point of sale. Additionally, digital transformation
enables fire insurers to provide highly personalized user experiences to their
customers.
To maintain their position in the global fire insurance
market, insurance companies are looking at using big data analytics, which can
help them charge high premiums. Moreover, technologies help collect data to
meet individual customer needs, calculate risk, and detect fraud. Therefore,
technological advances that make fire insurance easier to buy and use more
conveniently will likely create good business opportunities for insurers.
In conclusion, the global fire insurance market is poised to
reflect $30.93 billion by 2028, with a CAGR of 5.20%. The market is driven by
factors such as an increasing demand for insurance policies, the need for
financial security, and the growing number of assets. Insurance companies are
exploring various strategies to stay ahead of the competition and provide more
appealing products to customers, such as offering more coverage and using
advanced technologies. Overall, the future of the global fire insurance market
looks promising, and it will be interesting to see how it develops over the
coming years.
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