Property and Casualty Insurance Market

Property and Casualty Insurance Market Size by Product type (Homeowners Insurance, Condo Insurance, Car Insurance, Landlord Insurance, Renters Insurance and Others), Distribution channel (Direct, Agency, Banks and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-14083
  • Published Date: Feb, 2024
  • Pages: 236
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global property and casualty insurance market was valued at USD 700 billion in 2023 and grew at a CAGR of 4% from 2024 to 2033. The market is expected to reach USD 1036.17 billion by 2033. The increasing infrastructural investments and stringent regulatory requirements will drive the growth of the global property and casualty insurance market.

Market Introduction:

Property and casualty insurance is commonly known as P&C insurance. It is a comprehensive insurance category that encompasses property and liability coverage. Property insurance protects against damage or loss of physical assets. The physical assets include homes, personal belongings, and business property, and casualty insurance covers legal responsibilities arising from injuries or damage to others. Individuals buy this insurance to protect their homes, while businesses buy it to safeguard physical assets, cover liability risks, and ensure business continuity. The need for property and casualty insurance arises from the inherent risks of owning or engaging in various activities. It offers financial security and peace of mind. Insurance policies provide the necessary funds to repair or replace damaged property, cover medical expenses, or settle legal liabilities. These insurance policies can be customized to meet specific needs according to the specific circumstances of consumers. Property and casualty insurance is vital in risk management, offering diverse coverage options for individuals and businesses.

Property and Casualty Insurance Market Size

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Recent Development
  • Vietnam's top non-life insurance provider, PVI Insurance, and South Korea's NH Property and Casualty Insurance have launched a new comprehensive commercial cooperation agreement (MOU). This strategic partnership aims to strengthen cooperation in several important areas, such as expanding reinsurance capabilities, using the large customer networks of both companies and encouraging creative advances in creating new goods and services. PVI Insurance is Vietnam's leading non-life insurance provider, with the largest market share among insurers nationwide.

Market Dynamics:


The increasing risk of climate change resulting in increasing instances of natural disasters – Climate change is contributing to a surge in both the frequency and severity of natural disasters, leading to increased property loss and loss of lives. The planet's warming climate intensifies extreme weather events, including hurricanes, floods, wildfires, and heatwaves. Rising global temperatures result in more frequent and intense storms, causing devastating impacts on communities, infrastructure, and ecosystems. The connection between climate change and natural disasters is evident in the escalating risks individuals and businesses face. These disasters, fueled by climate change, pose a direct threat to property, with damages ranging from structural losses to entire communities being displaced. The escalating risks and damages associated with climate-induced disasters drive a substantial increase in the demand for property and casualty insurance. Individuals and businesses recognize the imperative of financial protection against these events' unpredictable and intensified nature. As extreme weather events become more common, the need for insurance coverage to mitigate the economic fallout from property loss and liability claims is skyrocketing.


The high cost of premiums High premiums, given the risk assessment process, claims history, and coverage limits, can make insurance unaffordable for individuals and businesses with limited financial resources. The complexity of premium calculations contributes to confusion and delays. The unaffordability and complex premium structures and calculations with hidden charges and conditionalities limit the adoption of property and casualty insurance.  


The stringent legal requirements enforcing mandatory insurance coverage – Legal requirements mandating insurance coverage have increased public awareness about the importance of financial protection against property damage and liability claims. The increased number of insurance providers makes insurance options more diverse and affordable. Online platforms and insurance companies have made the insurance process more accessible, allowing consumers to research, compare, and purchase policies conveniently. Technological advancements have increased operational efficiency, coupled with data analyticsenablinges more accurate risk assessment.

  • J.P. Morgan Payments and One Inc., a top digital payments network devoted to the insurance industry, announced their partnership. This will allow insurance companies to take advantage of J.P. Morgan's extensive liquidity and payment capabilities as part of One Inc.'s digital claim payouts platform, further digitizing and enhancing the claims experience. Through this agreement, both organizations' extensive insurance sector knowledge will be combined, enabling insurers to provide end-to-end solutions for a wide range of Property and Casualty (P&C) insurance claim payment requirements.
Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global property and casualty insurance market, with a 33% market revenue share in 2023.

The region has one of the world's largest and most developed insurance markets, offering a diverse range of products to meet the varied needs of consumers. Regulatory stringency and stability offer a conducive environment for insurers to operate, ensuring consumer protection and industry stability. High income and asset levels and a cultural emphasis on financial security contribute to increased demand for insurance coverage in North America. Companies continually introduce new products and leverage advanced risk modelling, contributing to the regional market's growth and dominance globally.

North America Region Property and Casualty Insurance Market Share in 2023 - 33%

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  • The first-ever global ranking of the 50 largest life and property and casualty (P&C) insurers was released by S&P Global Market Intelligence, and it revealed that while American companies accounted for the majority of the top 50 P&C spots, European-headquartered companies dominated the rankings of life insurance companies.
Product Type Segment Analysis

The product type segment is divided into homeowners insurance, condo insurance, car insurance, landlord insurance, renters insurance and others. The homeowners insurance segment dominated, with a market share of around 37% in 2023. Homeowners insurance protects homeowners from a range of potential financial losses related to their property, like the home's physical structure, personal property coverage for belongings, liability protection for injuries or property damage, additional living expense coverage, and medical payments coverage. It offers protection against unforeseen events like fires, storms, or theft. Mortgage lenders often require this type of insurance to ensure that the property serving as collateral is adequately protected. It also offers personal liability protection, covering legal claims and lawsuits arising from injuries or property damage for which the homeowner may be held responsible.

Distribution Channel Segment Analysis

The distribution channel segment is divided into direct, agency, banks and others. The agency segment dominated the market, with a market share of around 46% in 2023. Insurance agencies serve as a key intermediary between insurance providers and consumers. These agencies are instrumental in making P&C insurance accessible and tailored to individual needs. Agents within these agencies leverage their expertise to assess client requirements, provide advice, and offer various insurance products, including homeowners, auto, and liability coverage. Insurance agencies customize solutions based on client risk profiles and financial situations. Agencies assist clients throughout the claims process, provide risk management services, and often have a local presence, enhancing their understanding of regional risks.

  • Under the "Allianz Commercial" trade name, Allianz Global Corporate & Specialty merged with the regional Allianz companies' commercial insurance operations. One Commercial Managing Director represents eleven regions, confirming the new regional setup. According to Allianz's Integrated Commercial Strategy, the new global model will provide a wider range of solutions and a more uniform trading approach for clients and distribution partners.
Some of the Key Market Players:
  • Allstate Corporation
  • Bajaj Allianz General Insurance
  • Berkshire Hathaway Inc.
  • Chubb Limited
  • Liberty Mutual Insurance
  • National Insurance Company Ltd.
  • Progressive Corporation
  • State Farm Group
  • The New India Assurance Co Ltd
  • Travelers Companies Inc

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 700 Billion
Market size value in 2033 USD 1036.17 Billion
CAGR (2024 to 2033) 4%
Historical data 2020-2022
Base Year 2023
Forecast 2024-2033
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level.
Segments Product Type and Distribution Channel

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global property and casualty insurance market was valued at USD 700 billion in 2023 to USD 1036.17 billion by 2033.

Global property and casualty insurance market is growing at a CAGR of 4% during the forecast period 2024-2033.

The market's growth will be influenced by the increasing risk of climate change resulting in increasing instances of natural disasters.

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This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global property and casualty insurance market based on below mentioned segments:

Global Property and Casualty Insurance Market by Product Type:

  • Homeowners Insurance
  • Condo Insurance
  • Car Insurance
  • Landlord Insurance
  • Renters Insurance
  • Others

Global Property and Casualty Insurance Market by Distribution Channel:

  • Direct
  • Agency
  • Banks
  • Others

Global Property and Casualty Insurance Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa


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