The global commercial flood insurance market is experiencing
growth due to several factors such as the increasing flood events
and severity of floods, along with the growing government programs
and management to improve floodplain management.
WILMINGTON, Del., Aug. 12, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Commercial
flood insurance Market by Coverage Type (Building
Coverage, Content Coverage and Combined Coverage), by Policy
Provider (National Flood Insurance Program (NFIP), Private Flood
Insurance), and Distribution Channel (Direct Sales and Agents and
Brokers): Global Opportunity Analysis and Industry Forecast,
2024-2033". According to the report, the commercial flood
insurance market was valued at $8.0
billion in 2023, and is estimated to reach $30.0 billion by 2033, growing at a CAGR of 14.1%
from 2024 to 2033.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂:
https://www.alliedmarketresearch.com/request-sample/A324203
Prime determinants of growth
Increasing number of insurance markets. However, the high
premium costs of commercial flood insurance policies, along with
the lack of awareness and misconceptions about flood risks hinder
market growth to some extent. Moreover, the increasing urbanization
and infrastructure development across developing countries, along
with technological enhancements in improving the accuracy of flood
hazards offer remunerative opportunities for the expansion of the
global commercial flood insurance market.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base Year
|
2023
|
Market Size in
2023
|
$8.0 billion
|
Market Size in
2033
|
$30.0
billion
|
CAGR
|
14.1 %
|
No. of Pages in
Report
|
250
|
Segments
covered
|
Coverage Type, Policy
Provider, Distribution Channel, and Region.
|
Drivers
|
- Increasing flood events and severity of
floods
- Growing government programs and management to
improve floodplain management
- Increasing number of insurance markets
|
Opportunities
|
Technological
enhancements in improving the accuracy of flood hazards
|
Restraints
|
- High premium costs of commercial flood
insurance policies
- Lack of awareness and misconceptions about
flood risks
|
Segment Highlights
The building coverage segment is expected to grow faster
throughout the forecast period.
Based on the coverage type segment, building coverage held the
highest market share in 2023, accounting for more than two-fifths
of the global commercial flood insurance market revenue throughout
the forecast period. The demand for building coverage is driven by
unpredictable weather patterns and the frequency of extreme weather
events, such as hurricanes and heavy rains, have heightened
awareness of flood risks. This leads businesses to seek
comprehensive coverage, including building coverage, to safeguard
their operations, which drives market growth.
𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠:
https://www.alliedmarketresearch.com/purchase-enquiry/A324203
The National Flood Insurance Program (NFIP) segment is
expected to register the largest share throughout the forecast
period.
Based on the policy provider segment, the National Flood
Insurance Program (NFIP) segment held the highest market share in
2023, accounting for nearly three-fifths of the global commercial
flood insurance market revenue. This growth can be attributed to
the fact that the NFIP provides subsidized rates that can be more
affordable than private insurance, making it an attractive option
for many businesses. Its availability and standardized pricing
structure are major factors in its market presence, which drives
market growth. Moreover, economic conditions, such as property
values and business continuity concerns, drive flood insurance
demand. As businesses invest in protecting their assets, the NFIP
remains a viable option.
The direct sales segment is expected to garner faster growth
throughout the forecast period.
Based on the distribution channel segment, the direct sales
segment held the highest market share in 2023, accounting for more
than three-fifths of the commercial flood insurance market revenue
globally. This growth is driven by the rise of digital sales
platforms and Insurtech solutions making it easier for businesses
to purchase insurance directly accelerating the growth of the
commercial flood insurance market in this segment. In addition,
government programs that subsidize flood insurance premiums or
offer incentives can boost the direct sales segment, which is
expected to drive the growth of the global commercial flood
insurance market.
North America to maintain
its dominance by 2033
Based on region, North America
held the highest market share in terms of revenue in 2023,
accounting for nearly two-fifths of the global commercial flood
insurance market revenue throughout the forecast timeframe. The
rising occurrence of floods due to climate change and the large
presence of commercial flood insurance providers are expected to
drive the growth of the commercial flood insurance market. In
addition, the growing initiatives involving public-private
partnerships are promoting the development of more comprehensive
flood insurance products which are expected to boost market
growth.
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Players
- Assurant, Inc.
- Chubb Group
- FloodFlash Limited
- Hylant Group, Inc.
- Insurance America LLC
- JMG Insurance Corp
- Main Street America Insurance
- Nationwide Mutual Insurance Company
- Sutcliffe Insurance Brokers Limited
- The Hartford
The report provides a detailed analysis of these key players in
the global commercial flood insurance market. These players have
adopted different strategies such as new product launches,
collaborations, expansion, joint ventures, agreements, and others
to increase their market share and maintain dominant shares in
different regions. The report is valuable in highlighting business
performance, operating segments, product portfolio, and strategic
moves of market players to showcase the competitive scenario.
Key Benefits for
Stakeholders
- This report provides a quantitative analysis of the market
segments, current trends, estimations, and dynamics of the
commercial flood insurance market analysis from 2024 to 2033 to
identify the prevailing commercial flood insurance market
opportunities.
- Market research is offered along with information related to
key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers
and suppliers to enable stakeholders to make profit-oriented
business decisions and strengthen their supplier-buyer
network.
- In-depth analysis of the commercial flood insurance market
segmentation assists to determine the prevailing market
opportunities.
- Major countries in each region are mapped according to their
revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides
a clear understanding of the present position of the market
players.
- The report includes the analysis of the regional as well as
global commercial flood insurance market trends, key players,
market segments, application areas, and market growth
strategies.
Commercial flood insurance Market Report Highlights
By Coverage Type
- Building Coverage
- Content Coverage
- Combined Coverage
By Policy Provider
- National Flood Insurance Program (NFIP)
- Private Flood Insurance
By Distribution Channel
- Direct Sales
- Agents and Brokers
By Region
- North America (U.S.,
Canada)
- Europe (France, Germany, Italy, Spain,
UK, Rest of Europe)
- Asia-Pacific
(China, Japan, India,
South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil,
South Africa, Saudi Arabia, UAE, Mexico, Rest of LAMEA)
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫
𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭:
https://www.alliedmarketresearch.com/request-for-customization/A324203
Key Market Players
FloodFlash Limited, Reliant Assurance Brokers LLC, Prizm
Solutions Ltd, Pyron Group Insurance, The Hartford, JMG Insurance Corp, Main Street
America Insurance, Hylant Group, Inc., Sutcliffe Insurance Brokers
Limited, Nationwide Mutual Insurance Company, Advisory Insurance
Brokers Limited, Insurance America LLC, Assurant, Inc.,
Neptune Flood, Chubb Group
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