Global Flood Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Flood Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Flood insurance denotes the specific insurance coverage against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands, floodplains and floodways that are susceptible to flooding.

Market Overview:

The latest research study on the global Flood Insurance market finds that the global Flood Insurance market reached a value of USD 9816.22 million in 2022. It’s expected that the market will achieve USD 25462.69 million by 2028, exhibiting a CAGR of 17.22% during the forecast period.

Drivers

In the past decade, the economic costs of natural disasters have steadily increased. The global average cost of natural disasters over the past decade is estimated to exceed $100 billion annually. Among all-natural disasters, floods cost the most, affecting most people.

Recognizing the growing concern about improving global flood risk resilience and the role that insurance can play in this regard, some countries are discussing what national flood insurance solutions they should adopt or how to improve the status quo. Insurance companies are also fully involved in these discussions, either because they take risks, or by undertaking to cooperate with national governments, selling policies, adjusting claims after disasters, or because they are considering market opportunities.

Limitations

Because of the relative concentration of flood disasters in the region and time and space, the insurance willingness is often strong in areas threatened by floods, but the insurance companies cannot afford it; in areas with relatively low flood risk, the insurance companies are willing to insure, and the insured are not motivated. The practice of flood insurance in developing countries has proved that it is unsustainable to rely solely on commercial insurance companies to carry out flood insurance. Especially in the vast rural areas with limited capacity to pay, flood disasters do great harm to agriculture and farmers ‘ability to withstand flood disasters is weaker. Agricultural insurance against catastrophic risks such as floods has been shrinking in recent years, and the property of the vast rural areas and farmers cannot be effectively guaranteed. Implementing flood insurance on a large scale requires the attention and investment of the government, and the cooperation and support of relevant departments such as taxation.

Opportunities

Flood insurance is an important means of risk management for flood control and disaster reduction. It can apportion the possible losses caused by flood disasters in a larger scope and a longer period of time. It can not only reduce the losses caused by flood disasters and realize economic compensation, but also take flood insurance as a means of national flood control and disaster reduction strategy. First, give full play to the role of economic leverage and bring flood insurance into the construction and management of flood storage and detention areas.

Region Overview:

Geographically, North America held the largest market share – 53.45% in 2022.

Company Overview:

FM Global is one of the major players operating in the Flood Insurance market, holding a share of 5.36% in 2023.

FM Global

FM Global is an American mutual insurance company based in Johnston, Rhode Island, United States, with offices worldwide, that specializes in loss prevention services primarily to large corporations throughout the world in the Highly Protected Risk property insurance market sector.

Allstate

Allstate Insurance Company insurance company. The Company offers auto, home life insurances policies.

Segmentation Overview:

Among different product types, Non-Life Insurance segment is anticipated to contribute the largest market share in 2028.

Application Overview:

The market's largest segment by application is the segment Public, with a market share of 78.42% in 2022.

Key Companies in the global Flood Insurance market covered in Chapter 3:

Allianz
Assurant
Suncorp
Zurich
Allstate
FM Global
American Strategic Insurance
Chubb
AIG Insurance
Berkshire Hathaway
MSIG
Marsh

In Chapter 4 and Chapter 14.2, on the basis of types, the Flood Insurance market from 2018 to 2029 is primarily split into:

Life Insurance
Non-Life Insurance

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Flood Insurance market from 2018 to 2029 covers:

Public
Private
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)