Report Code: A12959 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Commercial Earthquake Insurance Market
Request Now !Earthquake insurance is a type of property insurance that compensates the policyholder in the event of an earthquake that causes property damage. In addition, most earthquake insurance policies have high deductible, making this type of insurance useful for entire building destroyed. Premium rates are determined by location as well as the likelihood of a loss due to an earthquake. Furthermore, to protect against unforeseen monetary losses or damage, the commercial earthquake insurance market size is expected to grow in the near future.
The Commercial Earthquake Insurance Market share is segmented on the basis of type, application, and region. Based on type, the market is bifurcated into business personal property, and loss of business income. By application, it is categorized into manufacturing, construction, mining, agriculture, automotive, hospitality, energy, and others. Based on region, the market is analyzed across North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key players operating in the Commercial Earthquake Insurance Market include PURVES & ASSOCIATES INSURANCE AGENCY, iCAT, Mitchell & Mitchell Insurance, Allianz, Chubb, ASSURANT, The J. Morey Company, Inc, Fuller Insurance Agency, NHC Insurance Services, Zurich, and DGFASLI. These players adopt collaboration, partnership, and agreement as their key developmental strategies to increase revenue of the Commercial Earthquake Insurance industry and develop new products for enhancing product portfolio.
COVID-19 Scenario Analysis
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rapid advancement of technology and improved consumer experience in terms of digital insurance are propelling the market growth. However, high price of earthquake insurance is expected to hamper the growth of the market. Contrary, the expansion of small and medium-sized businesses can be viewed as an opportunity for market.
The commercial earthquake insurance market trends are as follows:
Expansion of small and medium enterprises (SME)
According to a McKinsey Global Institute (MGI) study conducted in 2020, small and medium businesses are a major contributor to economic growth in both developing and developed countries. These are the target markets for commercial property insurance. However, risk in the property market has increased during the COVID-19 pandemic. Thus, the demand for commercial insurance has been growing significantly during the forecast period.
Rapid growth of technology and better consumer experience
AI helps in automating insurance operations, which are repetitive in nature and with the help of this technology; insurers collect the data of customers to analyze consumer needs & demands for insurance. Furthermore, insurance companies use chatbot technology to interact with customers and provide personalized services, therefore driving the market growth. As a result, increasing technological advancements and providing a better consumer experience will foster the global commercial earthquake insurance market growth during the forecast period.
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Commercial Earthquake Insurance Market Report Highlights
Aspects | Details |
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By Type |
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By Application |
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By Region |
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Key Market Players | The J. Morey Company, Inc, ASSURANT, Allianz, NHC Insurance Services, DGFASLI, Chubb, Zurich, iCAT, Mitchell & Mitchell Insurance, Fuller Insurance Agency, PURVES & ASSOCIATES INSURANCE AGENCY |
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