Earthquake insurance is a type of property insurance that compensates the policyholder in the event of property damage caused by an earthquake. Most standard homeowner's insurance policies do not cover damage caused by earthquakes. Most earthquake insurance policies have a high deductible, which makes it useful if the entire house is destroyed, but not if the house is only damaged. Furthermore, the rates are determined by the location and the likelihood of a loss due to an earthquake. Wooden houses may have lower rates because they withstand earthquakes better than brick houses. Therefore, the surge in demand is expected to boost the growth of the earthquake insurance market size in the upcoming years.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rise in the adoption of insurance policies due to future uncertainties and growing demand for insuring the older buildings drive market growth. In addition, no financial worry over something unprecedented helps propel the growth of the market. However, the higher price of the insurance policies might limit the market expansion. Contrarily, awareness of earthquake insurance across the globe is expected to provide lucrative opportunities to the market in the upcoming years.
The global earthquake insurance market trends are as follows:
Rise in Adoption of Insurance Policies Due to Future Uncertainties:
If customers have an earthquake on their property and their home becomes uninhabitable as a result of the disaster, some insurance policies will cover their living expenses until their home is once again livable. When the customer buys earthquake insurance for a home or business in the state, they are buying it for more than just practical reasons. They can enjoy the peace of mind that comes with knowing that they will not have to be concerned about the property if something bad happens to it. Even if the earthquake destroys homes and all of their belongings, they will have a financial resource to help them get back on their feet. Therefore, the rise in adoption due to its value-added additional benefits is driving the growth of the market during the forecast period.
Growing Demand for Insuring the Older Buildings:
Because of the age of the home involved, one of the reasons for the high cost of the earthquake insurance is the age of the home. To protect against the shaking action of a quake, older homes did not follow the same building codes that the new-age contractors follow today. Simple retrofitting measures such as bracing problematic walls, strapping water heaters to the structure, and bolting the house to its foundation can save the customers a lot of money on their earthquake insurance. Therefore, the growing demand for insurance policies due to future uncertainties is one of the factors that is driving the growth of the earthquake insurance market revenue during the forecast period.
Key Benefits of the Report:
- This study presents an analytical depiction of the global earthquake insurance market analysis along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the global earthquake insurance market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on the present and future competitive intensity of the market.
Questions Answered in the Earthquake Insurance Market Research Report:
- Which are the leading players active in the global earthquake insurance market size?
- What would be the detailed impact of COVID-19 on the earthquake insurance market growth?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the global earthquake insurance market?
- What are the projections for the future that would help in taking further strategic steps?
Earthquake Insurance Market Report Highlights
| Aspects | Details |
 By Type |
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 By Application |
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 By Distribution Channel |
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 By End User |
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 By Region |
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 Key Market Players | Allstate Insurance Company, Country Financial, State Farm Mutual Automobile Insurance Company, Farmers, GeoVera Insurance Group, Mercury Insurance Services LLC, MAPFRE, Liberty Mutual Insurance, Nationwide Mutual Insurance Company, USAA |
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