Fire Insurance Market by Coverage (Standard Coverage and Optional Coverage), Enterprise Size (Large Enterprises and Small and Medium Enterprises) and Industry Vertical (Manufacturing, Healthcare, Energy & Utilities, Retail & Consumer Goods, IT & Telecom, Hospitality and Others): Global Opportunity Analysis and Industry Forecast, 2021-2028

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The insurance industry plays a major role in the economic growth by providing financial protection to individuals, assets, and businesses against uncertain events. Hence, the business of insurance has become a massive contributor toward the development of a country. Fire insurance is a cover to compensate for the loss consequent upon destruction by fire. Fire insurance providers are looking forward to implementing advanced technologies such as artificial intelligence (AI) and machine learning to enhance products and services according to a customer.

Increase in economic strength of the developing nations such as China and India is expected to provide lucrative opportunities for the market growth. North America occupied a major share in the fire insurance market in 2019, owing to the presence of major market players such as Allstate Insurance Company and USAA. They are offering additional coverages such as replacement policy, consequential loss policy, and comprehensive policy services. Furthermore, technological advances such as machine learning block chain, AI, IoT, and others propel the growth of the market, by giving an opportunity to fire insurance companies to provide products linked to home and building contents along with the liability coverage. Moreover, emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities during the forecast period. The global players focus on product development to increase their geographical presence, owing to increase in competition among local vendors, in terms of features, quality, and price.