Allied Market Research

Fire Insurance Market Expected to Reach $120.49 billion by 2028


Report Code : A11106

quote The IT & telecom segment in fire insurance market is expected to experience significant growth in the coming years, owing to rise in number of perils in the form of explosion, lightning, loss of data on external media devices, and placing combustible materials at wrong place. Rise in trend among telecommunication firms to make extensive use of electrical systems such as radio, communication satellites, and answering machines in order to ensure efficient and effective use of business resources is considered a major factor that drives the adoption of fire insurance in the telecommunication sector. quote

Pramod Borasi
Research Analyst, BFSI at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       

According to a recent report published by Allied Market Research, titled, “Fire Insurance Market by Coverage, Enterprise Size and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2028,” the global fire insurance market size was valued at $58.50 billion in 2019, and is projected to reach $120.49 billion by 2028, growing at a CAGR of 11.9% from 2021 to 2028.

The global fire insurance market is experiencing significant growth, and is anticipated to grow considerably in the next few years. Fire insurance is a legal deal between two parties namely, an insurance company and a policyholder. In this agreement, an insurance company guarantees that any loss or damage caused to policyholder’s property will be paid by them in the event of fire. In addition, it provides coverage against following accidents that includes accidental fire, bursting, implosion, explosion, and others. For instance, on September 24, 2020, the “National Fire Protection Association” reported an average of over 354,400 house fires each year. 

Fire insurance providers have an immense potential to expand products and services in the market. Companies include floating policy, comprehensive policy, replacement policy, and others. Thus, insurers are expected to provide lucrative opportunities to innovate and expand their offerings by including specific coverage such as pay as per the risk perception. This covers the cost of the property driven by per individual rather than the average cost covered by an individual in a year. Furthermore, these coverages are provided in a combination or bundled offerings, thus making it convenient for consumers to choose specific requirements from the plans. All these factors collectively are expected to provide remunerative opportunities for product expansion in the upcoming years.

Region wise, the fire insurance market share was dominated by North America in 2019, and is expected to retain its position during the forecast period. The major factor that drives the growth of the market in this region includes presence of major players, providing additional coverage to clients and implementation of stringent government regulations toward the safety in manufacturing industries. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to increase in adoption of digital technologies across emerging countries and rapid increase in disposable income of the middle-class population. 

The COVID-19 pandemic is expected to impact the overall economy along with the fire insurance market growth. In addition, major insurance companies are facing huge loss due to more number of people applying for coverages and less selling of insurance policies which is negatively impacting the growth of the market. However, increase in insecurity of income, employment, and restrictions in travelling across countries have led to the growth of the insurance market owing to rise in number of uncertainties in the form of lightening, fire, theft, and others. On the other hand, consecutive lockdowns, social distancing norms, stay at home strategy, and increased number of COVID-19 positive cases have decreased the demand for various safety devices such as fire extinguishers, fire detections, and alarm alerts, at home or in enterprises for protecting the physical assets from financial losses.    

Key Findings Of The Study

  • By coverage, the standard coverage in fire insurance market generated the highest revenue in 2019.
  • By enterprise size, the large enterprise segment generated the highest revenue in 2019.
  • By industry vertical, the manufacturing generated the highest revenue in 2019.
  • By region, the North America fire insurance market generated the highest revenue in 2019.

The key players profiled in the fire insurance industry include Amica, Allianz, Allstate Insurance Company, AXA, ASSICURAZIONI GENERALI S.PA., GEICO, Liberty Mutual Insurance, Ping An Insurance (Group) Company of China, Ltd., State Farm Mutual Automobile Insurance Company, and USAA. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. 

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975



For Media Inquiries, Please Contact

Ram D
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at


First time buyer?
Check offers and discount on this report
To get this report

Click Here

quote 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 quote

View Report
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.


Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction


On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers


Featured Readings


Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

Get Industry Data Alerts

Buy Full Version
"Fire Insurance Market"
Purchase Enquiry