United States property & casualty
insurance market is expected to witness substantial CAGR during the forecast
period. Double-digit premium growth, lower catastrophe losses, and an improved
auto market are some key contributing factors to the growth in U.S. property
and casualty insurance market. Insurers are using big data analytics to enhance
their performance. Big data is being used in claim management, pricing,
underwriting and risk selection, among others. This growth is mainly driven by
increasing points of contact including social media, which provides a bulk of
data that can be transformed into insights and leveraged by insurers to
efficiently execute the settlement process.
Property & casualty insurance market
supports US consumers and businesses by facilitating protection against damage
caused by a variety of incidents including car accidents, medical malpractices
and catastrophe. This makes the industry a crucial part of risk management in
the domestic economy of United States. With thriving economy of the country,
the property & casualty insurance market is anticipated to register
significant growth in the coming years.
The United States property &
casualty insurance market is categorized based on insurance type, end user, distribution channel and
region. Based on insurance type, the market can be segmented into automobile,
home, office and others. Among them, the automobile segment is expected to witness
high growth during the forecast period owing to the growth in automobile
industry.
Major players operating in the United
States property & casualty insurance market include Berkshire Hathaway
Inc., American International Group Inc., Liberty Mutual Holding Company Inc.,
The Progressive Corporation, The Travelers Companies Inc., United Services
Automobile Association, Farmers Group Inc., American Family Mutual Insurance
Company S.I., W. R. Berkley Corporation and American Financial Group Inc.
The market is fragmented despite the
recent increases in the federal funds rate, the interest rates remain near
historically low levels.
Years
considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022–2026
Objective of the Study:
- To analyze and estimate the market size of United States property
& casualty insurance market from 2016 to 2019.
- To estimate and forecast the market size of United States property
& casualty insurance market from 2020 to 2026 and growth rate until 2026.
- to classify and forecast United States property & casualty
insurance market based on insurance type, end user,
distribution channel, company and regional distribution.
- To identify dominant region or segment in the United States property
& casualty insurance market.
- To identify drivers and challenges for United States property &
casualty insurance market.
- To examine competitive developments such as expansions, mergers
& acquisitions, etc., in United States property & casualty
insurance market.
- To conduct pricing analysis for United States property &
casualty insurance market.
- To identify and analyze the profile of leading players operating in
United States property & casualty insurance market.
- To identify key sustainable strategies adopted by market players in
United States property & casualty insurance market.
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TechSci Research performed both primary as well as exhaustive
secondary research for this study. Initially, TechSci Research sourced a list
of property & casualty insurance providers across United States.
Subsequently, TechSci Research conducted primary research surveys with the
identified companies. While interviewing, the respondents were also enquired
about their competitors. Through this technique, TechSci Research could include
the service providers who could not be identified due to the limitations of
secondary research. TechSci Research analyzed the presence of all major players
across the country.
TechSci
Research calculated the market size of United States property & casualty insurance market using a
bottom-up approach, wherein data for various end-user segments was recorded and
forecast for the future years. TechSci Research sourced these values from the
industry experts and company representatives and externally validated through
analyzing historical data of these services and end users for getting an
appropriate, overall market size. Various secondary sources such as company
websites, news articles, press releases, company annual reports, investor
presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Property & casualty insurance service
providers, suppliers, distributors and other stakeholders
- Government bodies such as regulating authorities
and policy makers
- Organizations, forums and alliances related to
property & casualty insurance
- Market research and consulting firms
The study is useful in providing answers to several critical
questions that are important for the industry stakeholders such as property
& casualty insurance service providers, suppliers, partners, end users,
etc., besides allowing them in strategizing investments and capitalizing on
market opportunities.
Report Scope:
In this report, United States property
& casualty insurance market has been segmented into following
categories, in addition to the industry trends which have also been detailed
below:
- United States Property & Casualty Insurance Market,
By Insurance Type:
- Automobile
- Home
- Office
- Others
- United States Property & Casualty Insurance Market,
By End User:
- United States Property & Casualty Insurance Market,
By Distribution Channel:
- Direct
- Agency
- Banks
- Others
- United States Property & Casualty Insurance Market, By Region:
- Wales
- England
- Scotland
- Northern Ireland
Competitive
Landscape
Company Profiles: Detailed analysis of the major
companies present in United States property & casualty insurance market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following customization
options are available for the report:
Company Information
- Detailed analysis and profiling of
additional market players (up to five).
Profit Margin Analysis
- Profit margin analysis in case of
direct and indirect sales channel.
It is an upcoming report to
be released soon. If you wish an early delivery of this report or want to
confirm the date of release, please contact us at [email protected]