Flood Insurance Global Market Report 2024

Description

Flood insurance is a specialized property coverage designed to protect against financial losses caused by flooding. It helps cover the repair and replacement costs for property and personal belongings damaged by floods, offering financial protection, peace of mind, and fulfilling lender requirements for properties in flood-prone areas.

The main types of flood insurance are typically categorized into life insurance and non-life insurance, though in the context of flood insurance, the focus is more on non-life insurance. Non-life insurance covers building property and personal contents against flood damage. The coverage applies to both commercial and residential properties.

The flood insurance market research report is one of a series of new reports from The Business Research Company that provides flood insurance market statistics, including the flood insurance industry global market size, regional shares, competitors with flood insurance market share, detailed flood insurance market segments, market trends, and opportunities, and any further data you may need to thrive in the flood insurance industry. These flood insurance market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The flood insurance market size has grown exponentially in recent years. It will grow from $9.87 billion in 2023 to $11.92 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. The growth during the historic period can be attributed to an increase in the frequency of flood events, greater awareness of flood risks, rising property prices, increased public funding for flood protection, and more stringent insurance coverage requirements.

The flood insurance market size is expected to see exponential growth in the next few years. It will grow to $25.46 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%. The projected growth during the forecast period can be attributed to the rising frequency of extreme weather events, increasing government regulations, greater investment in flood defense infrastructure, expanding insurance coverage options, and a growing number of flood insurance providers. Key trends expected to shape this period include the adoption of advanced flood risk assessment tools, the use of satellite imagery and remote sensing technologies, integration of climate change models, development of customizable flood insurance policies, and the implementation of automated claims processing systems.

The growing concerns about climate change and increasing flood risks are expected to drive the expansion of the flood insurance market. Climate change and rising flood risks are exacerbated by factors such as urbanization, deforestation, and inadequate drainage infrastructure. Flood insurance plays a crucial role in helping communities recover more quickly from flooding by providing essential funds for rebuilding and repairs, underscoring its importance. For example, in December 2023, the UK Health Security Agency reported that flood risks are projected to rise by 61% by 2050 under a moderate warming scenario (+2°C) and by 118% in a high warming scenario (+4°C) compared to current levels. Additionally, ReliefWeb reported in March 2023 that floods in Pakistan affected 33 million people in 2022, resulting in 1,739 deaths and causing economic damage estimated at $15 billion. Thus, the rising climate change impacts and increasing flood risks are fueling growth in the flood insurance market.

Leading companies in the flood insurance market are developing automated services to streamline the claims process and improve customer experience. Automated flood insurance services use technology to expedite and simplify insurance procedures, offering fast quotes, efficient policy management, and streamlined claims handling through data analytics and digital tools. For instance, in March 2024, Chubb, a Switzerland-based insurance company, introduced a self-service flood insurance system that provides quotes for low-hazard properties in under two minutes. Integrated with Chubb's Agent Portal and Masterpiece EZ Quote platform, this system uses advanced digital technology for greater efficiency. This innovation highlights Chubb's proactive approach to addressing increasing flood risks by offering fast and comprehensive coverage options.

In June 2024, Zurich Insurance Company, also based in Switzerland, acquired a 70% stake in Kotak Mahindra General Insurance Company Limited for $670 million. This acquisition aims to enhance Zurich Insurance's presence in the Indian market. Kotak Mahindra General Insurance, based in India, provides a wide range of insurance products and services, including flood insurance.

Major companies operating in the flood insurance market are Berkshire Hathaway Inc., Ping An Insurance Company of China Ltd., Allianz SE, Axa S.A., Munich Re Group, American International Group Inc., Liberty Mutual Insurance Company, Tokio Marine Holdings Inc., The Allstate Corporation, The Progressive Corporation, Swiss Reinsurance Company Ltd, Zurich Insurance Group Ltd, Chubb Limited, The Travelers Companies Inc., Sompo Holdings Inc., Hannover Ruck SE, Mapfre SA, The Hartford Financial Services Group Inc., QBE Insurance Group Limited, Everest Re Group Ltd., CNA Financial Corporation, Markel Corporation, Assurant Inc., Arch Capital Group Ltd., Suncorp Group Limited

North America was the largest region in the flood insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the flood insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the flood insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The flood insurance market includes revenues earned by entities by providing services such as policy underwriting, risk assessment, claims management, and premium collection. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Flood Insurance Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on flood insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Where is the largest and fastest growing market for flood insurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The flood insurance market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Type: Life Insurance; Non Life Insurance
2) By Coverage: Building Property Coverage; Personal Contents Coverage
3) By Application: Commercial; Residential
Companies Mentioned: Berkshire Hathaway Inc.; Ping An Insurance Company of China Ltd.; Allianz SE; Axa S.A.; Munich Re Group
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r20596

1. Executive Summary

2. Flood Insurance Market Characteristics

3. Flood Insurance Market Trends And Strategies

4. Flood Insurance Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Flood Insurance Market Size and Growth

5.1. Global Flood Insurance Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Flood Insurance Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Flood Insurance Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Flood Insurance Market Segmentation

6.1. Global Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Life Insurance
Non Life Insurance
6.2. Global Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Building Property Coverage
Personal Contents Coverage
6.3. Global Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Commercial
Residential

7. Flood Insurance Market Regional And Country Analysis

7.1. Global Flood Insurance Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Flood Insurance Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Flood Insurance Market

8.1. Asia-Pacific Flood Insurance Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Flood Insurance Market

9.1. China Flood Insurance Market Overview
9.2. China Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Flood Insurance Market

10.1. India Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Flood Insurance Market

11.1. Japan Flood Insurance Market Overview
11.2. Japan Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Flood Insurance Market

12.1. Australia Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Flood Insurance Market

13.1. Indonesia Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Flood Insurance Market

14.1. South Korea Flood Insurance Market Overview
14.2. South Korea Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Flood Insurance Market

15.1. Western Europe Flood Insurance Market Overview
15.2. Western Europe Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Flood Insurance Market

16.1. UK Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Flood Insurance Market

17.1. Germany Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Flood Insurance Market

18.1. France Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Flood Insurance Market

19.1. Italy Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Flood Insurance Market

20.1. Spain Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Flood Insurance Market

21.1. Eastern Europe Flood Insurance Market Overview
21.2. Eastern Europe Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Flood Insurance Market

22.1. Russia Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Flood Insurance Market

23.1. North America Flood Insurance Market Overview
23.2. North America Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Flood Insurance Market

24.1. USA Flood Insurance Market Overview
24.2. USA Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Flood Insurance Market

25.1. Canada Flood Insurance Market Overview
25.2. Canada Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Flood Insurance Market

26.1. South America Flood Insurance Market Overview
26.2. South America Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Flood Insurance Market

27.1. Brazil Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Flood Insurance Market

28.1. Middle East Flood Insurance Market Overview
28.2. Middle East Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Flood Insurance Market

29.1. Africa Flood Insurance Market Overview
29.2. Africa Flood Insurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Flood Insurance Market, Segmentation By Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Flood Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Flood Insurance Market Competitive Landscape And Company Profiles

30.1. Flood Insurance Market Competitive Landscape
30.2. Flood Insurance Market Company Profiles
- 30.2.1. Berkshire Hathaway Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Ping An Insurance Company of China Ltd.
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Allianz SE
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Axa S.A.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Munich Re Group
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Flood Insurance Market Other Major And Innovative Companies

31.1. American International Group Inc.
31.2. Liberty Mutual Insurance Company
31.3. Tokio Marine Holdings Inc.
31.4. The Allstate Corporation
31.5. The Progressive Corporation
31.6. Swiss Reinsurance Company Ltd
31.7. Zurich Insurance Group Ltd
31.8. Chubb Limited
31.9. The Travelers Companies Inc.
31.10. Sompo Holdings Inc.
31.11. Hannover Ruck SE
31.12. Mapfre SA
31.13. The Hartford Financial Services Group Inc.
31.14. QBE Insurance Group Limited
31.15. Everest Re Group Ltd.

32. Global Flood Insurance Market Competitive Benchmarking

33. Global Flood Insurance Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Flood Insurance Market

35. Flood Insurance Market Future Outlook and Potential Analysis

35.1 Flood Insurance Market In 2028 - Countries Offering Most New Opportunities
35.2 Flood Insurance Market In 2028 - Segments Offering Most New Opportunities
35.3 Flood Insurance Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer