New study outlines global property premiums for commercial sectorReprints
Just under half of worldwide property insurance premiums in 2014 went to commercial property coverage, according to a new study by London-based Finaccord Ltd., the international market research and consulting company said in a statement Friday.
Of the $360.5 billion in worldwide property premium, $164.6 billion, or 46%, was in the commercial sector while $195.8 billion, or 54%, went to personal property insurance, Finaccord said in its new report, “Global Property Insurance: Size, Segmentation, and Forecast for the Worldwide Market.”
The global property insurance market is forecast by Finaccord to reach $421.2 billion by 2018, although growth will occur more slowly from 2014 to 2018 than from 2010 to 2014. Personal property insurance will also take a larger share in the future.
“We expect household insurance to continue outgrowing commercial property insurance with the result that it will have risen to more than 55% of the global market by 2018,” Finaccord said in its report.
The world’s largest property insurance markets are the U.S., France and Germany, at a respective $150.1 billion, $22.6 billion and $22.2 billion in 2014 premium, according to the report.
The fastest growing, however, are Argentina, Turkey and the Philippines, with respective compound annual growth rates of 29.6%, 17.8% and 16.3%, according to the report.
Countries covered in the report include Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, Finland, France, Germany, India, Indonesia, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, Norway, Peru, the Philippines, Poland, Portugal, Romania, Russia, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, the U.K., U.S. and Vietnam, Finaccord said in its statement.