Property and Casualty Insurance Market Size to Reach 1036.17 Billion by 2033

The Brainy Insights, a leading market intelligence firm, today unveiled new insights into the global property and casualty insurance market, which was valued at USD 700 billion in 2023 and grew at a CAGR of 4% from 2024 to 2033. As per their research, the market is expected to reach USD 1036.17 billion by 2033.

P&C Insurance Market The research includes a detailed analysis of the current market trends, growth opportunities, and other value-added insights. According to Avinash D, Chief Research Analyst at Brainy Insights, the global property and casualty insurance market is primarily driven by the increasing demand for insurance coverage, particularly from North America, where high income and asset levels and a cultural emphasis on financial security are fueling growth. “North America emerged as the most significant global property and casualty insurance market, with a 33% market revenue share in 2023,” he said. Rising disposable income and increasing consumer awareness about the importance of insurance policies are other prominent factors driving the market. As per Brainy Insights’ research, the largest insurance markets in 2033 will be in Asia-Pacific and Europe, however, North America is expected to remain the largest contributor to the overall global property and casualty insurance market in terms of revenue. The report also provides a detailed analysis of competitive developments and the strategies adopted by players to increase market shares. “Players in the global property and casualty insurance market are engaged in product launches, collaborations, mergers & acquisitions, and partnerships to strengthen their position in the market,” said Avinash.

The global property and casualty insurance market is primarily driven by high income and asset levels in North America, as well as increasing disposable income and consumer awareness, with the largest markets being in Asia-Pacific and Europe, and players adopting strategies such as product launches, collaborations, mergers & acquisitions, and partnerships to strengthen their position in the market.

The Brainy Insights has been providing actionable, in-depth market intelligence to its clients for more than 10 years. It has been a leader in delivering market research and consultancy services to help industry players to gain competitive advantage in the highly fragmented insurance industry. Companies and individuals interested in learning more about this market are encouraged to contact Brainy Insights for detailed insights.