Portland,OR, May 31, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global fire insurance market generated $58.49 billion in 2019, and is expected to generate $120.49 billion by 2028, witnessing a CAGR of 11.9% from 2021 to 2028. The report provides a detailed analysis of changing market dynamics, key segments, value chain, top investment pockets, regional scenario, and competitive landscape.
Rise in need for financial safety due to uncertainties, innovative products and services offered by major players, and surge in demand for insurance policies drive the growth of the global fire insurance market. However, lack of awareness regarding policies hinders the market growth. On the other hand, supportive government initiatives and implementation of new technologies present opportunities in the coming years.
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Covid-19 Scenario:
- There has been a significant decline in availing fire insurance policies due to economic uncertainty occurred during the lockdown.
- Many organizations have adopted work from home culture, which reduced the need for infrastructure at corporate offices. This factor reduced the demand for fire insurance from organizations.
- Job losses and business discontinuity are also among the major reasons for reduced adoption of fire insurance policies.
The report offers detailed segmentation of the global fire…
