Commercial flood insurance Market to Reach $30.0 Billion, Globally, by 2033 at 14.1% CAGR: Allied Market Research

The global commercial flood insurance market is experiencing growth due to several factors such as the increasing flood events and severity of floods, along with the growing government programs and management to improve floodplain management.

WILMINGTON, Del., Aug. 12, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Commercial flood insurance Market by Coverage Type (Building Coverage, Content Coverage and Combined Coverage), by Policy Provider (National Flood Insurance Program (NFIP), Private Flood Insurance), and Distribution Channel (Direct Sales and Agents and Brokers): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the commercial flood insurance market was valued at $8.0 billion in 2023, and is estimated to reach $30.0 billion by 2033, growing at a CAGR of 14.1% from 2024 to 2033.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/A324203 

Prime determinants of growth 

Increasing number of insurance markets. However, the high premium costs of commercial flood insurance policies, along with the lack of awareness and misconceptions about flood risks hinder market growth to some extent. Moreover, the increasing urbanization and infrastructure development across developing countries, along with technological enhancements in improving the accuracy of flood hazards offer remunerative opportunities for the expansion of the global commercial flood insurance market.

Report coverage & details:

Segment Highlights

The building coverage segment is expected to grow faster throughout the forecast period.

Based on the coverage type segment, building coverage held the highest market share in 2023, accounting for more than two-fifths of the global commercial flood insurance market revenue throughout the forecast period. The demand for building coverage is driven by unpredictable weather patterns and the frequency of extreme weather events, such as hurricanes and heavy rains, have heightened awareness of flood risks. This leads businesses to seek comprehensive coverage, including building coverage, to safeguard their operations, which drives market growth.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A324203 

The National Flood Insurance Program (NFIP) segment is expected to register the largest share throughout the forecast period.

Based on the policy provider segment, the National Flood Insurance Program (NFIP) segment held the highest market share in 2023, accounting for nearly three-fifths of the global commercial flood insurance market revenue. This growth can be attributed to the fact that the NFIP provides subsidized rates that can be more affordable than private insurance, making it an attractive option for many businesses. Its availability and standardized pricing structure are major factors in its market presence, which drives market growth. Moreover, economic conditions, such as property values and business continuity concerns, drive flood insurance demand. As businesses invest in protecting their assets, the NFIP remains a viable option.

The direct sales segment is expected to garner faster growth throughout the forecast period. 

Based on the distribution channel segment, the direct sales segment held the highest market share in 2023, accounting for more than three-fifths of the commercial flood insurance market revenue globally. This growth is driven by the rise of digital sales platforms and Insurtech solutions making it easier for businesses to purchase insurance directly accelerating the growth of the commercial flood insurance market in this segment. In addition, government programs that subsidize flood insurance premiums or offer incentives can boost the direct sales segment, which is expected to drive the growth of the global commercial flood insurance market.

North America to maintain its dominance by 2033

Based on region, North America held the highest market share in terms of revenue in 2023, accounting for nearly two-fifths of the global commercial flood insurance market revenue throughout the forecast timeframe. The rising occurrence of floods due to climate change and the large presence of commercial flood insurance providers are expected to drive the growth of the commercial flood insurance market. In addition, the growing initiatives involving public-private partnerships are promoting the development of more comprehensive flood insurance products which are expected to boost market growth.

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Players 

• Assurant, Inc.
• Chubb Group
• FloodFlash Limited
• Hylant Group, Inc.
• Insurance America LLC
• JMG Insurance Corp
• Main Street America Insurance
• Nationwide Mutual Insurance Company
• Sutcliffe Insurance Brokers Limited
• The Hartford

The report provides a detailed analysis of these key players in the global commercial flood insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the commercial flood insurance market analysis from 2024 to 2033 to identify the prevailing commercial flood insurance market opportunities.
• Market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the commercial flood insurance market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global commercial flood insurance market trends, key players, market segments, application areas, and market growth strategies.

Commercial flood insurance Market Report Highlights

By Coverage Type

• Building Coverage
• Content Coverage
• Combined Coverage

By Policy Provider

• National Flood Insurance Program (NFIP)
• Private Flood Insurance

By Distribution Channel

• Direct Sales
• Agents and Brokers

By Region

• North America (U.S., Canada)
• Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
• LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Mexico, Rest of LAMEA)

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭: https://www.alliedmarketresearch.com/request-for-customization/A324203

Key Market Players

FloodFlash Limited, Reliant Assurance Brokers LLC, Prizm Solutions Ltd, Pyron Group Insurance, The Hartford, JMG Insurance Corp, Main Street America Insurance, Hylant Group, Inc., Sutcliffe Insurance Brokers Limited, Nationwide Mutual Insurance Company, Advisory Insurance Brokers Limited, Insurance America LLC, Assurant, Inc., Neptune Flood, Chubb Group

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