The property and casualty insurance market size was valued at $1.8 trillion in 2023 and is predicted to record a compound annual growth rate over 5.5% between 2024 and 2032, according to a report by Global Market Insights.
Increasing gross domestic product (GDP) contributes to the property and casualty market’s expansion by driving economic growth, the data showed, resulting in greater assets, property and commercial activities.
“As GDP rises, individuals and businesses have more to protect, leading to an increased demand for P&C insurance products such as property, liability, and business interruption coverage,” Global Market Insights said in the report. “Rising urbanization is propelling the market by increasing the concentration of properties and businesses in urban areas. The demand for insurance coverage on properties, homes, commercial enterprises, and vehicles will surge as more people migrate to cities and urban infrastructure expands.”
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Joe Toppe
Joe Toppe serves as managing editor of PropertyCasualty360.com. Joe is also a father of three, an author, and longtime lover of baseball.
