Rising Climate-Related Risks that Propel Catastrophe Insurance Market Expansion

Catastrophe insurance market was valued at $215 billion and is projected to reach $360 billion by 2035, growing at a CAGR of 4.8% during the forecast period from 2025 to 2035. Climate change and urbanization are raising the threat of extreme weather events, requiring an upsurge in demand for enhanced flood insurance solutions. For instance, in March 2024, Chubb Personal Risk Services released a self-service Flood Insurance System for agents to integrate with the Chubb Agent Portal and Masterpiece EZ Quote homeowners' platform. The system will provide quotes for low-hazard properties in less than two minutes.

Browse the full report description of “Catastrophe Insurance Market Size, Share & Trends Analysis Report by Insurance Type (Catastrophic Health Insurance, Earthquake Insurance, Flood Insurance, Storm Insurance, Terrorism Insurance, Volcano Insurance, Wildfires Insurance, and Other Insurance), by Catastrophe Type (Man-made Events, and Natural Disasters), by End-User (Commercial, Personal, and Residential), and by Distribution Channel (Direct Insurance Providers, Brokers & Agents, Bancassurance (Bank-Assisted Insurance Sales), and Online Insurance Platforms) Forecast Period (2025-2035)” at https://www.omrglobal.com/industry-reports/catastrophe-insurance-market

• In October 2024, Amwins and Floodbase introduced a pioneering flood insurance program for California cities with the support of an A+ AM-rated carrier. The program is designed to ensure against newly exposed losses as a result of atmospheric river flooding, allowing immediate access to capital for municipal governments to pay for emergency response, mitigate lost tax revenue, initiate residential rebuilding initiatives, or fix public infrastructure. The project has already accumulated bound coverage from California public sector clients, countering the increasing cost of atmospheric river flooding.

• In November 2024, Aon plc confirmed its Florida Flood v3.0 model in November 2024, which analyzes flood exposure in Florida for re/reinsurers' use in rate filing. The model, built by Impact Forecasting with the assistance of Fathom, enables clients to estimate flood risk from tropical and non-tropical weather systems on all three flood sub-perils: riverine (fluvial), surface (pluvial) flooding, and tropical cyclone storm surge. The model is offered within Impact Forecasting's ELEMENTS 18 catastrophe modeling platform and includes high-resolution hazard footprints, annual average loss estimates, first-floor building height calculations, and a shared stochastic and historical catalog.

Market Coverage

• The market numbers available for 2024-2035

• Base year- 2024

• Forecast period- 2025-2035

• Segment Covered- 

o By Insurance Type

o By Catastrophe Type

o By End-User

o By Distribution Channel

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape - Allianz, People's Insurance Company of China Ltd., Selective Insurance Group, Inc., Sompo International Holdings Ltd., and Tokio Marine & Nichido Fire Insurance Co., Ltd., among others.

Key questions addressed by the report.

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Catastrophe Insurance Market Report Segment

By Insurance Type

• Catastrophic Health Insurance
• Earthquake Insurance
• Flood Insurance
• Storm Insurance
• Terrorism Insurance
• Volcano Insurance
• Wildfires Insurance
• Other Insurance

By Catastrophe Type

• Man-made Events
• Natural Disasters

By Coverage

• Commercial
• Personal
• Residential

By Distribution Channel

• Direct Insurance Providers
• Brokers & Agents
• Bancassurance (Bank-Assisted Insurance Sales)
• Online Insurance Platforms

Global Catastrophe Insurance Market Report Segment by Region

North America

• United States

• Canada 

Europe

• UK

• Germany

• Italy

• Spain

• France

• Russia

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Australia and New Zealand

• ASEAN Economies

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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