How big is the fire insurance market | Growth Insights & Size 2025

Q: How big is the fire insurance market size?

The fire insurance market is projected to reach USD 119.6 Billion by 2031.

Q: What is the CAGR of the fire insurance market?

The fire insurance market is expected to grow at a CAGR of 6.8% during the forecast period.

Q: Who are the primary buyers of fire insurance policies?

Commercial property owners, manufacturing units, homeowners, and real estate developers are the primary buyers of fire insurance.

Q: Which region is seeing the fastest growth in the fire insurance market?

Asia-Pacific is witnessing rapid growth due to urban expansion, industrialization, and rising awareness about fire risk protection.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

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Code: MTA6341

Publication Date: Jul 2025

How big is the fire insurance market?

According to 6Wresearch internal database and industry insights, GLobal fire insurance market was valued atUSD 75.4 Billion in 2024 and is expected to reachUSD 119.6 Billion by 2031, growing at acompound annual growth rate (CAGR) of 6.8% during the forecast period (2025â€“2031).

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The growth is driven by rising incidences of fire-related losses, increasing property investments, and growing awareness about risk mitigation through insurance coverage. Technological advancements in fire detection and suppression systems are also enhancing the demand for comprehensive fire insurance policies.

Key Growth Factors of the Fire Insurance Market

Increased property damage from fires and related financial risks
Requirements for mandatory fire insurance in commercial and industrial areas
Increasing investments in residential and commercial real estate
Expansion of insurance distribution using agent-assisted and digital models
A greater understanding of asset protection and disaster recovery
Growing adoption of smart building technologies

Fire Insurance Market Trends

The fire insurance market is witnessing trends like on-demand fire insurance for SMEs and homeowners, usage-based premium pricing, and integration of IoT for risk assessment.AI-based underwriting and digital claims processing are being used to improve customer satisfaction and expedite processes.

Emerging Developments in the Fire Insurance Market

Emerging developments in the fire insurance market include AI-driven risk profiling, parametric fire insurance products, and usage of satellite imagery for property risk evaluation. Insurers are also partnering with smart home solution providers to offer proactive fire detection and prevention-based discounts.