Kathmandu. By 2034, the global earthquake insurance market is projected to reach $13.6 billion.
According to the Market.us report, the global earthquake insurance market is expected to grow from $7.6 billion in 2024 to $13.6 billion by 2034. This represents a compound annual growth rate (CAGR) of 6.0 per cent during the forecast period.
Natural disasters, urbanization, and rising frequency of rising property prices in earthquake-prone areas are fuelling the growth of the earthquake insurance market. Government initiatives aimed at regulations that promote disaster preparedness and resilience have also contributed to broader policy adoption.
In 2024, the non-life insurance segment accounted for more than 76% of the market. which reflects the demand for comprehensive coverage of property and property risk. The share of individual policies is 64 percent. Which indicates increasing demand among homeowners.
Because of their role in risk assessment and customer service, agents became the main distribution channel for more than 30% of sales. Of the total insured persons, 66% are individuals. This indicates a growing awareness at the household level about seismic risk. – Agency
