P&C insurers see steady 4.3% CAGR through 2032

Demand is rising in APAC due to urbanisation and increased risk awareness. 

The global property and casualty (P&C) insurance market is projected to grow from $1.92t in 2025 to $2.57t by 2032, with a CAGR of 4.3%, according to Fortune Business Insights. 

Growth is driven by climate risks, regulatory changes, digital innovation, and rising consumer awareness. 

Vehicle insurance was the largest segment in 2024, supported by rising ownership and mobility services.

Meanwhile, commercial property insurance is expected to grow fastest, backed by infrastructure investment in developing markets like India.

Despite high premiums and market saturation in developed regions, demand is rising across Asia-Pacific due to urbanisation and increased risk awareness. 

Insurers are adapting through new technologies, partnerships, and regulatory shifts such as India’s proposed composite insurance licenses.