Amid climate change and increasing weather-related catastrophes, the fire insurance market is growing exponentially.

The sector peaked at roughly $81.4 billion in 2024, according to a report by The Business Research Company, and is predicted to reach $89.89 billion by the end of this year.

By 2029, the market is projected to reach $133.46 billion at a compound annual growth rate (CAGR) of 10.4%, the data showed, with growth attributed to urbanization and policing needs, humanitarian and peacekeeping demand, regulations and lethal force restrictions, public perception and advocacy, military strategy and modernization.

Major trends during the forecast period:

  • Humanitarian missions and peacekeeping.
  • Technological advancements.
  • Civil unrest management.
  • Regulatory emphasis on non-lethal force.
  • Public perception and safety concerns.
Major players in the fire insurance market include Amica Mutual Insurance Company, Allstate Insurance Company, Allianz SE, AXA SA, Liberty Mutual Insurance Group, Government Employees Insurance Company and State Farm Mutual Automobile Insurance Company.

Already in 2025, there have been 2,128 incidents of wildfire around the U.S. with 64,038 total acres burned, according to the National Interagency Fire Center. In California, there have been 337 wildfires, 57, 636 acres burned, 29 fatalities and over 16,000 structures destroyed.

The slideshow above illustrates tips for preventing fraud and insurance scams as selected by Hubert Klein, partner at EisnerAmper.

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