New York, USA, Jan. 11, 2023 (GLOBE NEWSWIRE) — According to a report published by research Dive, the global home insurance market is envisioned to generate a revenue of $4,07,940.4 million and rise at a CAGR of 6.8% over the estimated timeframe from 2021 to 2028.
As per our analysts, with the increasing demand for property insurance because of the rising events of environmental and catastrophic damages such as earthquakes, forest fires, lightning, tsunami, avalanche, and many more, the home insurance market is expected to see exponential growth during the forecast period. Besides, the increasing initiatives to improve the felicitation of home insurance services and the increasing awareness of its importance are predicted to foster the growth of the market over the analysis timeframe. Moreover, the growing implementation of modern technologies such as predictive analytics in the domain of home insurance is expected to create wide investment opportunities for the market over the forecast period. However, the lack of awareness about the benefits of home insurance services may impede the growth of the market throughout the estimated period.
Request an Exclusive PDF Sample of Home Insurance Market
Segments of the Market
The report has divided the home insurance market into segments based on coverage, end-user, and region.
Coverage: Comprehensive Coverage Sub-Segment to be Most Productive
The comprehensive coverage sub-segment is expected to garner a revenue of $2,25,160.3 million during the forecast period. This is mainly due to the increasing events of natural disasters such as floods, hurricanes, earthquakes, storms, and many more. Moreover, the various advantages of comprehensive coverage insurance such as property-related lawsuits, and protection from natural and manmade calamities are predicted to propel the growth of the market sub-segment over the analysis period.
End-User: Landlord Sub-Segment to be Most Profitable
The landlord sub-segment is projected to generate a revenue of $2,39,715.1 million throughout the estimated timeframe. This is majorly due to the increasing population, along with the increase in migration in cities that has led to the surge in rental property activities. In addition, the numerous advantages of the property equipped with landowner’s insurance such as protection of the landowner’s property from natural disasters, accidents, injuries, and other liability issues are expected to fuel the growth of the market sub-segment during the analysis period.
North America Region to Hold the Largest Share of the Market
The North America region of the home insurance market is expected to generate a revenue of $1,83,328.4 million throughout the forecast timeframe. This is mainly due to the increasing demand for home insurance services in the economically developed countries of this region. Furthermore, the increasing use of modern technology such as the Internet of Things (IoT) and Artificial Intelligence in the home insurance sector to provide highly insightful and personalized customer experiences in this region is predicted to thrive the regional growth of the market over the analysis period.
Ask an Analyst or schedule a call to get the latest Trends of Home Insurance Market
Covid-19 Impact on the Home Insurance Market
The rise of the novel coronavirus has negatively impacted the home insurance market. This is mainly because of the restriction on construction activities which further led to a decline in the demand and requirement for home insurance services during the pandemic period. However, the leading organizations have started adopting innovative business strategies which have created growth opportunities for the market during the period of crisis.
Key Players of the Market
The major players of the home insurance market include
- Allstate Insurance Company
- State Farm Mutual Automobile Insurance Company
- Liberty Mutual Insurance
- American International Group Inc.
- Nationwide Mutual Insurance Company
- Admiral Group Plc
- The Travelers Indemnity Company
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in February 2022, Allianz S.p.A, a renowned German multinational financial services and asset management company announced its acquisition of Aviva Italia Holding S.p.A., a leading Italian insurance services providing company. With this acquisition, the companies aimed to expand their property and casualty insurance portfolio and agent network across many countries.
Further, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
Triangulate Home Insurance Market report data as per your Requirements & Avail 10%OFF
More about Home Insurance Market: