Home Insurance Market 2020-2028 Study & Future Prospects Including key players from Lara Lucas's blog

The global home insurance market is estimated to be valued at $4,07,940.4 million by 2028, surging from $2,41,006.8 million in 2020 at a noteworthy CAGR of 6.8%.

Impact Analysis of COVID-19 on the Home Insurance Market

The COVID-19 emergency has had a negative impact on the global home insurance market growth. During the pandemic, the restriction on construction activities led to decline in demand of home insurance services globally. The general economic activity is uncertain and could continue to negatively impact premium volumes of the insurance companies. The degree of the impact will depend on the duration of the pandemic and the related impact on the economy.

Moreover, during the time of the pandemic, some of the global insurance companies have been adopting various strategies such as acquisition and partnerships to gain a major position in the global market during the pandemic.

Post COVID-19 Pandemic Impacts on Home Insurance Market. Click to Connect with our Expert Analyst@ https://www.researchdive.com/connect-to-analyst/8412

Global Home Insurance Market Analysis

The surge in the human population has increased the demand for housing services globally, which has propelled the development of residential housing services. The increasing requirement for safe housing has aided in the expansion of home insurance market. The utilization of home insurance services has advantages such as coverage of temporary living expenses and coverage for the loss/damage to your valuable assets and precious personal belongings, which makes it easier to avail a house loan from banks that provides coverage against natural and man-made calamities, protection against liabilities, and others. These factors are expected to contribute in the growth of global home insurance market.

The lack of awareness of investment and lack of resources in growing businesses may obstruct the growth of the market. Moreover, the complexities and higher initial cost of premium for home insurance are also cited as key issues that may create a negative impact on the market during the forecast period.

The increasing importance of adoption of artificial intelligence and machine learning is anticipated to create huge opportunities for the global home insurance market. The utilization of technology such as cyber insurance analytics tools gives property insurers access to historical data necessary to assess risk more accurately. The insurance companies involved in home insurance globally are adopting technologies for better risk prediction. Along with this, implementation of ‘Aerial imagery’ for evaluation of the property damage through real-time imaging through drones or satellites is shortening claims assessment process. These new developments are expected to create new scope of opportunities the global home insurance market

Global Home Insurance Market, Segmentation

The global home insurance market is segmented based on coverage, end user, and region.

Coverage:

The type segment is further classified into comprehensive coverage, dwelling coverage, content coverage, other optional coverages. Among these, the dwelling coverage sub-segment is anticipated to have the fastest growth and surpass $77,271.6 million by 2028, with an increase from $42,895.60 million in 2020.

The increasing level of income in the developing countries such as China, India, and other countries of the Asia-Pacific region has led to increasing emphasis of public on insurance of their homes. This insurance coverage has advantages such as it provides insurance coverage from wide number of manmade and few nature-driven incidents such as lightning, fire, wind, hail, sleet, smoke, explosions, and falling objects. These factors are expected to flourish the sub-segment in the forecast period.

End User:

The component segment is further divided into landlords and tenants. The landlord sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $2,39,715.1 million during the analysis timeframe.

Homes equipped with landowner’s insurance for protection against financial losses resulting from natural disasters, injuries, accidents, and other liability issues have the privilege of reimbursement of loss of property under landlord insurance. These factors are expected to boost the subsegment in the forecast period.

Region:

The home insurance market for the North American region is estimated to dominate the global market and generate a revenue of $1,83,328.4 million by 2028. The increasing need for protection and insurance coverage from natural and manmade disasters and incidents such as attempted theft, fire, explosion, lightning or earthquake, and others is expected to boost the home insurance market in the North American region.

Request an Exclusive PDF Sample of Home Insurance Market (Including Tables, TOC and Figures)@ https://www.researchdive.com/download-sample/8412

Key Players in the Global Home Insurance Market
  • Allianz,
  • Admiral Group Plc,
  • American International Group, Inc.
  • AXA
  • Allstate Insurance Company
  • Chubb
  • State Farm Mutual Automobile Insurance Company
  • Liberty Mutual Insurance
  • Nationwide Mutual Insurance Company
  •  The Travelers Indemnity Company. 

Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.


Previous post     
     Next post
     Blog home

The Wall

No comments
You need to sign in to comment