What is Homeowners Insurance Market?
Homeowners insurance is a form of property insurance that shelters losses and damages to an individual's house and to assets in the home. It also offers liability coverage against accidents in the home or on the property. The policy typically covers interior damage, exterior damage, loss or damage of personal assets, and injury that ascends while on the property. Every homeowners insurance policy has a liability limit, which defines the amount of coverage the insured has should an unfortunate incident occur. Homeowners insurance is diverse from a home warranty and mortgage insurance.
The market study is being classified by Type (Basic Form, Broad Form, Special Form, Tenant's Form and Comprehensive Form) and major geographies with country level break-up.
State Farm (United States), Allstate (United States), Allianz SE (Germany), Liberty Mutual (United States), Chubb Limited (Switzerland), PICC (China), USAA (United States), Farmers Insurance Group (United States), The Travelers Companies, Inc. (United States) and PingAn Insurance (China) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Nationwide Mutual Insurance Company (United States), American Family Insurance (United States), Erie Insurance Group (United States) and BUPA (United Kingdom).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Homeowners Insurance market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Homeowners Insurance market by Type, Application and Region.
On the basis of geography, the market of Homeowners Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Insured Losses due to Environmental Damages
- Reduces Future Financial Worries
Market Trend
- Digitization of Processes and Personalization of Premiums
Restraints
- Lack of Awareness from the Underdeveloped Regions
Opportunities
- High Potential Growth Offered by Developing Region
Challenges
- Insurance Industry Suffers From Image Problem
Market Leaders and some development strategies
On Nov 07, 2019 - Nationwide Partners with Betterview to use its proprietary computer vision and machine learning technologies in commercial property underwriting. and On Nov 06, 2019 - American Family Life Insurance Company, is partnering with Votaire, a financial wellness and benefits platform, to offer a new option for purchasing life insurance online via Life Direct.
No federal regulatory agency exists to monitor insurance companies, so companies selling insurance are regulated by individual state agencies. These state regulatory groups are designed to assure that insurance companies operating in the state have the financial ability to pay claims. The state regulatory agency is typically empowered to take various actions against an insurance company that fails to conduct its business in a financially sound manner, including actions to prohibit the company from doing business in the state. State laws require insurers and insurance-related businesses to be licensed before selling their products or services.
Key Target Audience
Homeowners Insurance Providers, Insurance Service Provider, Financial Industry, Governmental Bodies, Regulatory Bodies and Research Organization