About Home Emergency Insurance
Home emergency insurance is insurance that covers the costs of parts and repairs when faced with heating, plumbing and drainage issues. This insurance covers insurer for things that could impact health, home's security or risk damage. It also covers damage that could become permanent, like a broken roof. The factors such as Increased Incidences of Various Damages to Home and Increased Promotional Activities by the Companies are driving the global home emergency insurance market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 1.23% |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Home Emergency Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Barclays plc (United Kingdom), Aviva plc (United Kingdom), Legal Protection Insurance (United Kingdom), Aflac Inc. (United States), Allstate (United States), GEICO (United States), Liberty Mutual Group (United States), Allianz (Germany) and Bupa (United Kingdom are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are People's Insurance Company of China (China) and Ping An Insurance (China).
Segmentation Overview
AMA Research has segmented the market of Global Home Emergency Insurance market by and Region.
On the basis of geography, the market of Home Emergency 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). If we see Market by Cover, the sub-segment i.e. Plumbing and Drainage Cover will boost the Home Emergency Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Channel of Distribution, the sub-segment i.e. Independent Advisers will boost the Home Emergency Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Awareness about Benefits of Home Emergency Insurance
Market Growth Drivers:
Increased Incidences of Various Damages to Home and Increased Promotional Activities by the Companies
Challenges:
Long Claim Settlement Procedures
Restraints:
Some Insurance Providers are Not Covering All Things about Insurance
Opportunities:
Growth in the Insurance Industry and Increasing Demand from End-users
Market Leaders and their expansionary development strategies
In May 2023, Lyfeguard has partnered with Hometree, the home services tech company offering comprehensive boiler and home emergency breakdown cover at affordable prices.The partnership will enable Lyfeguard users to access Hometree’s services directly through the smart platform’s insurance cover for boilers, central heating, and other home essentials, such as plumbing and electrics. Hometree enables homeowners and landlords alike to enjoy stress-free living with comprehensive and cost-effective heating and home emergency solutions at a time when it is needed most.
In May 2023, Sky today announces the launch of an innovative smart home protection service, offering customers comprehensive home insurance and smart home tech
Key Target Audience
Home Emergency Insurance Providers, Distributors, Emerging Companies, Research Professionals and End-users
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.