About Home Emergency Insurance and Home Services
Home emergency insurance and home services is a type of insurance that covers the cost of calling out a tradesman due to a sudden incident like the boiler breaking down or pipes bursting. It is specially designed to make the home safe and it only covers immediate repairs and labor costs. The home services cover the cost of an emergency repair. With the use of home emergency insurance and home services, people can easily get emergency repairs to make their property safe.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 1.23% |
Global Home Emergency Insurance and Home Services is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Services. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Home Emergency Insurance and Home Services 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.
SES Home Services (United Kingdom), Direct Line (United Kingdom), Saga (United Kingdom), AXA (France), Tesco Bank (United Kingdom), Admiral (United Kingdom), Max Bupa (India), Aviva (United Kingdom), Legal & General (United Kingdom) and Halifax (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 Nationwide (United States), Churchill (United Kingdom) and NFU Mutual (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Home Emergency Insurance and Home Services market by Type (Home Insurance and Home Service), Application (Roof, Electrics, Boiler and central heating, Plumbing and drainage and Others) and Region.
On the basis of geography, the market of Home Emergency Insurance and Home Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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 Distribution Channel, the sub-segment i.e. Online will boost the Home Emergency Insurance and Home Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service Type, the sub-segment i.e. Flooded basement will boost the Home Emergency Insurance and Home Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Government Spending on the Home Services and Increasing Peoples Preference towards Home Insurance
Market Growth Drivers:
Increasing Application of Home Emergency Insurance and Home Services in Property and Casualty Sector and Growing Need for the Home Insurance Policies
Challenges:
Stringent Regulations Regarding the Applications of Home Emergency Insurance and Home Services
Restraints:
High Rate for the First Visit of Home Services and Rising Number of Fraud Activities in Insurance Policies
Opportunities:
Increasing Demand for Home Services will create Opportunities for Home Emergency Insurance and Home Services Market Growth
Market Leaders and their expansionary development strategies
On 16th July 2020, Direct Line has acquired the London-based start-up that specializes in flexible, personalized insurance products for the digital generation. The acquisition helps to accelerate its transformation.
August 10, 2023: Honeywell launches connected home platform integrating various smart home devices
According to Regulations of the Government of the United Kingdom on Home Services, "Home servants must handle information as openly as possible within the legal framework.
Key Target Audience
Home Emergency Insurance and Home Services Providers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
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.