About Real estate insurance
Real estate insurance is a type of insurance that protects the property from loss due to fire, theft or other causes. It can also provide coverage for liability issues and protect the value of the home if the Owners are unable to live in it. The policy will typically cover these types of events as well as help with any repairs necessary after an event occurs. Real estate insurance market is a collective term for the several types of insurance policies that cover real property, Real estate insurance market is the largest in terms of volume and value. It represents a huge opportunity for insurers to expand their business and capture more market share. The real estate insurance industry has been growing at an exponential rate, especially in recent years
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Real estate 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.
Bajaj Allianz General Insurance Co. Ltd. (India), Icici Lombard Gic Ltd. (India), Tata Aig Gic Ltd. (India), Royal Sundaram Alliance Insurance Co. Ltd. (India), The New India Assurance Co. Ltd. (India), The Oriental Insurance Co. (India), State Farm (United States), Berkshire Hathaway (United States), Liberty Mutual (United States), Allstate (United States), Travelers Group (United States), Usaa (United States), Chubb (Switzerland), Farmers Insurance (United States), Nationwide (United States), Zurich (Switzerland), Aig (United States), The Hartford (United States), American Family Insurance (United States), Auto-Owners Group (United States), Assurant (United States), Tokio Marine (Japan) and Erie Insurance (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Fairfax Financial (Canada), Axa (France), Wr Berkley (United States), Markel Corporation (United States) and Cincinnati Financial (United States).
Segmentation Overview
AMA Research has segmented the market of Global Real estate insurance market by Type (Homeowner’s Insurance, Renter’s Insurance, Commercial Property Insurance, Natural Disaster Insurance, Fire Insurance and Others) and Region.
On the basis of geography, the market of Real estate insurance 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. Banks will boost the Real estate insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Area of Property, the sub-segment i.e. Upto 500 sq feet will boost the Real estate insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Insurance regulators’ responsibilities grew in scope and complexity as the industry evolved. US Congress adopted the mccarran-Ferguson Act in 1945 to declare that states should regulate the business of insurance and to affirm that the continued regulation of the insurance industry by the states was in the public’s best interest and Legislative issues which affect both the life or health and the property insurance industries would include deregulation of the banking industry
Market Drivers
- The Increased Need for Insurance Product Can Assist Cover Unintentional Damage
Opportunities
- Real Estate Insurance Will Also Cover Against Any Claims That May Arise Out Of Accidental Death Or Damage To Property Faced By A Third–Party, Including Domestic Workers.
Restraints
- Economic Factors Such As Interest Rates, Exchange Rates and Consumer Confidence. Social Factors Such As Changing Attitudes and Lifestyles Effecting the Market
Challenges
- In Some Cases like Natural Calamities Real Estate Insurance Doesn’t Cover All Types of Damage This May volatile Insurance Market
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Government Regulatory and Research Organizations, Research Institutes and End-Use Industries
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 the 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 purpose to understand companys positioning regarding 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 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, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.