Industry Background:
One of the most common types of landlord insurance is tenant default insurance, sometimes called rental default insurance. If the tenants are unable to pay their rent, it can cover the income their property generates. Even the most dependable tenants may encounter financial challenges that lead to arrears. Evicting a tenant may take up to six months, during which a significant amount of rent may be lost. Tenant default insurance is designed to protect against this, up to a maximum of USD 60,000. Millions of UK tenants default on their rent every year, frequently as a result of their own financial issues.This growth is primarily driven by The Flexibility of Managing an Investment
.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Property & Casualty Insurance sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Aon plc (United Kingdom), Next Wave Insurance Services, LLC (Canada), HUB International Limited (United States), Allianz SE (Germany), NRMA Insurance (Australia), QBE Insurance (Australia), AAMI (United States), Westpac (Australia), Aviva Plc (United Kingdom) and Prudential Financial (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In July 2021, Aon plc and Willis Towers Watson announced that the firms have agreed to terminate their USD 30 billion business combination agreement and end litigation with the U.S. Department of Justice (DOJ).
In September 2022, Hub International had launched a new captive insurance program to serve as an alternative to traditional security deposits for real estate owners, operators, and managers of multi-family properties and/or commercial spaces.Global Tenant default insurance is a fragmented market due to the presence of various players. The players are focusing on providing more features in the coverage. 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.
Influencing Trend:
Development of New Offers and Schemes by Insurance Companies and Usage of Mobile Technology by Insurance Companies
Market Growth Drivers:
The Flexibility of Managing an Investment and Need for Tenant Default Insurance for Protection from the Loss That May Result From Default Rental
Challenges:
Longer Time for Claim Reimbursement
Restraints:
Stringent Government Rules and Regulation Relating to Insurance Policies
Opportunities:
Rise in Awareness among Consumer-Related to Landlord Insurance and Its Benefits and Potential Growth Opportunity in Emerging Countries
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Tenant Default Insurance Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Tenant Default Insurance Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Tenant Default Insurance players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Tenant Default Insurance Study Sheds Light on
The Tenant Default Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Tenant Default Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Tenant Default Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.