About Home Insurance
Home insurance, also known as property insurance or homeowner insurance, secures your residence content and structure against unfortunate events like theft, fire, natural calamities (storm, cyclones, etc.) or man-made activities (riots and terrorism). With the onset of the monsoon, it is advisable to buy a home insurance policy, as many regions in India are prone to floods which can lead to vulnerable damages.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 7.0% |
This competitive landscape offers benefits. You can compare quotes, coverage options, and customer service experiences to find the best fit for your needs. Here are some resources to help you navigate Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Home 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.
State Farm Mutual Automobile Insurance [United States], Allstate Corp. [United States], Liberty Mutual [United States], Farmers Insurance Group of manufacturer [United States], USAA Insurance Group [United States], Travelers manufacturer Inc. [United States], Nationwide Mutual Group [United States], American Family Insurance Group [United States], Chubb Corp. [United States] and Erie Insurance Group [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 Amica Mutual Insurance [United States], Cincinnati Insurance [United States], Nationwide Building Society [United Kingdom], Allstate [United States], The Hanover Insurance Group, Inc. [United States], Auto-Owners Insurance [Unites States] and Shelter Insurance [United States].
Segmentation Overview
AMA Research has segmented the market of Global Home Insurance market by , Application (Single Homes, Condos, Apartment and Others) and Region.
On the basis of geography, the market of Home 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 Organization Size, the sub-segment i.e. Large Enterprises will boost the Home Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Home Insurance Policies, the sub-segment i.e. Standard Fire and Special Perils Policy will boost the Home Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-Users, the sub-segment i.e. Tenants will boost the Home Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Sales Channel, the sub-segment i.e. Retailers will boost the Home Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Adoption of Predictive Modelling Strategy and Data Analytics and Customers Inclination Towards Customized Insurance Policy
Market Growth Drivers:
Increasing Cases of Property Damage and Growing Use of Risk Management Tools
Challenges:
Issue Associated with Quick Claim Help and Hidden Terms & Conditions and Consumers Unawareness about Policies
Restraints:
Unfavorable Insurance Policies and Lack of Infrastructural Developments and Investment in Emerging Countries
Opportunities:
Government Initiatives to Promote Home Insurance and Rising Disposable Income in Emerging Countries
Market Leaders and their expansionary development strategies
In Janauary 2023, Allstate and Lemonade where Lemonade, a tech-driven insurance company, announced plans to acquire Metromile, a pay-per-mile car insurance provider. This move could potentially position them for further expansion in the home insurance market.
On June 2023,Chubb Releases Cyber Insurance for Homeowners Chubb, a high-net-worth insurance provider, launched a new cyber insurance product for homeowners. This product aimed to protect against the growing threats of cyberattacks and data breaches that can impact homeowners
Key Target Audience
Home Insurance Providers, Government Institutes, Real States Owners, Potential Investors 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.