The global Home Insurance Market is projected to garner $4,07,940.4 million in the 2021-2028 timeframe, growing from
Key Segments of the Market
The report has divided the market into coverage, end user, and region.
- In the coverage segment, the dwelling coverage sub-segment held
$42,895.60 millionin 2020 is projected to witness the fastest market growth and garner a revenue of $77,271.6 millionby 2028. The rise in crime incidents such as theft, vandalism, and others are expected to increase global demand for dwelling insurance. Theft and vandalism crimes are covered by dwelling insurance, and crime rates have increased in underdeveloped and developing countries, assisting in the expansion of dwelling coverage. These aforementioned factors are expected to fuel the growth of the market in the analysis period.
- In the end user sub-segment, the tenants sub-segment of the global home insurance market is estimated to be the most lucrative and it is predicted to surge at a notable CAGR of 9.3%. The growing demand for affordable housing services as a result of global urbanization is expected to aid the growth of this subsegment. Due to high demand for affordable housing services for the urban population, developing countries with large populations and high economic growth rates, such as
Chinaand India, are expected to drive the growth of this subsegment in the upcoming years.
Impact Analysis of COVID-19 on the Global Home insurance Market
The real estate industry has suffered significantly as a result of the restrictions on construction activities, which has resulted in a decrease in demand and requirement for home insurance services during the pandemic. The global home insurance market has witnessed a negative impact of the COVID-19 pandemic and is expected to recover during the forecast timeframe.
To stay relevant and gain a significant market share in the home insurance sector, organizations around the world that provide home insurance services are implementing business strategies such as acquisition and partnerships. For example, in
Dynamics of the Market
The global home insurance market is expected to be driven by rising demand for property and casualty insurance services. Globally, rising environmental and catastrophic damage events such as earthquake, avalanche, forest fire, flood, lightning, hurricane, tsunami, tornado, and volcanic eruption have increased the need for property insurance and aided the growth of the home insurance market.
In addition, the "Disaster Risk Financing and Insurance (DRFI) Program," a joint initiative of the
The lack of awareness about the advantages of home insurance services in rural areas and developing countries is expected to limit market growth. Furthermore, high instalments in home insurance services are a key issue that may have a negative impact on market growth during the forecast period.
Top 10 Key Players of Home Insurance Market and Their Strategies
The most significant players of the global home insurance market include
2. Admiral Group Plc
3. American International Group, Inc.
5. Allstate Insurance Company
For instance, in
The industry players are focusing on developing several strategies such as mergers & acquisitions, partnerships, and product launches to promote to the expansion of the market.
They are focusing on advanced product developments and merger & acquisition. These are some of the strategies conducted by the startups as well as established business organizations.
- What is the Future of Home Insurance Market?
- Home Insurance Market to Experience Accelerating Growth by 2028, Due to Increase in Environmental and Catastrophically Damaging Events
- Home Insurance Market Anticipated To Generate A Revenue Of
$4,07,940.4 Million, Growing At A CAGR Of 6.8% From 2021 To 2028
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