Homeowners insurance market 2023-2027; Segmentation by Type, Geography and Source, CAGR accelerating at 4.18 % by 2027- Technavio

NEW YORK, June 2, 2023 /PRNewswire/ -- The homeowners insurance market is segmented by type (fire and theft, house damage, floods and earthquake, and others), and Geography (Europe, APAC, South America, Middle East and Africa) and source (captive, independent agent, and direct response).

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Regional Market Outlook

Homeowners insurance market in North America will attain 47% of the growth of the global market during the forecast period. The North American market is prominently led by the United States and Canada, playing a vital role in its dynamics.

Homeowners insurance serves as a valuable resource for individuals seeking compensation in the event of calamities like hurricanes, cyclones, tornadoes, or tsunamis. The presence of these factors is anticipated to propel the market's expansion within the region throughout the projected time frame.

View the sample report for more key highlights on the regional market share of most of the above-mentioned countries.

Global Market Outlook

The homeowners insurance market size is expected to increase by USD 57.01 billion from 2022 to 2027, expediting at a CAGR of 4.18% during the forecast period. The home insurance industry is witnessing major trends driven by new technological advancements. Cutting edge technology including geolocation, APIs, artificial intelligence (AI), data analytics, blockchain, and big data are creating fresh prospects for insurance companies.

Moreover, digital transformation enables home insurance providers to enhance the user experience. By harnessing these advanced technologies, insurers can gather valuable information that can assess risks accurately and detect fraudulent activities. These factors are poised to contribute to the growth of the global market throughout the forecast period.

Latest Drivers and Challenges Impacting the Homeowners insurance market

Homeowners insurance Market Drivers

Rising number of natural disasters and man-made hazards: Increasing demand for home insurance driven by accidents including interior or exterior home damage, asset damage or injury, theft and fire, is compelling insurance companies to invest in and develop products that offer comprehensive coverage, financial security, and reduced proliferation. Furthermore, the occurrence of natural disasters such as vandalism, earthquake or floods has contributed to the demand for house insurance in recent years.
Recent development in home insurance
Rise in government support in the form of subsidies

Homeowners insurance Market Challenges

Vulnerability to cyber-crimes: Technological advancement has facilitated the adoption of online and on-device data storage in various industries including insurance. However, these technological advancements also expose data to the risk of cyber-crimes. Activities such as computer hacking, unauthorized access to in-house software, and intrusion into intranet portals create a greater challenge to this market. The misappropriation and sale of confidential client information can significantly impact the home insurance market. For instance, the Perva/ NotPerva cyber-attack resulted in USD 2.7 billion loss for the insurance and reinsurance sector.
Lower interest rates due to market softening
Increasing market competition and availability of substitutes

Explore the evolving Vendor Landscape

Some of the Home insurance market vendors are:

AAdmiral Group plc - The company offers homeowners insurance such as buildings insurance and contents insurance.
Allianz SE - The company offers homeowners insurance such as home building insurance, home contents insurance, landlord insurance, and renters' insurance.
American International Group Inc. - The company offers homeowners insurance, which provides water damage protection, flood disaster averted, and birthday party festivities.
AXA Group - The company offers homeowners insurance such as contents insurance and buildings insurance.

Request a sample today to explore the offerings of vendors and discover how they can benefit your business. - View Sample Report in minutes

Key benefits of the report:

This study presents the analytical depiction of the homeowners insurance market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the homeowners insurance market share.
The current market is quantitatively analyzed to highlight the homeowners insurance market growth scenario.
The report provides a detailed Homeowners insurance market analysis depending on competitive intensity and how the competition will take shape in coming years.

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Homeowners Insurance Market Scope
Report Coverage	Details
Page number	157
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 4.18%
Market growth 2023-2027	USD 57.01 billion
Market structure	Fragmented
YoY growth 2022-2023 (%)	4.06
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 47%
Key countries	US, Japan, China, UK, and Germany
Competitive landscape	Leading vendors, market positioning of vendors, competitive strategies, and industry risks
Key companies profiled	Admiral Group plc, Allianz SE, American International Group Inc., Amica Mutual Insurance Co., AXA Group, Berkshire Hathaway Inc., Chubb Ltd., Erie Indemnity Co., Lemonade Inc., Liberty Mutual Holding Co. Inc., Metlife Inc., Nationwide Mutual Insurance Co., NJM Insurance Group, State Farm Mutual Automobile Insurance Co., The Allstate Corp., The Progressive Corp., The Travelers Co. Inc., USAA, Wells Fargo and Co., and Zurich Insurance Co. Ltd.
Market dynamics	Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of contents

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
Exhibit 06: Executive Summary – Chart on Market Segmentation by Source
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 13: Market segments

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global homeowners insurance market 2017 - 2021

Exhibit 18: Historic Market Size – Data Table on Global homeowners insurance market 2017 - 2021 ($ billion)

4.2 Type Segment Analysis 2017 - 2021

Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

4.3 Source Segment Analysis 2017 - 2021

Exhibit 20: Historic Market Size – Source Segment 2017 - 2021 ($ billion)

4.4 Geography Segment Analysis 2017 - 2021

Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

4.5 Country Segment Analysis 2017 - 2021

Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

5.1 Five forces summary

Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

5.2 Bargaining power of buyers

Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

5.3 Bargaining power of suppliers

Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

5.4 Threat of new entrants

Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

5.5 Threat of substitutes

Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

5.6 Threat of rivalry

Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

5.7 Market condition

Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

6.1 Market segments

Exhibit 30: Chart on Type - Market share 2022-2027 (%)
Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

6.2 Comparison by Type

Exhibit 32: Chart on Comparison by Type
Exhibit 33: Data Table on Comparison by Type

6.3 Fire and theft - Market size and forecast 2022-2027

Exhibit 34: Chart on Fire and theft - Market size and forecast 2022-2027 ($ billion)
Exhibit 35: Data Table on Fire and theft - Market size and forecast 2022-2027 ($ billion)
Exhibit 36: Chart on Fire and theft - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Fire and theft - Year-over-year growth 2022-2027 (%)

6.4 House damage - Market size and forecast 2022-2027

Exhibit 38: Chart on House damage - Market size and forecast 2022-2027 ($ billion)
Exhibit 39: Data Table on House damage - Market size and forecast 2022-2027 ($ billion)
Exhibit 40: Chart on House damage - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on House damage - Year-over-year growth 2022-2027 (%)

6.5 Floods and earthquake - Market size and forecast 2022-2027

Exhibit 42: Chart on Floods and earthquake - Market size and forecast 2022-2027 ($ billion)
Exhibit 43: Data Table on Floods and earthquake - Market size and forecast 2022-2027 ($ billion)
Exhibit 44: Chart on Floods and earthquake - Year-over-year growth 2022-2027 (%)
Exhibit 45: Data Table on Floods and earthquake - Year-over-year growth 2022-2027 (%)

6.6 Others - Market size and forecast 2022-2027

Exhibit 46: Chart on Others - Market size and forecast 2022-2027 ($ billion)
Exhibit 47: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
Exhibit 48: Chart on Others - Year-over-year growth 2022-2027 (%)
Exhibit 49: Data Table on Others - Year-over-year growth 2022-2027 (%)

6.7 Market opportunity by Type

Exhibit 50: Market opportunity by Type ($ billion)

7 Market Segmentation by Source

7.1 Market segments

Exhibit 51: Chart on Source - Market share 2022-2027 (%)
Exhibit 52: Data Table on Source - Market share 2022-2027 (%)

7.2 Comparison by Source

Exhibit 53: Chart on Comparison by Source
Exhibit 54: Data Table on Comparison by Source

7.3 Captive - Market size and forecast 2022-2027

Exhibit 55: Chart on Captive - Market size and forecast 2022-2027 ($ billion)
Exhibit 56: Data Table on Captive - Market size and forecast 2022-2027 ($ billion)
Exhibit 57: Chart on Captive - Year-over-year growth 2022-2027 (%)
Exhibit 58: Data Table on Captive - Year-over-year growth 2022-2027 (%)

7.4 Independent agent - Market size and forecast 2022-2027

Exhibit 59: Chart on Independent agent - Market size and forecast 2022-2027 ($ billion)
Exhibit 60: Data Table on Independent agent - Market size and forecast 2022-2027 ($ billion)
Exhibit 61: Chart on Independent agent - Year-over-year growth 2022-2027 (%)
Exhibit 62: Data Table on Independent agent - Year-over-year growth 2022-2027 (%)

7.5 Direct response - Market size and forecast 2022-2027

Exhibit 63: Chart on Direct response - Market size and forecast 2022-2027 ($ billion)
Exhibit 64: Data Table on Direct response - Market size and forecast 2022-2027 ($ billion)
Exhibit 65: Chart on Direct response - Year-over-year growth 2022-2027 (%)
Exhibit 66: Data Table on Direct response - Year-over-year growth 2022-2027 (%)

7.6 Market opportunity by Source

Exhibit 67: Market opportunity by Source ($ billion)

8 Customer Landscape

8.1 Customer landscape overview

Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation

Exhibit 69: Chart on Market share by geography 2022-2027 (%)
Exhibit 70: Data Table on Market share by geography 2022-2027 (%)

9.2 Geographic comparison

Exhibit 71: Chart on Geographic comparison
Exhibit 72: Data Table on Geographic comparison

9.3 North America - Market size and forecast 2022-2027

Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ billion)
Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)

9.4 Europe - Market size and forecast 2022-2027

Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)

9.5 APAC - Market size and forecast 2022-2027

Exhibit 81: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
Exhibit 82: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
Exhibit 83: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on APAC - Year-over-year growth 2022-2027 (%)

9.6 South America - Market size and forecast 2022-2027

Exhibit 85: Chart on South America - Market size and forecast 2022-2027 ($ billion)
Exhibit 86: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
Exhibit 87: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on South America - Year-over-year growth 2022-2027 (%)

9.7 Middle East and Africa - Market size and forecast 2022-2027

Exhibit 89: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
Exhibit 90: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
Exhibit 91: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

9.8 US - Market size and forecast 2022-2027

Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ billion)
Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ billion)
Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)

9.9 Japan - Market size and forecast 2022-2027

Exhibit 97: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
Exhibit 98: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
Exhibit 99: Chart on Japan - Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on Japan - Year-over-year growth 2022-2027 (%)

9.10 China - Market size and forecast 2022-2027

Exhibit 101: Chart on China - Market size and forecast 2022-2027 ($ billion)
Exhibit 102: Data Table on China - Market size and forecast 2022-2027 ($ billion)
Exhibit 103: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 104: Data Table on China - Year-over-year growth 2022-2027 (%)

9.11 UK - Market size and forecast 2022-2027

Exhibit 105: Chart on UK - Market size and forecast 2022-2027 ($ billion)
Exhibit 106: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
Exhibit 107: Chart on UK - Year-over-year growth 2022-2027 (%)
Exhibit 108: Data Table on UK - Year-over-year growth 2022-2027 (%)

9.12 Germany - Market size and forecast 2022-2027

Exhibit 109: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
Exhibit 110: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
Exhibit 111: Chart on Germany - Year-over-year growth 2022-2027 (%)
Exhibit 112: Data Table on Germany - Year-over-year growth 2022-2027 (%)

9.13 Market opportunity by geography

Exhibit 113: Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

Exhibit 114: Impact of drivers and challenges in 2022 and 2027

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

Exhibit 115: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption

Exhibit 116: Overview on factors of disruption

11.4 Industry risks

Exhibit 117: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered

Exhibit 118: Vendors covered

12.2 Market positioning of vendors

Exhibit 119: Matrix on vendor position and classification

12.3 Admiral Group plc

Exhibit 120: Admiral Group plc - Overview
Exhibit 121: Admiral Group plc - Business segments
Exhibit 122: Admiral Group plc - Key offerings
Exhibit 123: Admiral Group plc - Segment focus

12.4 Allianz SE

Exhibit 124: Allianz SE - Overview
Exhibit 125: Allianz SE - Business segments
Exhibit 126: Allianz SE - Key news
Exhibit 127: Allianz SE - Key offerings
Exhibit 128: Allianz SE - Segment focus

12.5 American International Group Inc.

Exhibit 129: American International Group Inc. - Overview
Exhibit 130: American International Group Inc. - Business segments
Exhibit 131: American International Group Inc. - Key news
Exhibit 132: American International Group Inc. - Key offerings
Exhibit 133: American International Group Inc. - Segment focus

12.6 AXA Group

Exhibit 134: AXA Group - Overview
Exhibit 135: AXA Group - Business segments
Exhibit 136: AXA Group - Key offerings
Exhibit 137: AXA Group - Segment focus

12.7 Chubb Ltd.

Exhibit 138: Chubb Ltd. - Overview
Exhibit 139: Chubb Ltd. - Business segments
Exhibit 140: Chubb Ltd. - Key news
Exhibit 141: Chubb Ltd. - Key offerings
Exhibit 142: Chubb Ltd. - Segment focus

12.8 Erie Indemnity Co.

Exhibit 143: Erie Indemnity Co. - Overview
Exhibit 144: Erie Indemnity Co. - Product / Service
Exhibit 145: Erie Indemnity Co. - Key offerings

12.9 Lemonade Inc.

Exhibit 146: Lemonade Inc. - Overview
Exhibit 147: Lemonade Inc. - Product / Service
Exhibit 148: Lemonade Inc. - Key offerings

12.10 Liberty Mutual Holding Co. Inc.

Exhibit 149: Liberty Mutual Holding Co. Inc. - Overview
Exhibit 150: Liberty Mutual Holding Co. Inc. - Business segments
Exhibit 151: Liberty Mutual Holding Co. Inc. - Key offerings
Exhibit 152: Liberty Mutual Holding Co. Inc. - Segment focus

12.11 Nationwide Mutual Insurance Co.

Exhibit 153: Nationwide Mutual Insurance Co. - Overview
Exhibit 154: Nationwide Mutual Insurance Co. - Product / Service
Exhibit 155: Nationwide Mutual Insurance Co. - Key offerings

12.12 State Farm Mutual Automobile Insurance Co.

Exhibit 156: State Farm Mutual Automobile Insurance Co. - Overview
Exhibit 157: State Farm Mutual Automobile Insurance Co. - Product / Service
Exhibit 158: State Farm Mutual Automobile Insurance Co. - Key offerings

12.13 The Allstate Corp.

Exhibit 159: The Allstate Corp. - Overview
Exhibit 160: The Allstate Corp. - Business segments
Exhibit 161: The Allstate Corp. - Key offerings
Exhibit 162: The Allstate Corp. - Segment focus

12.14 The Progressive Corp.

Exhibit 163: The Progressive Corp. - Overview
Exhibit 164: The Progressive Corp. - Product / Service
Exhibit 165: The Progressive Corp. - Key news
Exhibit 166: The Progressive Corp. - Key offerings

12.15 The Travelers Co. Inc.

Exhibit 167: The Travelers Co. Inc. - Overview
Exhibit 168: The Travelers Co. Inc. - Business segments
Exhibit 169: The Travelers Co. Inc. - Key offerings
Exhibit 170: The Travelers Co. Inc. - Segment focus

12.16 USAA

Exhibit 171: USAA - Overview
Exhibit 172: USAA - Product / Service
Exhibit 173: USAA - Key offerings

12.17 Zurich Insurance Co. Ltd.

Exhibit 174: Zurich Insurance Co. Ltd. - Overview
Exhibit 175: Zurich Insurance Co. Ltd. - Business segments
Exhibit 176: Zurich Insurance Co. Ltd. - Key offerings
Exhibit 177: Zurich Insurance Co. Ltd. - Segment focus

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

Exhibit 178: Inclusions checklist
Exhibit 179: Exclusions checklist

13.3 Currency conversion rates for US$

Exhibit 180: Currency conversion rates for US$

13.4 Research methodology

Exhibit 181: Research methodology
Exhibit 182: Validation techniques employed for market sizing
Exhibit 183: Information sources

13.5 List of abbreviations

Exhibit 184: List of abbreviations

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