Global Home Insurance Market Overview
The global home insurance market is anticipated to reach $256 billion by 2026, registering a CAGR of 8.3% from 2021 to 2026.
Home insurance, also known as homeowner's insurance, is a form of property insurance that covers risks and damages to a person's home and personal belongings. Home insurance coverage varies by policy, but most plans provide coverage for risks such as fire, thunderstorms, and burglary. The majority of insurance companies sell a range of insurance options, including general property and casualty insurance. The home insurance market has been strengthened by the increasing use of predictive modeling techniques and data analytics. During the forecast era, the home insurance market is expected to expand at a steady rate.
Building a home is a once-in-a-lifetime investment, with most people investing all of their savings. However, when it comes to protecting this lifetime investment, most people are cautious. A successful home insurance plan will assist you in reducing financial uncertainty in the event of a mishap. People would be able to defend their homes from several natural hazards, including earthquakes, typhoons, cyclones, floods, landslides, and so on, if such policies are enforced. Home insurance also protects you in the case of a fire, explosion, or other catastrophes.
Home Insurance Market Dynamics
The main factor driving the growth of India's home insurance sector is an increase in property damage due to burglary or various forms of natural calamities. Furthermore, the increasing adoption of predictive modeling strategy and data analytics in the home insurance industry is expected to fuel the growth of the country's home insurance market during the forecast period. Furthermore, the use of risk management software is assisting business development. However, a lack of understanding of the policies could stymie the market in the coming years.
In the insurance industry, technological advances can resolve increasing market demands and regulatory demands. Via its wearable, automotive, and smart home technology solutions, InsurTech is making a major contribution to addressing the complexities. Insurers are increasing their investments in innovation and innovations in distribution networks, demonstrating to policyholders that they deliver more than conventional insurance coverage.
Market Segmentation
By Type, Home Insurance has been segmented into: |
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By Application, Home Insurance has been segmented into: |
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Regions and Countries Level Analysis: |
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Personal Property Insurance to Dominance Market
Personal property insurance has dominated the industry and is expected to continue to do so in the next five years, owing to the additional risks provided by vendors in insurance policies such as jewelry and furs, stamp or coin collections, art and antiques, music instruments, weapons, and so on.
Players Covered in Home Insurance market are :
- AFLAC
- Allstate
- Geico
- Liberty Mutual
- Farmers Insurance Group
- Allianz
- BUPA
- PICC
- PingAn
- Kunlun
- Shelter Insurance
These players are investing heavily for developing modern insurance policies for increasing their consumer base and increase their regional reach. Companies are devising key Strategies to remain relevant in the competitive market.
Regional Outlook of Home Insurance Market
Purchasing household insurance policies online has increased in popularity in the United Kingdom, and it is now the most popular option for policy seekers. According to industry reports, online channels currently account for more than 40% of all revenue. To thrive in the current market, providers must have a strong online presence. Visiting a price comparison website is the most popular pre-purchase practice, stressing the value of price to consumers. As a result, both premium rates and the coverage offered must be highly competitive.
Despite its high premium volume, the United States does not rank among the top ten countries in terms of insurance density, which is described as the number of premiums charged per capita for insurance. This may mean that the industry has space to expand. In the United States, insurance firms play an important role in the financial services industry.
Frequently Asked Questions :
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1. What is home insurance?
Home insurance, also known as homeowner's insurance, is a form of property insurance that covers risks and damages to a person's home and personal belongings.
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2. What does home insurance covers?
Home insurance coverage varies by policy, but most plans provide coverage for risks such as fire, thunderstorms, and burglary. The majority of insurance companies sell a range of insurance options, including general property and casualty insurance.
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3. What has strengthened home insurance market?
The home insurance market has been strengthened by the increasing use of predictive modeling techniques and data analytics. During the forecast era, the home insurance market is expected to expand at a steady rate.
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4. Which segment to dominate home insurance market?
Personal property insurance has dominated the industry and is expected to continue to do so in the next five years, owing to the additional risks provided by vendors in insurance policies such as jewelry and furs, stamp or coin collections, art and antiques, music instruments, weapons, and so on.
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5. How big is the Home Insurance market ?
The global home insurance market is anticipated to reach $256 billion by 2026, registering a CAGR of 8.3% from 2021 to 2026.
1. Market Overview of Home Insurance 1.1 Home Insurance Market Overview 1.1.1 Home Insurance Product Scope 1.1.2 Market Status and Outlook 1.2 Home Insurance Market Size by Regions: 2015 VS 2021 VS 2026 1.3 Home Insurance Historic Market Size by Regions (2015-2020) 1.4 Home Insurance Forecasted Market Size by Regions (2021-2026) 1.5 Covid-19 Impact on Key Regions, Keyword Market Size YoY Growth (2015-2026) 1.5.1 North America 1.5.2 East Asia 1.5.3 Europe 1.5.4 South Asia 1.5.5 Southeast Asia 1.5.6 Middle East 1.5.7 Africa 1.5.8 Oceania 1.5.9 South America 1.5.10 Rest of the World 1.6 Coronavirus Disease 2019 (Covid-19) Impact Will Have a Severe Impact on Global Growth 1.6.1 Covid-19 Impact: Global GDP Growth, 2019, 2020 and 2021 Projections 1.6.2 Covid-19 Impact: Commodity Prices Indices 1.6.3 Covid-19 Impact: Global Major Government Policy 2. Covid-19 Impact Home Insurance Sales Market by Type (2015-2026) 2.1 Global Home Insurance Historic Market Size by Type (2015-2020) 2.2 Global Home Insurance Forecasted Market Size by Type (2021-2026) 2.3 Type I 2.4 Type II 3. Covid-19 Impact Home Insurance Sales Market by Application (2015-2026) 3.1 Global Home Insurance Historic Market Size by Application (2015-2020) 3.2 Global Home Insurance Forecasted Market Size by Application (2021-2026) 3.3 Application A 3.4 Application B 3.5 Application C 4. Covid-19 Impact Market Competition by Manufacturers 4.1 Global Home Insurance Production Capacity Market Share by Manufacturers (2015-2020) 4.2 Global Home Insurance Revenue Market Share by Manufacturers (2015-2020) 4.3 Global Home Insurance Average Price by Manufacturers (2015-2020) 5. Company Profiles and Key Figures in Home Insurance Business 5.1 AFLAC 5.1.1 AFLAC Company Profile 5.1.2 AFLAC Home Insurance Product Specification 5.1.3 AFLAC Home Insurance Production Capacity, Revenue, Price and Gross Margin (2015-2020) 5.2 Allstate 5.2.1 Allstate Company Profile 5.2.2 Allstate Home Insurance Product Specification 5.2.3 Allstate Home Insurance Production Capacity, Revenue, Price and Gross Margin (2015-2020) 5.3 Geico 5.3.1 Geico Company Profile 5.3.2 Geico Home Insurance Product Specification 5.3.3 Geico Home Insurance Production Capacity, Revenue, Price and Gross Margin (2015-2020) 5.4 Liberty Mutual 5.4.1 Liberty Mutual Company Profile 5.4.2 Liberty Mutual Home Insurance Product Specification 5.4.3 Liberty Mutual Home Insurance Production Capacity, Revenue, Price and Gross Margin (2015-2020) 5.5 Farmers Insurance Group 5.5.1 Farmers Insurance Group Company Profile 5.5.2 Farmers Insurance Group Home Insurance Product Specification 5.5.3 Farmers Insurance Group Home Insurance Production Capacity, Revenue, Price and Gross Margin (2015-2020) 5.6 Allianz 5.6.1 Allianz Company Profile 5.6.2 Allianz Home Insurance Product Specification 5.6.3 Allianz Home Insurance Production Capacity, Revenue, Price and Gross Margin (2015-2020) 5.7 BUPA 5.7.1 BUPA Company Profile 5.7.2 BUPA Home Insurance Product Specification 5.7.3 BUPA Home Insurance Production Capacity, Revenue, Price and Gross Margin (2015-2020) 5.8 PICC 5.8.1 PICC Company Profile 5.8.2 PICC Home Insurance Product Specification 5.8.3 PICC Home Insurance Production Capacity, Revenue, Price and Gross Margin (2015-2020) 5.9 PingAn 5.9.1 PingAn Company Profile 5.9.2 PingAn Home Insurance Product Specification 5.9.3 PingAn Home Insurance Production Capacity, Revenue, Price and Gross Margin (2015-2020) 5.10 Kunlun 5.10.1 Kunlun Company Profile 5.10.2 Kunlun Home Insurance Product Specification 5.10.3 Kunlun Home Insurance Production Capacity, Revenue, Price and Gross Margin (2015-2020) 5.11 Shelter Insurance 5.11.1 Shelter Insurance Company Profile 5.11.2 Shelter Insurance Home Insurance Product Specification 5.11.3 Shelter Insurance Home Insurance Production Capacity, Revenue, Price and Gross Margin (2015-2020) 6. North America 6.1 North America Home Insurance Market Size (2015-2026) 6.2 North America Home Insurance Key Players in North America (2015-2020) 6.3 North America Home Insurance Market Size by Type (2015-2020) 6.4 North America Home Insurance Market Size by Application (2015-2020) 7. East Asia 7.1 East Asia Home Insurance Market Size (2015-2026) 7.2 East Asia Home Insurance Key Players in North America (2015-2020) 7.3 East Asia Home Insurance Market Size by Type (2015-2020) 7.4 East Asia Home Insurance Market Size by Application (2015-2020) 8. Europe 8.1 Europe Home Insurance Market Size (2015-2026) 8.2 Europe Home Insurance Key Players in North America (2015-2020) 8.3 Europe Home Insurance Market Size by Type (2015-2020) 8.4 Europe Home Insurance Market Size by Application (2015-2020) 9. South Asia 9.1 South Asia Home Insurance Market Size (2015-2026) 9.2 South Asia Home Insurance Key Players in North America (2015-2020) 9.3 South Asia Home Insurance Market Size by Type (2015-2020) 9.4 South Asia Home Insurance Market Size by Application (2015-2020) 10. Southeast Asia 10.1 Southeast Asia Home Insurance Market Size (2015-2026) 10.2 Southeast Asia Home Insurance Key Players in North America (2015-2020) 10.3 Southeast Asia Home Insurance Market Size by Type (2015-2020) 10.4 Southeast Asia Home Insurance Market Size by Application (2015-2020) 11. Middle East 11.1 Middle East Home Insurance Market Size (2015-2026) 11.2 Middle East Home Insurance Key Players in North America (2015-2020) 11.3 Middle East Home Insurance Market Size by Type (2015-2020) 11.4 Middle East Home Insurance Market Size by Application (2015-2020) 12. Africa 12.1 Africa Home Insurance Market Size (2015-2026) 12.2 Africa Home Insurance Key Players in North America (2015-2020) 12.3 Africa Home Insurance Market Size by Type (2015-2020) 12.4 Africa Home Insurance Market Size by Application (2015-2020) 13. Oceania 13.1 Oceania Home Insurance Market Size (2015-2026) 13.2 Oceania Home Insurance Key Players in North America (2015-2020) 13.3 Oceania Home Insurance Market Size by Type (2015-2020) 13.4 Oceania Home Insurance Market Size by Application (2015-2020) 14. South America 14.1 South America Home Insurance Market Size (2015-2026) 14.2 South America Home Insurance Key Players in North America (2015-2020) 14.3 South America Home Insurance Market Size by Type (2015-2020) 14.4 South America Home Insurance Market Size by Application (2015-2020) 15. Rest of the World 15.1 Rest of the World Home Insurance Market Size (2015-2026) 15.2 Rest of the World Home Insurance Key Players in North America (2015-2020) 15.3 Rest of the World Home Insurance Market Size by Type (2015-2020) 15.4 Rest of the World Home Insurance Market Size by Application (2015-2020) 16 Home Insurance Market Dynamics 16.1 Covid-19 Impact Market Top Trends 16.2 Covid-19 Impact Market Drivers 16.3 Covid-19 Impact Market Challenges 16.4 Porter’s Five Forces Analysis 18 Regulatory Information 17 Analyst's Viewpoints/Conclusions 18 Appendix 18.1 Research Methodology 18.1.1 Methodology/Research Approach 18.1.2 Data Source 18.2 Disclaimer
Figure Product Picture Table 2014-2019 Major Types Market Sales Volume and Market Share Figure 2014-2019 Sales Volume and Growth Rate Figure 2014-2019 Sales Volume and Growth Rate Figure 2014-2019 Sales Volume and Growth Rate Figure 2014-2019 Sales Volume and Growth Rate Figure 2014-2019 Sales Volume and Growth Rate Figure 2014-2019 Sales Volume and Growth Rate Figure 2014-2019 Sales Volume and Growth Rate Figure 2014-2019 Sales Volume and Growth Rate Figure 2014-2019 Sales Volume and Growth Rate ………… Table 2014-2019 Capacity, Production, Capacity Utilization Rate, Ex-Factory Price, Revenue, Cost, Gross and Gross Margin Figure 2014-2019 Capacity, Production and Growth Rate Figure 2014-2019 Capacity, Production and Capacity Utilization Rate Figure 2014-2019 Revenue, Gross Margin and Growth Rate Table 2014-2019 Major Manufacturers Capacity and Total Capacity Table 2014-2019 Major Manufacturers Capacity Market Share Table 2014-2019 Major Manufacturers Production and Total Production Table 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2014-2019 Major Manufacturers Capacity and Total Capacity Table 2014-2019 Major Manufacturers Capacity Market Share Table 2014-2019 Major Manufacturers Production and Total Production Table 2014-2019 Major Manufacturers Production Market Share Table 2014-2019 Major Manufacturers Revenue and Total Revenue Table 2014-2019 Major Manufacturers Revenue Market Share Table 2014-2019 Capacity, Production, Capacity Utilization Rate, Ex-Factory Price, Revenue, Cost, Gross and Gross Margin Figure 2014-2019 Capacity, Production and Growth Rate Figure 2014-2019 Capacity, Production and Capacity Utilization Rate Figure 2014-2019 Revenue, Gross Margin and Growth Rate Table 2014-2019 Major Manufacturers Capacity and Total Capacity Table 2014-2019 Major Manufacturers Capacity Market Share Table 2014-2019 Major Manufacturers Production and Total Production Table 2014-2019 Major Manufacturers Production Market Share Table 2014-2019 Major Manufacturers Revenue and Total Revenue Table 2014-2019 Major 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Manufacturers Sales Price List Table 2014-2019 Major Manufacturers Cost List Table 2014-2019 Major Manufacturers Gross List Table 2014-2019 Major Manufacturers Gross Margin List ………… Table Marketing Channel Status Table Major Distributors Figure Manufacturing Process Figure 2019 Manufacturing Cost Structure Table 2019 Major Manufacturing Plants Distribution Figure Industry Chain Analysis Table 2020-2025 Capacity, Production, Capacity Utilization Rate, Ex-Factory Price, Revenue, Cost, Gross and Gross Margin Figure 2020-2025 Capacity, Production and Growth Rate Figure 2020-2025 Capacity, Production and Capacity Utilization Rate Figure 2020-2025 Revenue, Gross Margin and Growth Rate Figure 2020 Regional Capacity Market Share Figure 2025 Regional Capacity Market Share Figure 2020 Regional Production Market Share Figure 2025 Regional Production Market Share Figure 2020 Regional Revenue Market Share Figure 2025 Regional Revenue Market Share Table 2020-2025 Sales Volume, Sales Price and Sales Revenue Figure 2020-2025 Sales Volume and Growth Rate Figure 2020-2025 Sales Revenue and Growth Rate Figure 2020-2025 Consumption Volume and Growth Rate Figure 2020 Regional Consumption Volume Market Share Figure 2025 Regional Consumption Volume Market Share Figure Product Specification Analysis Table Capacity, Production, Capacity Utilization Rate, Ex-Factory Price, Revenue, Cost, Gross, Gross Margin Figure 2014-2019 Capacity, Production and Growth Rate Figure 2014-2019 Capacity, Production and Capacity Utilization Rate Figure 2014-2019 Revenue, Gross Margin and Growth Rate Table Sales Volume, Sales Price and Sales Revenue Figure 2014-2019 Sales Volume and Growth Rate Figure 2014-2019 Sales Revenue and Growth Rate ………… Table New Project SWOT Analysis Table New Project Investment Feasibility Analysis