According to our market research report, the Global Home Insurance Market size was estimated to be worth 228.0 billion dollars in 2021, and it is predicted to be worth US$ 397.05 million dollars by the end of 2027. During the projection period of 2022 to 2027, the global market is expected to grow at a CAGR of 7.3%.
Home insurance is a type of property insurance that protects an individual financially against all losses and damages to their residence. Homeowner’s insurance, household insurance, and private property insurance are all terms used to describe it. Home insurance is a package policy that covers not only property damage but also the liability, or legal duty, of policyholders for injuries and property damage. Damages caused by family pets, fire, theft, and vandalism are included. Some natural calamities, however, are not covered by ordinary homeowners’ insurance policies. Floods, earthquakes, and poor property maintenance are just a few examples.
Environmental changes, such as avalanches, hurricanes, earthquakes, tsunamis, floods, forest fires, lightning, tornadoes, and volcanic eruptions, are increasing the need for property insurance around the world. This is the primary driver of the global home insurance market’s expansion. Furthermore, the market is expected to benefit from lucrative growth possibilities in the forecast period as modern technologies such as predictive analytics are integrated to provide property insurers with historical data needed to estimate risk more precisely. However, a lack of public understanding about the benefits of investing in a home insurance policy and expensive home insurance installment rates are expected to stifle market expansion.
Home Insurance Market – By Coverage: Comprehensive, Dwelling, Content, Other Optional Coverages
The comprehensive coverage sub-segment of the coverage segment is predicted to expand the most throughout the forecast period by bringing in a revenue of over USD 225 billion. The demand for comprehensive coverage plans, which cover damages from natural calamities such as hurricanes, tsunamis, tornadoes, floods, storms, volcanic eruptions, earthquakes, and others, is driving this sub-rise. Segment.
By 2027, revenues in the dwelling coverage segment are estimated to reach USD 78.5 billion. As a result of an increase in crime incidents such as theft, vandalism, and others, global demand for dwelling insurance is expected to expand. Dwelling insurance covers theft and vandalism, and crime rates have risen in disadvantaged and emerging countries, helping to expand coverage.
HOME INSURANCE MARKET – BY END USER: Landlords, Tenants
By 2027, the landlord sub-sector is estimated to command a prominent market position in the global market, with a value of $240.71 billion, up from 160.00 billion in 2021. The growing population, combined with increased urban migration, has resulted in a surge in rental property activity, which has aided the growth of the landowner’s sector of the economy. Landowners’ insurance protects a property owner from financial losses caused by natural disasters, injuries, accidents, and other liability issues.
During the forecast period, the tenant’s segment of the worldwide house insurance market is predicted to grow at the quickest rate, with a CAGR of 9.3%. As a result of the rising demand for low-cost housing services as a result of global urbanization, this industry is expected to thrive.
HOME INSURANCE MARKET – BY REGION: North America, Latin America, Europe, Middle East & Africa, Asia Pacific
North America dominated the house insurance market in 2019 and is likely to continue to do so during the forecast period. The presence of significant companies in the United States, which has resulted in large-scale purchases of H0-3 homeowner’s coverage in the country to preserve lifetime investments, is one of the major drivers driving the market’s growth in this region.
However, due to its growing economies, population growth, and middle-income segment, Asia-Pacific is predicted to increase at a high rate during the forecast period. Furthermore, governments in nations like Japan, Malaysia, Australia, and Thailand are focusing on developing legislation that requires all inhabitants to have home insurance, creating the lucrative potential for market expansion in this region.
In the forecast term, the UK house insurance industry is expected to make a profit. The insurance industry in the United Kingdom is one of the largest in the world. Due to the extent of regulation and interconnectedness between the UK and EU financial systems, the insurance sector could be one of the most affected by Brexit.
LATEST INDUSTRY DEVELOPMENTS
Kin, a home insurance firm, will go public through a SPAC merger.
Kin Insurance, a direct-to-consumer home insurance technology startup, will go public via a reverse merger with Omnichannel Acquisition Corp.
BRP Group, Inc. Agrees to Acquire Westwood Insurance Agency and Separately Agrees to Assume MGA Operations for QBE North America’s Builder-Sourced Homeowners Book
BRP Group, Inc., an independent insurance distribution firm delivering tailored insurance solutions, today announced that it has agreed to acquire all of Westwood Insurance Agency’s outstanding equity interests. Westwood is a major, full-service personal lines agency specializing in builder-sourced homeowners insurance and is owned by QBE Holdings, Inc. (collectively with its affiliates, including QBE Insurance Company, “QBE”). Westwood has positioned itself as a leading partner with some of the country’s largest homebuilders, providing homeowners insurance solutions that are integrated into the home buying process.
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