Allied Market Research recently published a report, titled, “Home Insurance Market By Coverage (Comprehensive Coverage, Dwelling Coverage, Content Coverage, and Other Optional Coverages), End User (Landlords and Tenants): Global Opportunity Analysis and Industry Forecast, 2020-2027″. As per the report, the global home insurance industry was pegged at $225.42 billion in 2019, and is projected to reach $395.04 billion by 2027, growing at a CAGR of 7.3% from 2020 to 2027.
Major Determinants of the Market Growth
Rise in initiatives by governments, growth in households, and surge in the number of accidents and man-made disasters drive the global home insurance market. However, lack of awareness regarding home insurance policy hinders the market growth. On the contrary, technological advancements and untapped potential in developing countries are estimated to open lucrative opportunities for the market players in the future.
Download Sample Report@ https://www.alliedmarketresearch.com/request-sample/7312
The Comprehensive Coverage Segment Held the Lion’s Share
By coverage, the comprehensive coverage segment held the largest share in 2019, accounting for nearly three-fifths of the global home insurance market, as it offers a variety of plans & associated coverages such as protection of property from hazards such as earthquake, fire, flood, cyclone, among others. However, the content coverage segment is estimated to register the highest CAGR of 9.6% during the forecast period, as it offers financial coverage against a stand-along product, which is suitable for homeowners and renters in terms of a movable asset.
The Tenants Segment to Manifest the Highest CAGR through 2027
By end user, the tenants segment is projected to portray the highest CAGR of 9.6% during the forecast period, as the coverage amounts for tenants vary depending on the type of coverage. However, the landlords segment contributed the largest share in 2019, holding more than four-fifths of the global home insurance market, owing to benefits such as protection against the financial losses resulting from natural disasters, injuries, accidents, and other liability issues.
North America Held the Lion’s Share
By region, the market across North America held the largest share in 2019, accounting for more than half of the global home insurance market, due to surge in spending on home insurance and high adoption of home insurance. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 12.8% during the forecast period, owing to emerging economies, increase in awareness toward home insurance, and adoption of home insurance products among the middle-income segment.
Interested to Procure the Data? Inquire Here @ https://www.alliedmarketresearch.com/purchase-enquiry/7312
Major Market Players
Financial Protection Market https://www.alliedmarketresearch.com/financial-protection-market
Insurance Third Party Administrator Market https://www.alliedmarketresearch.com/insurance-third-party-administrator-market-A12542
U.S. Insurance Third Party Administrator Market https://www.alliedmarketresearch.com/us-insurance-third-party-administrator-market-A14535
Motor Vehicle Liability Insurance Market https://www.alliedmarketresearch.com/motor-vehicle-liability-insurance-market-A14484
Digital Insurance Platform Market https://www.alliedmarketresearch.com/digital-insurance-platform-market
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Toll Free: +1-800-792-5285