Press release
Home Insurance Global Market Set to Skyrocket to $391.33 Billion By 2028 with an Impressive CAGR 7.9% | MetLife Inc., Allianz SE, Aon PLC, Admiral Group PLC, Mercury General Corporation
Home Insurance Global Market
The Business Research Company offers in-depth market insights through Home Insurance Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The home insurance market size has grown strongly in recent years. It will grow from $265.61 billion in 2023 to $289.01 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to natural disasters, economic stability, homeownership rates, urbanization, risk mitigation programs.
The home insurance market size is expected to see strong growth in the next few years. It will grow to $391.33 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to demographic changes, insurance market competition, remote work trends, cybersecurity risks, pandemic impact, data analytics utilization, alternative housing models, usage-based insurance. Major trends in the forecast period include smart homes, technological advances in risk assessment, blockchain for claims processing, eco-friendly homes coverage, insurtech collaborations.
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Market Segmentation:
The home insurance market covered in this report is segmented -
1) By Coverage: Dwelling Coverage, Content Coverage, Liability Coverage Banking, Other Coverages
2) By Provider: Insurance Companies, Insurance Agents Or Brokers, Other Providers
3) By End User: Landlords, Tenants
Major Driver - Rising Household Numbers Fueling The Surge In Home Insurance Market Growth
The increasing number of households is expected to propel the growth of the home insurance market going forward. A household is a family or a collection of people who reside together. Home insurance provides a complete defense against a range of dangers for people's households, other residential buildings, and their belongings. For instance, in June 2023, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, US-based government administrations, the number of privately owned home completions in May 2023 was 1,518,000 on a seasonally adjusted yearly basis increased by 5.0% from 1,446,000 in May 2022. Further, In May 2023, privately owned home starts occurred at a seasonally adjusted annual pace of 1,631,000, increased by 21.7% from 1,543,000 in May 2022. Therefore, the increasing number of households is driving the growth of the home insurance market.
Competitive Landscape:
Major companies operating in the home insurance market report are MetLife Inc., American International Group Inc., Allstate Insurance Company, Liberty Mutual Insurance, The Progressive Corporation, State Farm Mutual Automobile Insurance Company, Chubb Group of Insurance Companies, Zurich Insurance Group Ltd., Travelers Property Casualty Corp, The United Services Automobile Association , The Hartford Financial Services Group Inc., Allianz SE, Aon PLC, American Family Insurance, Kemper Corporation, The Hanover Insurance Group Inc., Nationwide Building Society, Admiral Group plc, Mercury General Corporation, Erie Insurance Group, Amica Mutual Insurance, Shelter Insurance Company, Safeco Insurance, Tokio Marine Insurance Group, Future Generali India Life Insurance Co, National Insurance Company Limited, Cholamandalam MS General Insurance Company Ltd., Farmers Insurance Co Inc., IFFCO Tokio General Insurance Company Ltd.
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Top Trend - Revolutionizing Home Insurance By Cutting-Edge Chatbot
Technological advancements are a key trend gaining popularity in the home insurance market. Major companies operating in the home insurance market are adopting new technologies to sustain their position in the market. For instance, in July 2023, Tensorflight, a US-based software company, launched TensorAssist, its latest chatbot assistant powered by OpenAI's ChatGPT-4 technology. The new offering enables current Tensorflight commercial property insurance customers to quickly comprehend its property intelligence platform's wide diversity of data points. Tensorflight's virtual artificial intelligence (AI) assistant, explicitly created for the property insurance industry, will act as a priceless expert in property analysis and ultimately be able to offer users detailed knowledge and perspectives on any requested property as well as advice on related risks.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Home Insurance Market Characteristics
3. Home Insurance Market Trends And Strategies
4. Home Insurance Market - Macro Economic Scenario
5. Home Insurance Market Size And Growth
…..
27. Home Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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