Rising Demand for Property Insurance Across the Globe to Boost the Growth of the Global Home Insurance Market by 2028

The global home insurance market is projected to observe substantial growth over the forecast period, owing to the rising demand for property insurance around the world. The North America region is predicted to observe striking growth during the analysis period.

As per a report published by Research, the global home insurance market is predicted to register a revenue of $407,940.4 million by 2028, at a CAGR of 6.8% during the forecast period from 2021 to 2028.

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Market Dynamics

The rising demand for property insurance due to environmental damages from avalanches, floods, earthquakes, forest fires, lightning, hurricanes, tsunamis, tornadoes, and volcanic eruptions is expected to be a major factor driving the growth of the home insurance market over the forecast period. Additionally, the implementation of technological predictive analysis is projected to create significant growth opportunities for the home insurance market during the estimated period. However, a lack of awareness about home insurance services may hinder market growth in the coming years.

Impact of COVID-19 on the industry

The global outbreak of COVID-19 has adversely impacted the home insurance market. The decline in the home insurance market is primarily due to restrictions on construction activities, which led to a reduced need and demand for home insurance services during the pandemic. However, many companies in the home insurance industry are adopting strategies such as partnerships and acquisitions to recover from the challenges posed by the COVID-19 crisis.

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Segments of the Market

The report has divided the home insurance market into different segments based on coverage, end user, and region.

Based on coverage, the comprehensive coverage sub-segment is predicted to garner a revenue of $225,160.3 million by 2028 and is estimated to hold the largest share in the home insurance market during the analysis period. This is mainly due to the increasing events of natural disasters, such as hurricanes, floods, tornadoes, earthquakes, volcanic eruptions, storms, tsunamis, and others.

Based on end user, the tenants sub-segment is expected to generate a revenue of $160,430.3 million by 2028 and is estimated to observe fastest growth during the analysis period. The significant growth of the sub-segment is mainly owing to the rising demand for affordable housing services due to the increasing rate of urbanization globally. In addition, the developing countries with large population such as India and China with high economic growth rate are envisioned to boost the growth of the tenants' sub-segment of the home insurance market.

Based on region, the North America home insurance market valued at $121,009.5 million in 2020 and is estimated to witness dominant growth during the analysis period. The increasing demand of insurance services in the economically developed countries such as Canada and the U.S, and the growing usage of technology such as AI and IoT for providing highly insightful & personalized customer experiences are the significant factors predicted to boost the regional market growth in the forecast period.

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Prominent Market Players

Some of the top players of the global home insurance market are Allianz, American International Group, Inc., Admiral Group Plc, AXA, Chubb, Allstate Insurance Company, State Farm Mutual Automobile Insurance Company, Nationwide Mutual Insurance Company, Liberty Mutual Insurance, and The Travelers Indemnity Company. These players are implementing numerous strategies to gain a leading position in the global industry. The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis.

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This release was published on openPR.