Press release
Global Home Insurance Market Projected to Surpass $428.67 Billion by 2029 with 8% Annual Growth
Home Insurance Market Share
Growth in the home insurance market is forecasted to be fuelled by the increase in the number of households. A household typically consists of a family or a group of individuals living together. Home insurance serves as a comprehensive protection against a variety of risks for people's households, other homes, and their possessions. For instance, data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reveals that as of June 2023, the number of private home completions in May 2023 stood at 1,518,000 on a seasonally adjusted annual basis. This was a 5.0% increase from 1,446,000 in May 2022. Additionally, in May 2023 private homes were started at an annual rate of 1,631,000 on a seasonally adjusted basis, signifying a 21.7% increase from 1,543,000 in May 2022. This uptrend in the number of households contributes to the expansion of the home insurance market.
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How will the growth rate of the home insurance market shape industry trends by 2034?
The size of the home insurance market has displayed robust growth over recent periods. Expectations see it advancing from $287.78 billion in 2024 to $313.04 billion in 2025, boasting a compound annual growth rate (CAGR) of 8.8%. The surge in growth experienced in past eras can largely be traced back to natural calamities, economic steadiness, increasing homeownership rates, escalating urbanization, and the implementation of risk alleviation programs.
The size of the home insurance market is predicted to experience robust expansion in the impending years, and is expected to reach $428.67 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 8.2%. This future growth is due to factors such as demographic shifts, rigorous competition in the insurance market, the rise of remote work, threats posed by cybersecurity, the effects of the pandemic, the application of data analytics, new alternate housing approaches, and the adoption of usage-based insurance. Key trends in the projected period encompass smart homes, technological evolution in risk analysis, the use of blockchain in claims processing, coverage for environmentally-friendly homes, and collaborations with insurtech companies.
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What trends are poised to drive the future success of the home insurance market?
Innovations in technology are emerging as a significant trend in the home insurance market. To maintain their market position, major firms in the home insurance space are embracing cutting-edge technologies. For example, Tensorflight, a software company based in the US, introduced its newest chatbot assistant, TensorAssist, in July 2023. This assistant, powered by OpenAI's ChatGPT-4 technology, allows the firm's existing commercial property insurance clients to easily understand the extensive array of data points in its property intelligence platform. The AI assistant by Tensorflight, specifically designed for the property insurance sector, will serve as an invaluable property analysis expert and will be able to provide users with comprehensive knowledge and insights on any property in question, along with advice on associated risks.
Which primary segments of the home insurance market are driving growth and industry transformations?
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
Subsegments:
1) By Dwelling Coverage: Structure Protection, Additional Living Expenses
2) By Content Coverage: Personal Property Protection, Off-Premises Coverage
3) By Liability Coverage: Personal Liability Protection, Medical Payments Coverage
4) By Other Coverages: Additional Coverage Options, Umbrella Policies
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Which geographical regions are pioneering growth in the home insurance market?
North America was the largest region in the home insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the home insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the home insurance market landscape?
Major companies operating in the home insurance market include 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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What Is Covered In The Home Insurance Global Market Report?
• Market Size Forecast: Examine the home insurance market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the home insurance market for a structured understanding.
• Key Players Overview: Analyze major players in the home insurance market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the home insurance market.
• Segment Contributions: Evaluate how different segments drive overall growth in the home insurance market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the home insurance market.
• Industry Challenges: Identify potential risks and obstacles affecting the home insurance market.
• Competitive Landscape: Review strategic developments in the home insurance market, including expansions, agreements, and new product launches.
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