Press release
2025-2034 Renters Insurance Market Roadmap: Insights for Competitive Advantage
Renters Insurance
How Large Will the Renters Insurance Market Size By 2025?
The market size for renters insurance has seen robust growth in the past few years. It is projected to escalate from $94.79 billion in 2024 to $100.99 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%. The historical growth is due to factors such as the rise in urbanization, increased awareness of the advantages of renters insurance, high rates of property damage, an upsurge in the availability of rental properties, and regulatory mandates.
How Big Is the Renters Insurance Market Size Expected to Grow by 2029?
In the coming years, the rental insurance market is projected to experience significant expansion, with a predicted market size of $128.73 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.3%. Factors contributing to the projected growth during the forecast period include developments in digital insurance platforms, efforts to raise awareness and education, incorporation of smart home technologies, economic stabilization and recovery, and partnerships with property and real estate management firms. Trends expected to emerge during the forecast period consist of an escalating demand for tailored policies, broadening of coverage options, increased emphasis on affordability, heightened importance of customer experience, sustainability, and eco-friendly initiatives.
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Which Key Market Drivers Powering Renters Insurance Market Expansion and Growth?
The rise in natural catastrophes is anticipated to boost the expansion of the renters insurance sector in the future. These catastrophes, triggered by nature's processes, disrupt lives and cause extensive damage and loss to property. This surge in their occurrence is traced back primarily to climate change and environmental degradation impacts. The need for renters insurance arises as it offers financial security to tenants against natural calamity induced losses or damage to personal possessions, covering expenses related to repairs, temporary relocation, and replacement of personal items. As an example, in March 2024, the United Nations Office for the Coordination of Humanitarian Affairs (OCHA) - a US intergovernmental organization - reported a slight rise in global natural hazards and disaster events in 2023 to 399, From the 2022 average of 387 events. Consequently, the escalation in natural disaster incidences is playing a pivotal role in propelling the renters insurance market's growth.
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Which Fast-Growing Trends Are Poised to Disrupt the Renters Insurance Market?
Key players in the renters insurance market are devoting efforts towards the creation of inventive solutions such as AI-based renters insurance tools aimed at improving customer service. Renters insurance powered by AI leverages this technology to automate underwriting, tailor coverage to individual renters, and accelerate claim processing. As an exemplification of this, Kanguro Insurance, an insurance firm based in the US, introduced a pioneering renter's insurance solution for the Texas sector in April 2024. This fresh product incorporates a range of features designed to enrich customer service including the creation of AI-based policies, cost-effective premiums tailored to clients' requirements, and a streamlined claims procedure for added ease. Kanguro Insurance has designed a customer friendly claims process, ensuring support is easy to access and promptly available when required. The overall structure of the renters insurance product highlights a tech-advanced, customer-focused approach which gives precedence to accessibility and cost-effectiveness, including customizable premiums that fit into customers' financial plans.
What Are the Emerging Segments in the Renters Insurance Market?
The renters insurancemarket covered in this report is segmented -
1) By Type: Property Coverage, Guest Medical Coverage, Family Liability Coverage
2) By Distribution Channels: Online, Offline
3) By Application: Apartment, Condo, Home
4) By End User: Business, Individuals
Subsegments:
1) Property Coverage: Personal Property Coverage, Replacement Cost Coverage, Actual Cash Value Coverage
2) Guest Medical Coverage: Medical Payments for Guests, Personal Injury Coverage, No-Fault Medical Payments
3) Family Liability Coverage: Personal Liability Coverage, Legal Defense Costs, Landlord-Related Liability Coverage
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Who Are the Global Leaders in the Renters Insurance Market?
Major companies operating in the renters insurance market are State Farm Insurance, MetLife Inc., Nationwide Mutual Insurance Company, Allstate Property and Casualty Insurance Company., Liberty Mutual Insurance Company, Progressive Corporation, Chubb Limited, The Travelers Companies Inc., United Services Automobile Association (USAA), Hartford Financial Services, American Family Insurance Group (AFIG), Farmers Insurance Group, The Cincinnati Insurance Company, Mercury General Corporation, Amica Mutual Insurance Company, Westfield Insurance, Esurance, Grange Insurance, Edison Insurance Company, Intact Insurance Specialty Solutions, Root Inc., Lemonade Inc., Hippo Insurance Services, National General Insurance, SentryWest Insurance Services
Which are the Top Profitable Regional Markets for the Renters Insurance Industry?
North America was the largest region in the renters insurance market in 2024. The regions covered in the renters insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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