June 08, 2021
According to the research report titled ‘Global Home Insurance Market Size study, by Coverage (Comprehensive Coverage, Dwelling Coverage, Content Coverage and Others), End-User (Landlords and Tenants) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global home insurance market was remunerated USD 225.42 billion in 2019 and is anticipated to record 7.3% CAGR over 2020-2027, amassing USD 396.09 billion valuation by the end of the forecast timeframe.
As per the findings of the report, rapid urbanization is primarily fueling global home insurance market growth. In fact, according to figures from the United Nations Population Fund (UNFPA) 2017 data, roughly 66% of the world's population will be living in cities by 2050.
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Moreover, favorable government initiatives to increase residential establishments and enhance household facilities are adding to the overall market development. For instance, the Indian government announced the Pradhan Mantri Awas Yojana (PMAY) program in 2015, with the goal of providing affordable homes to the urban poor by 2022.
Increasing number of accidents and man-made disasters, along with rising investments in the insurance sector are further augmenting the industry growth.
For those unaware, homeowner's insurance, household insurance, or private property insurance are all terms used to describe home insurance, which protecting a person's home from financial loss and harm.
Elaborating on the negatives, lack of cognizance and complex insurance policies are hindering worldwide home insurance industry remuneration. Although, growing construction sector and introduction of transparent insurance procedures to spread awareness regarding the policies are adding significant traction to the industry progression.
Based on coverage type, the industry segmentation of content coverage, dwelling coverage, comprehensive coverage, and others. Moving on to end user scope, the market is categorized into tenants and landlords.
As per regional terrain, North America presently holds significant portion of global home insurance market share, owing to surge in home-ownership and strong presence of insurance providers in the region.
Meanwhile, Asia Pacific industry is slated to grow substantially through 2027, creditable to developing insurance market, supportive government initiatives, and rising disposable income.
Leading organizations in global home insurance market sphere are Zurich Insurance Co. Ltd., State Farm Mutual Automobile Insurance Company, People's Insurance Company (Group) of China Ltd., Liberty Mutual Insurance, Chubb Ltd., American International Group Inc., Axa S.A., Admiral Group plc, Allianz SE, and Allstate Insurance Company.