New York, USA, April 13, 2022 (GLOBE NEWSWIRE) -- A new report on the global home insurance market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $4,07,940.4 million by 2028, rising at a CAGR of 6.8% from 2021 to 2028. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Factors Impacting the Home Insurance Market Growth:
Growing cases of damages to properties owing to environmental changes, such as avalanches, hurricanes, earthquakes, tsunami, floods, forest fires, lightning, tornados, and volcanic eruptions, is boosting the need for property insurance worldwide. This is the main factor fueling the growth of the global home insurance market. Additionally, the integration of advanced technologies such as predictive analytics for giving property insurers access to historical data required to assess risk more precisely is projected to bring in lucrative growth opportunities for the market in the forecast period. However, a dearth of awareness about the advantages of investing in a home insurance policy among people and high installment rates of home insurance are projected to hamper the growth of the market.
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Impact of COVID-19 Pandemic on the Home Insurance Market:
The abrupt rise of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global home insurance market. During the pandemic period, the construction sector has ceased normal functioning to avoid the spread of the deadly virus. This has significantly dropped the demand and necessity of home insurance policies as people were considering investing in new homes during the crisis. Currently, many home insurance providers worldwide are striving to recuperate the home insurance sector from losses by investing in acquisitions and partnerships during the pandemic.
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The report segments the global home insurance market into coverage, end-user, and region.
Comprehensive Coverage Sub-Segment to Experience Remarkable Growth
Among the coverage segment, the comprehensive coverage sub-segment is expected to experience the highest growth and garner $2,25,160.3 million during the forecast period. The growth of this sub-segment is mostly because of the rising demand for comprehensive coverage policies as it covers damages from natural calamities such as hurricanes, tsunamis, tornadoes, floods, storms, volcanic eruptions, earthquakes, and others.
Landlord Sub-Segment to Observe Highest Growth
Among the end-user segment, the landlord sub-segment is projected to grab the leading market share and hit $2,39,715.1 million during the estimated timeframe. This is mostly because of the increasing adoption of rental properties through landlords owing to the rising population and growing migration in cities.
North America Home Insurance Market to Observe Leading Growth
The report analyses the global home insurance market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North America region market is expected to lead the market by garnering $1,83,328.4 million during the estimated timeframe. The growth of this regional market is mainly owing to the rising demand for home insurance owing to the occurrence of natural calamities in the economically developed nations such as the U.S and Canada in the region
North America Region has a rising demand for Home Insurance Market
Major Players in the Home Insurance Market:
The report lists some of the leading players functioning in the global home insurance industry including
- AXA
- Allstate Insurance Company
- Chubb
- The Travelers Indemnity Company
- State Farm Mutual Automobile Insurance Company
- Allianz
- Admiral Group Plc.
- Liberty Mutual Insurance
- American International Group, Inc., and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter's five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. – Enquire Here & Get the Full Report@ https://www.researchdive.com/purchase-enquiry/8412
For instance, in September 2021, Hippo Insurance Services, an American property insurance company based in Palo Alto, California, launched a ‘Builders Program’ to further streamline the home procurement procedure and deliver home insurance directly to purchasers of newly constructed homes.
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- Home Insurance Market to Experience Accelerating Growth by 2028, Due to Increase in Environmental and Catastrophically Damaging Events
- What is the Future of the Home Insurance Market?
- Home Insurance Market Anticipated To Generate A Revenue Of $4,07,940.4 Million, Growing At A CAGR Of 6.8% From 2021 To 2028
