New York, USA, Sept. 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global home insurance market is expected to generate a revenue of $4,07,940.4 million by 2028, growing exponentially at a CAGR of 6.8% during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Rising adoption of insurance services related to property amongst people, owing to havoc caused by environmental disasters like earthquake, tsunami, cyclone, hurricane, flood, lightning, forest fires, and many more are expected to drive the growth of the home insurance market during the forecast period. In addition, increasing initiatives taken by various government and private corporations around the world on disasters is further expected to bolster the growth of the market during the forecast period.
Restraints: Lack of knowledge and awareness about the perks of adopting home insurance services in rural areas is expected to impede the growth of the market during the forecast period.
Opportunities: Persistent advancements in technologies like predictive analysis enabling property insurers to analyze historical data and mitigate risks effectively is anticipated to create massive opportunities for the growth of the market during the forecast period.
Segments of the Market
The report has divided the market into different segments based on coverage, end-user, and region
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Coverage: Comprehensive Coverage Sub-segment to be Most Profitable
The comprehensive coverage sub-segment is expected to generate a revenue of $2,25,160.3 million during the forecast period. Significant perks like property-related lawsuits and immunity from man-made and natural disasters provided by the comprehensive coverage insurance are expected to bolster the growth of sub-segment during the forecast period.
End-User: Landlord Sub-segment to be Most Lucrative
The landlord sub-segment is expected to generate a revenue of $2,39,715.1 million during the forecast period. Increase in population and subsequent rise in urbanization are expected to drive the growth of the sub-segment during the forecast period.
Region: North America Expected to Dominate the Market
The North America home insurance market is expected to generate a revenue of $1,83,328.4 million during the forecast period. The North America region is more prone to disasters like floods, hurricanes, tornadoes, and so on. In addition, increased use of advanced technologies like IOT and artificial intelligence (AI) in the region are further anticipated to fuel the growth of the regional market during the forecast period.
COVID-19 Impact on the Market
The outbreak of COVID-19 has had an adverse impact on the growth of the global home insurance market, owing to the nationwide lockdowns prevalent in various countries around the world. Stringent restrictions were imposed by the government considering social distancing practices leading to the stoppage of all construction activities so as to curb the spread of the virus. Thus, COVID-19 negatively impacted the global home insurance market.
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Key Players of the Market
The major players of the market include
- Allianz
- Liberty Mutual Insurance
- Chubb
- Allstate Insurance Company
- AXA
- Admiral Group Plc
- The Travelers Indemnity Company
- State Farm Mutual Automobile Insurance Company
- American International Group
- Nationwide Mutual Insurance Company
and many more. These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in July 2021, Kin Insurance, a direct-to-consumer home insurance technology is set to go public with the help of reverse merger with Omnichannel Acquisition Corp., a publicly-traded special purpose acquisition company in order to further expand Kin Insurance’s market share.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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