New York, USA, Nov. 24, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global home insurance market is predicted to register a revenue of $407,940.4 million by 2028, at a CAGR of 6.8% during the forecast period from 2021 to 2028. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
Market Dynamics
As per the analysts of Research Dive, the increasing demand of property insurance owing to the environmental damages to properties due to avalanche, flood, earthquake, forest fire, lightning, hurricane, tsunami, tornado, and volcanic eruption is the major factor anticipated to accelerate the growth of the home insurance market over the forecast period. In addition, the implementation of technologies predictive analysis is predicted to create huge growth opportunities for the home insurance market in the estimated period. However, the lack of awareness related to home insurance services may hinder the market growth in the coming years.
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Impact of COVID-19 on the Industry
The outbreak of coronavirus across the globe has unfavorably impacted the global home insurance market. The negative growth of the home insurance market is majorly owing to the restriction on construction activities leading to decline in the requirement and demand of home insurance services during the pandemic period. However, many organizations involved in the home insurance services business are adopting business strategies such as partnerships and acquisition to recover during the COVID-19 chaos.
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Comprehensive Coverage Sub-segment to Hold Dominating Market Share
Based on coverage, the comprehensive coverage sub-segment is predicted to garner a revenue of $225,160.3 million by 2028 and is estimated to hold the largest share in the home insurance market during the analysis period. This is mainly due to the increasing events of natural disasters, such as hurricanes, floods, tornadoes, earthquakes, volcanic eruptions, storms, tsunamis, and others.
Tenants Sub-segment to Witness Significant Growth
Based on end user, the tenants sub-segment is expected to generate a revenue of $160,430.3 million by 2028 and is estimated to observe fastest growth during the analysis period. The significant growth of the sub-segment is mainly owing to the rising demand for affordable housing services due to increasing rate of urbanization globally. In addition, the developing countries with large population such as India and China with high economic growth rate are envisioned to boost the growth of the tenants sub-segment of the home insurance market.
North America Region to be Most Dominant
By region, the North America home insurance market valued for $121,009.5 million in 2020 and is estimated to witness dominant growth during the analysis period. The increasing demand of insurance services in the economically developed countries such as Canada and the U.S, and the growing usage of technology such as AI and IoT for providing highly insightful & personalized customer experiences are the significant factors predicted to boost the regional market growth in the forecast period.
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Prominent Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global home insurance market are:
- Allianz
- American International Group, Inc.
- Admiral Group Plc
- AXA
- Chubb
- Allstate Insurance Company
- State Farm Mutual Automobile Insurance Company
- Nationwide Mutual Insurance Company
- Liberty Mutual Insurance
- The Travelers Indemnity Company.
These players are implementing numerous strategies to gain a leading position in the global industry.
For instance, in June 2021, Allianz, the leading insurer and asset manager globally, entered into a partnership with American Tower, an American real estate investment trust, to focus on generating attractive, stable, and long-term returns for the clients.
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
Related Article Links:
- Home Insurance Market to Experience Accelerating Growth by 2028, Due to Increase in Environmental and Catastrophically Damaging Events
- What is the Future of Home Insurance Market?
