DUBLIN, Oct. 30, 2024 (Globe Newswire) — The “Homeowners Insurance – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for homeowners insurance is estimated at USD 240.5 billion in 2023 and is projected to reach USD 366.8 billion by 2030, growing at a CAGR of 6.2% from 2023 to 2030. This comprehensive report provides a detailed analysis of market trends. Provide drivers and forecasts to help you make informed business decisions.
The growth of the global homeowners insurance market is driven by several factors such as technological advances, changing consumer behavior, and evolving environmental risks. One of the most important drivers is the increasing adoption of insurtech solutions, making the process of buying and managing insurance more efficient and customer-friendly. The growing popularity of digital platforms, mobile apps, and AI-powered solutions is enabling insurers to reach a broader customer base while offering personalized coverage options. Another important factor is the increasing frequency of extreme weather events such as floods, wildfires, and hurricanes. This has led more homeowners to seek comprehensive policies to protect against such risks.
Additionally, as real estate values rise due to inflation and urbanization, homeowners are seeking insurance that provides greater coverage for higher-value homes. Finally, the demand for specialty insurance, such as coverage for home-based businesses and environmentally sustainable homes, is expanding the scope of the homeowners insurance market. These factors, along with increasing awareness of the importance of adequate compensation, are driving the continued growth of this sector.
How is technological innovation shaping the homeowners insurance market?
Technological innovations are transforming the way homeowners insurance is sold, managed, and processed, creating a more personalized and efficient experience for both insurers and policyholders. Insurtech companies are leveraging big data, artificial intelligence (AI), and machine learning to enhance risk assessments and streamline claims processing. Advanced data analytics allows insurers to better understand risk by evaluating factors such as property location, homeowner claims history, and even predictive data on weather patterns and local crime rates. It will be.
AI-driven platforms improve customer engagement, making it easier for policyholders to compare policies, get quotes, and make claims through digital platforms and mobile apps. Additionally, smart home technology is increasingly integrated into homeowners insurance, with insurance companies offering discounts and incentives to customers who use devices such as smart thermostats, security systems, and water leak detectors. These innovations not only increase protection for policyholders, but also help reduce losses for insurers by preventing losses before they occur.
Why do changing consumer preferences and global events impact the market?
Consumer preferences and global events play a vital role in shaping the homeowners insurance market, as economic conditions, environmental risks, and lifestyle changes influence coverage needs and purchasing decisions. For example, the COVID-19 pandemic has caused major changes in consumer behavior, with many people spending more time at home and focusing on protecting their personal space. Home renovations and property improvements boomed during this period, increasing the demand for updated insurance policies that reflected these changes.
Additionally, as remote work becomes a long-term trend, homeowners are increasingly seeking coverage options to protect their home office equipment and other valuable assets related to their professional lives. Another important factor is growing awareness of climate change, with more homeowners seeking policies that better protect against natural disasters. Rising costs of rebuilding homes due to inflation and supply chain issues are also prompting homeowners to review their coverage to ensure they have adequate coverage for both their home and personal property. .
Key insights:
Market Growth: Understand the significant growth trajectory of the comprehensive coverage segment. This segment is expected to reach USD 143.7 billion by 2030 at a CAGR of 6.5%. The home protection segment is also expected to grow at a CAGR of 6.7% during the analysis period. Regional Analysis: Gain insight into the US market, estimated at $65.5 billion in 2023, and the China market, expected to grow at an impressive 10.0% CAGR by 2023. Check out growth trends in other key regions such as Japan, Canada, Germany, and Asia Pacific.
Report features:
Comprehensive market data: Independent analysis of annual sales and market forecasts (USD million) from 2023 to 2030. Detailed regional analysis: Detailed insights into key markets including the US, China, Japan, Canada, Europe, Asia Pacific, and Latin. America, Middle East, Africa. Company Profile: Covers major players in the homeowners insurance market, including Admiral, Allstate Insurance Company, American Family Insurance, Amica Mutual Insurance Co., and Chubb Corp. Free updates: Receive free reports and stay informed of the latest market trends with 1 year of updates.
Key attributes:
Report attribute details No. Number of pages 374 Forecast period 2023 – 2030 Estimated market value in 2023 (USD) 240.5 billion dollars Predicted market value by 2030 (USD) 366.8 billion dollars Average annual growth rate 6.2% Target region Worldwide
Main topics covered:
Market overview
Influencer Market Insights Global Market Trajectory Impact of COVID-19 and the Looming Global Recession Homeowners Insurance – 2024 Market Share of Key Global Competitors (E) Competitiveness Presence in a Market – Strong/Active/Niche/Mediocre (E) for Players Worldwide in 2024
Market trends and drivers
Increased frequency of natural disasters has focused attention on increasing demand for comprehensive homeowners insurance policies Rising real estate values in urban and suburban areas are driving increases in homeowners insurance premiums Technological advances in risk assessment are strengthening the business case for data-driven homeowners insurance solutions.The growing popularity of smart homes and connected devices is increasing the number of insurance policies covering smart home technology. Driving Demand Expansion of the mortgage market expands the addressable market opportunity for compulsory homeowners insurance Increasing awareness of the effects of climate change is driving the growth of homeowners insurance specific to climate-related risks Increasing focus on cybersecurity risks creates demand for homeowners insurance Covers digital vulnerabilities Emerging trends in green building practices and sustainability strengthen demand for homeowners insurance that covers green homes Growth of remote work and home-based businesses drives adoption of homeowners insurance to cover home offices Increased adoption of customizable and modular insurance products, expanding consumer access to customized insurance Homeownership Increasing use of artificial intelligence and machine learning in underwriting creates new opportunities for automated homeowners insurance policies
Focus on Selected Players: The 41 major companies featured in this homeowners insurance market include:
AdmiralAllstate Insurance CompanyAmerican Family InsuranceAmica Mutual Insurance Co.Chubb Corp.Erie Insurance GroupFarmers Insurance GroupLemonadeLiberty Mutual Insurance CompanyNational
For more information on this report, please visit https://www.researchandmarkets.com/r/j6w30r.
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homeowners insurance market
