Dwelling Insurance Market Is Projected To Attain $ 395.04 Billion By 2020-2027, With A CAGR Of seven.3% – EIN Information

Home insurance market

Household contents insurance is a type of property insurance that financially protects a person against all loss and damage to the residential building.

PORTLAND, OREGON, UNITED STATES, Oct. 14, 2021 /EINPresswire.com/ – Allied Market Research recently released a report entitled "Household Insurance Market By Coverage (Comprehensive Coverage, Apartment Coverage, Content Coverage, and Other Optional Coverage)." End-Users (Landlords and Renters): Global Opportunity Analysis and Industry Forecast, 2020-2027. "According to the report, the global home insurance industry was valued at $ 225.42 billion in 2019 and is projected to reach $ 395.04 billion by 2027, up from Growing 2020 to 2027 with a CAGR of 7.3%.

Main determinants of market growth

Increasing government initiatives, growing households, and an increase in the number of accidents and man-made disasters are fueling the global home insurance market. However, a lack of awareness of home insurance is hindering market growth. On the contrary, technological advances and untapped potential in developing countries should open up lucrative opportunities for market participants in the future.

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COVID-19 scenario:

– The COVID-19 outbreak has had a modest impact on the home insurance industry due to economic instability. In addition, the insecurity of income and employment caused people to postpone real estate investments.

– Most employees stayed at home during the COVID-19 pandemic. Hence, home insurers are expected to expand their business through flexible plans.

The Comprehensive Coverage segment held the lion's share

In terms of coverage, the fully comprehensive insurance segment had the largest share in 2019, accounting for almost three-fifths of the global home insurance market, as it offers a variety of plans and related covers such as protecting property from hazards such as earthquake, fire, flood, cyclone , among other things. However, the content coverage segment is estimated to have the highest CAGR of 9.6% over the forecast period as it provides financial coverage versus a standalone product that is suitable for homeowners and renters in terms of movable property.

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The tenant segment will manifest the highest CAGR by 2027

According to end consumers, the tenants segment is expected to have the highest CAGR of 9.6% in the forecast period, as the amounts insured for tenants vary depending on the type of cover. However, the largest share in 2019 was accounted for by the rental segment, which held more than four-fifths of the global home insurance market, due to services such as protection against financial loss as a result of natural disasters, injuries, accidents and other liability issues.

North America held the lion's share

By region, the market had the largest share across North America in 2019, accounting for more than half of the global home insurance market, driven by an increase in home insurance spending and high adoption of home insurance. However, the Asia Pacific market is expected to see the highest CAGR of 12.8% over the forecast period due to emerging markets, increased awareness of home insurance and the introduction of mid-income home insurance products.

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Important market participants

– Allstate Insurance Company
– Chubb
– China Group National Insurance Company
– American International Group, Inc.
– Liberty mutual insurance
– State mutual vehicle insurance
– Zurich Insurance Co. Limited

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October 14, 2021 at 1:28 PM GMT

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