Rising Demand: The worldwide home insurance market is forecast to gross $ 407,940.four million by 2028 and develop at an annual development charge of 6.8% from 2021 to 2028
New York, USA, Nov. 24, 2021 (GLOBE NEWSWIRE) – Research Dive states that the global home insurance market is expected to have sales of $ 407,940.4 million by 2028, at a CAGR of 6.8% in the forecast period of 2021 to 2028. The comprehensive report offers a brief summary of the current market scenario along with important aspects of the market like growth factors, restraints, challenges, and numerous opportunities for growth. The report also includes all of the market estimates that will make it easier and more helpful for the new entrants to get a better picture of the market.
According to the analysts at Research Dive, the increasing demand for property insurance due to environmental damage to real estate from avalanches, floods, earthquakes, forest fires, lightning strikes, hurricanes, tsunami, tornados and volcanic eruptions is the most important factor that is expected to accelerate the growth of the home insurance market over the forecast period . In addition, the implementation of predictive analytics technologies is expected to create huge growth opportunities for the home insurance market over the estimated timeframe. However, the lack of awareness of home insurance services may hamper market growth in the years to come.
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Effects of COVID-19 on the industry
The global coronavirus outbreak has had an adverse impact on the global home insurance market. The negative growth in the home insurance market is mainly due to the constraint on construction activity resulting in a decrease in the need and demand for home insurance services during the pandemic. However, many companies in the home insurance services business are pursuing business strategies like partnerships and acquisitions to recover from the COVID-19 mayhem.
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Extensive sub-segment coverage to maintain dominant market share
Based on coverage, the fully comprehensive sub-segment is expected to generate revenue of $ 225,160.3 million through 2028 and will hold the largest share of 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.
Sub-segment tenants with significant growth
Based on end users, the tenant sub-segment is expected to generate sales of $ 160,430.3 million through 2028 and is expected to grow the fastest during the analysis period. The significant growth of the sub-segment is mainly due to the increasing demand for affordable residential services due to increasing urbanization worldwide. In addition, the densely populated developing countries such as India and China are expected to boost the growth of the tenants sub-segment of the home insurance market with high economic growth rates.
The North America region becomes the most dominant
By region, The North American home insurance market was valued at $ 121,009.5 million in 2020 and is expected to show dominant growth over the analysis period. The increasing demand for insurance services in economically developed countries like Canada and the US and the increasing use of technologies like AI and IoT to deliver insightful and personalized customer experiences are the key factors that will fuel regional market growth in the US forecast period.
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Prominent market participants
The report presents various aspects of these key players such as business and financial performance, strategic steps taken by the key players, latest developments, product portfolio and SWOT analysis. Some of the top players in the global home insurance market are:
- American International Group, Inc.
- Admiral Group Plc
- Allstate Insurance Company
- State Farm mutual auto insurance company
- Nationwide mutual insurance association
- Liberty Mutual Insurance
- The Travelers Indemnity Company.
These actors implement numerous strategies to achieve a leadership position in global industry.
For example, in June 2021, Allianz, the world's leading insurer and asset manager, partnered with American Tower, an American real estate fund, to focus on generating attractive, stable, long-term returns for clients.
In addition, the report contains some Numorus points on the leading company manufacturers, such as, SWOT analysis, product portfolio, financial status – request to get access to detailed report on development strategy for top companies
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