Home Insurance Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Home Insurance Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
— The Business Research Company
LONDON, GREATER LONDON, UK, August 5, 2024 /EINPresswire.com/ — The home insurance market has experienced robust growth in recent years, expanding from $265.61 billion in 2023 to $289.01 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to natural disasters, economic stability, homeownership rates, urbanization, risk mitigation programs.
Strong Future Growth Anticipated
The home insurance market is projected to continue its strong growth, reaching $391.33 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to demographic changes, insurance market competition, remote work trends, cybersecurity risks, pandemic impact, data analytics utilization, alternative housing models, usage-based insurance.
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Growth Driver Of The Home Insurance Market
The increasing number of natural disasters is expected to propel the growth of the home insurance market going forward. Natural disasters refer to catastrophic events that occur due to natural processes of the earth, resulting in significant damage to life, property, and the environment. Home insurance typically covers damage to the structure of the insured home caused by natural disasters, and provides personal belongings coverage, temporary living expenses, liability protection, and financial protection, helping homeowners avoid significant out-of-pocket expenses in the aftermath of a natural disaster.
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Major Players And Market Trends
Key players in the home insurance market include MetLife Inc., American International Group Inc., Allstate Insurance Company, Liberty Mutual Insurance, The Progressive Corporation.
Major companies operating in the home insurance market are developing new products such as personal cyber coverage to gain a competitive edge in the market. Personal cyber coverage refers to insurance policies designed to protect individuals against financial losses and liabilities resulting from cyber-related risks and incidents.
Segments:
1) By Coverage: Dwelling Coverage, Content Coverage, Liability Coverage Banking, Other Coverages
2) By Provider: Insurance Companies, Insurance Agents Or Brokers, Other Providers
3) By End User: Landlords, Tenants
Geographical Insights: North America Leading The Market
North America was the largest region in the home insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the home insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Home Insurance Market Definition
Home insurance is a policy that pays for expenses and damage to the home or any other insured property. People get home insurance to protect their bungalow, apartment, rental flat, owned house, or newly constructed home from potential threats.
Home Insurance Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Home Insurance Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on home insurance market size, home insurance market drivers and trends, home insurance market major players, home insurance competitors’ revenues, home insurance market positioning, and home insurance market growth across geographies. The home insurance market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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