Homeowners insurance market size is set to grow at a CAGR of 4.18 {a652ac39cb023ff8fd1cc85f4393f5b1bb70bf2f880b7bee35f712e4bd8633f7} by 2027, New technological developments in the home insurance industry to be an emerging trend

NEW YORK, Feb. 22, 2023 /PRNewswire/ — The global homeowners’ insurance market size is estimated to increase by USD 57.01 billion between 2022 and 2027. The market’s growth momentum will accelerate at a CAGR of 4.18{a652ac39cb023ff8fd1cc85f4393f5b1bb70bf2f880b7bee35f712e4bd8633f7}. The report also includes historic market data from 2017 to 2021. In 2017, the homeowner’s insurance market was valued at USD 207.40 billion. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. · For more insights on the historic market data from 2017 to 2021 – Download a sample report- Request a sample report.

Homeowners insurance market – Market dynamics

Leading drivers – The rising number of natural disasters and man-made hazards are driving the market growth. The increase in demand for home insurance against accidents encourages insurance companies to invest in and develop products with lower penetration, high coverage, and funding in the form of health claims or other claims. These factors are fueling the growth of the global home insurance market. The prevalence of natural disasters such as floods, earthquakes, vandalism, and landslides has increased the demand for home insurance. Such factors are expected to contribute to the growth of the global home insurance market during the forecast period.

Key trends – New technological developments in the home insurance industry are a key trend in the market. Advances in technology, such as geolocation, API, artificial intelligence (AI), data analytics, blockchain, and big data, are providing new opportunities for insurance companies. In addition, home insurance companies can offer improved user experience due to digital transformation. The use of advanced technologies helps gather information, satisfy customer needs, calculate risks, and detect fraud. These factors will support the growth of the global market during the forecast period.

Major challenges – Vulnerability to cybercrime is challenging market growth. The use of advanced technologies makes data vulnerable to cybercrimes. Cybercrime cases include hacking of computers and internal software and intrusion into intranet portals. Any cybersecurity or data breach can make an organization’s information vulnerable to hackers. This can also lead to huge financial losses. Such factors may impede the growth of the global home insurance market during the forecast period.

To know about the regional trends and drivers that will have an impact on the market – Request a sample report!

Homeowners insurance market – Vendor analysis
Vendor Landscape –

The global homeowner’s insurance market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer homeowners insurance in the market are Admiral Group plc, Allianz SE, American International Group Inc., Amica Mutual Insurance Co., AXA Group, Berkshire Hathaway Inc., Chubb Ltd., Erie Indemnity Co., Lemonade Inc., Liberty Mutual Holding Co. Inc., Metlife Inc., Nationwide Mutual Insurance Co., NJM Insurance Group, State Farm Mutual Automobile Insurance Co., The Allstate Corp., The Progressive Corp., The Travelers Co. Inc., USAA, Wells Fargo and Co., and Zurich Insurance Co. Ltd. and others.

Local vendors find it difficult to compete with market leaders due to intense competition, which is expected to intensify during the forecast period due to an extension of service offerings and technological innovations. Global vendors are acquiring regional or local players to increase their market share. The market demands innovation and better service. Hence, it is imperative for vendors to distinguish their product and service offerings through clear and unique value propositions to survive in this highly competitive environment.

Vendor offerings –

• Admiral Group plc – The company offers homeowners insurance such as buildings insurance and contents insurance.

• Allianz SE – The company offers homeowners insurance such as home building insurance, home contents insurance, landlord insurance, and renters insurance.

• American International Group Inc. – The company offers homeowners insurance, which provides water damage protection, flood disaster averted, and birthday party festivities.

• AXA Group – The company offers homeowners insurance such as contents insurance and buildings insurance.

• For details on other major vendors and their offerings – Buy the report!

Homeowners insurance market – Segmentation assessment

Segment overview
Technavio has segmented the market based on type (fire and theft, house damage, floods and earthquake, and others) and source (captive, independent agent, and direct response).

• The fire and theft segment will be a significant contributor to market growth during the forecast period. The use of fire and theft insurance is high owing to the rising number of accidents, such as external or internal damage to houses. Fire insurance includes property insurance that covers damage and losses caused by fire. Purchasing additional fire coverage helps consumers cover the cost of replacement and repair. Theft insurance covers the cost of stolen or damaged assets such as cash, owned goods, and other items. Therefore, owing to these benefits, the adoption of fire and theft insurance is increasing, which is expected to fuel the growth of the fire and theft segment during the forecast period.

Geography overview
Based on geography, the global homeowners insurance market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global homeowners insurance market.

• North America is estimated to account for 47{a652ac39cb023ff8fd1cc85f4393f5b1bb70bf2f880b7bee35f712e4bd8633f7} of the growth of the global market during the forecast period. The US and Canada are the key countries in the market in North America. Homeowners insurance helps consumers claim for losses incurred during calamities such as hurricanes, cyclones, tornados, or tsunamis. These factors will drive the growth of the market in the region during the forecast period.

Get a glance of the market contribution of various segments including country and region wise –Download a sample report

What are the key data covered in this homeowners insurance market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the homeowners insurance market between 2023 and 2027

• Precise estimation of the size of the homeowners insurance market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the homeowners insurance market across North America, Europe, APAC, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of homeowners insurance market vendors

Gain instant access to 17,000+ market research reports. 

Technavio’s SUBSCRIPTION platform

Related Reports:

The cyber insurance market is estimated to grow at a CAGR of 35.92{a652ac39cb023ff8fd1cc85f4393f5b1bb70bf2f880b7bee35f712e4bd8633f7} between 2022 and 2027. The size of the market is forecasted to increase by USD 42,812.64 million. This report extensively covers market segmentation by type (large enterprises and small and medium-sized enterprises), solution (standalone and packaged), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

The marine insurance market is estimated to grow at a CAGR of 3.16{a652ac39cb023ff8fd1cc85f4393f5b1bb70bf2f880b7bee35f712e4bd8633f7}, and the size of the market is forecasted to increase by USD 4,994.88 million between 2022 and 2027. This report extensively covers market segmentation by product (cargo, hull, offshore energy, and marine liability), end-user (cargo owners, traders, and government), and geography (Europe, APAC, South America, Middle East and Africa, and North America).

Browse for Technavio consumer discretionary market reports

Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Source

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/homeowners-insurance-market-size-is-set-to-grow-at-a-cagr-of-4-18–by-2027–new-technological-developments-in-the-home-insurance-industry-to-be-an-emerging-trend—technavio-301751687.html

SOURCE Technavio