Homeowners Insurance Carriers Global Market Report 2024

Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Homeowners Insurance Carriers Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.

The homeowners insurance carriers market size has grown strongly in recent years. It will grow from $299.93 billion in 2023 to $315.52 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The expansion observed during the historical period can be ascribed to factors such as homeownership rates and market expansion, occurrences of natural disasters and catastrophes, prevailing economic conditions and property values, adherence to regulatory compliance and mortgage requirements, as well as the impact of public awareness and education campaigns.

The homeowners insurance carriers market size is expected to see steady growth in the next few years. It will grow to $378.89 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The anticipated growth in the forecast period is linked to urban development and property expansion, the extended reach of mortgage financing, considerations arising from the pandemic, meeting policyholder expectations through customization, and the dynamics of insurance market competition and pricing. Prominent trends expected in the forecast period involve the integration of artificial intelligence in claims processing, enhanced customer engagement facilitated by digital platforms, advancements in home valuation techniques, initiatives centered around community-based risk assessment, and a notable emphasis on loss prevention and risk reduction.

The market is expected to experience growth due to the rising occurrences of natural disasters. Natural disasters encompass losses arising from events such as floods, weather conditions, and earthquakes. Homeowners insurance carriers offer diverse packages for recovering from these losses, leading to an increased demand for home insurance as the incidence of natural disasters rises. In August 2023, the Association of German Insurers (GDV) reported insured losses of 1.5 billion EUR ($1.6 billion) resulting from a series of natural disasters, with over half of this amount (63.3%) attributed to damage to homes, property, commercial, and industrial businesses. Consequently, the escalating frequency of natural disasters is a driving force behind the homeowners insurance carriers market.

The growth of the market is further anticipated to be fueled by an increase in home ownership and mortgages. Homeownership involves individuals owning the homes they inhabit, while mortgages represent loans used to acquire or maintain real estate. This trend significantly contributes to market growth by expanding the customer base and creating more opportunities for insurers to offer coverage and related services. For example, in 2021, mortgage applications for new home purchases increased by 33% compared to 2020, and the number of homeowners in the USA rose by an estimated 2.1 million in the fourth quarter of 2020. Similarly, housing sales in the top eight cities of India surged by 60% in Q2 FY2021, with this upward trend expected to persist, thereby propelling the homeowners insurance carriers market.

Markets Covered:

1) By Type: Basic Form; Broad Form; Special Form; Tenant's Form; Comprehensive Form; Condo Form; Mobile Home Form; Older Home Form

2) By Source: Captive; Independent Agent; Direct Response

3) By Application: Enterprise; Personal

Companies Mentioned: Admiral Group plc; Allianz Australia Limited; American International Group Inc.; Amica Mutual Insurance Company; United Services Automobile Association

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

For more information about this report visit https://www.researchandmarkets.com/r/apn39t

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