New York, USA, July 07, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global home insurance market is forecasted to garner a revenue of $4,07,940.4 million and surge at a CAGR of 6.8% during 2021-2028. The extensive report puts forth a summary of the present market scenario, including other aspects such as growth and restricting factors, industry dynamics, challenges, and opportunities during and post pandemic period. The report also offers industry statistics which makes it easier and more beneficial for the new participants to comprehend the present market.
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COVID-19 Impact Analysis
The real estate industry has suffered greatly as a result of construction activity restrictions, which have resulted in a decrease in demand and requirement for home insurance services during the pandemic. The COVID-19 pandemic has had a negative impact on the global home insurance market, but it is expected to recover during the analysis period.
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To stay relevant and gain a significant market share in the home insurance sector, businesses around the world engaged in the business of providing home insurance services are implementing business strategies such as acquisition and partnerships. For example, in June 2021, Generali Group, an Italian insurance company, paid €167 million for the acquisition of French multinational insurance firm AXA's "Life & Savings and Property & Casualty" businesses in Greece. Such factors are anticipated to have a positive impact on the global home insurance market.
Market Dynamics
Rising demand for property and casualty insurance services is expected to drive the global home insurance market. Globally, rising environmental and catastrophic damage events such as avalanche, earthquake, flood, forest fire, hurricane, lightning, tornado, tsunami, and volcanic eruption have increased the need for property insurance and are assisting in the growth of the home insurance market.
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Furthermore, the "Disaster Risk Financing and Insurance (DRFI) Program" was established in 2010 as a joint initiative of the World Bank Group's Finance, Competitiveness, and Innovation Global Practice and the Global Facility for Disaster Reduction and Recovery (GFDRR) to implement comprehensive financial protection strategies. Initiatives like these are expected to increase the availability of home insurance services and raise awareness about their significance. These factors are expected to help the home insurance market grow.
The lack of awareness about the benefits of home insurance services in rural areas and developing countries is expected to limit market growth. Furthermore, high instalments in home insurance services are a major issue that may have a negative impact on market growth during the forecast period.
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The report has segmented the market based on coverage, end user, and regional analysis.
Coverage Segment is Projected to Witness Fastest Growth
In the coverage segment, dwelling coverage sub-segment is estimated to witness fastest growth during the analysis period and garner a revenue of $77,271.6 million by 2028. The rise in crime incidents such as theft, vandalism, and others are expected to increase demand for dwelling insurance globally. Theft and vandalism are crimes covered by dwelling insurance, and crime rates have increased in underdeveloped and developing countries, assisting in the expansion of dwelling coverage. These factors are expected to drive growth in this subsegment.
End User Segment is Projected to be the Most Lucrative
The growing demand for affordable housing services as a result of global urbanization is expected to fuel the growth of this subsegment. Due to high demand for affordable housing services for the urban population, developing countries with large populations and high economic growth rates, such as China and India, are predicted to drive growth of this subsegment in the analysis period.
Asia-Pacific Region is Estimated to Witness Significant Growth
The Asia-Pacific market for home insurance is projected to witness significant growth and garner a revenue of $82,404.0 million by the year 2028. The increased economic development and rising per capita income in Asia-Pacific countries such as China, India, and Vietnam, combined with increased demand for better housing services, is anticipated to fuel growth of the Asia-Pacific home insurance market.
Key Players and Business Strategies
• Allianz,
• Admiral Group Plc,
• American International Group, Inc.
• AXA
• Allstate Insurance Company
• Chubb
• State Farm Mutual Automobile Insurance Company
• Liberty Mutual Insurance
• Nationwide Mutual Insurance Company
• The Travelers Indemnity Company.
These industry players are focusing on developing several strategies such as mergers and acquisitions, partnerships, and product launches to promote the expansion of the market.
For instance, in June 2021, Allianz, one of the world's leading insurers and asset managers has announced their partnership with American Tower. This partnership focuses on generating attractive, long-term and stable returns for the clients.
These players are currently focusing on R&D activities, mergers, acquisitions, partnerships, and collaborations to sustain the growth of the market. The report offers many strategies and ideas of the top industry players functioning in the industry such as the current strategic plans & developments, financial performance, SWOT analysis, and product/service range. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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