Homeowners insurance is a type of property insurance that covers losses and damages to a person's home, as well as furniture and other assets in the home. Homeowners insurance also includes liability coverage for accidents that occur in the home or on the property. Homeowners insurance is a type of property insurance that covers losses and damages to a person's home and assets.
Impact of COVID-19 on the Market
The real estate industry has greatly suffered due to the restrictions on construction activities, which has resulted in a decrease in demand and requirement for home insurance services during the pandemic. The global home insurance market has witnessed a negative impact of the COVID-19 pandemic and is expected to recover during the forecast timeframe.
To stay relevant and gain a significant market share in the home insurance sector, organizations around the world that provide 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 in cash for the acquisition of French multinational insurance firm AXA's “Life & Savings and Property & Casualty” businesses in Greece. Such factors are expected to have a positive impact on the global home insurance market.
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Key Developments in the Industry
The key companies operating in the global home insurance market are adopting business tactics & several growth strategies such as partnerships, mergers & acquisitions, launches, and collaborations, to maintain a strong position in the overall market, which is subsequently assisting the market to grow across the world.
- 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.
- For instance, in May 2020, Liberty Mutual Insurance's commercial property claims unit announced that it has enhanced the technology it employs to quickly and accurately inspect and estimate commercial property claims remotely, reflecting today's need for physical separation and in anticipation of what is expected to be a larger-than-normal Atlantic hurricane season.
- For instance, in June 2021, Liberty Mutual Insurance is taking an innovative approach to keeping customers and their vehicles safe when a hailstorm is coming. The nation's sixth-largest auto insurer uses Accuweather® forecast data and SMS text capabilities to notify customers that damaging hail is expected in their area and encourages them to move their vehicles to a safe location.
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Forecast Analysis of Home Insurance Market
Huge increase in demand for property and casualty insurance services is expected to fuel the growth of the global home insurance market. Globally, increasing environmental and catastrophic damage events such as forest fire, tornado, avalanche, volcanic eruption, earthquake, flood, hurricane, lightning, and tsunami have increased the need for property insurance and are assisting in the growth of the home insurance market.
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 predicted to hamper the 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.
These aforementioned factors are estimated to surge the growth of the global home insurance market, throughout the analysis period. As per a newly published report by Research Dive, the global home insurance market is predicted to garner $4,07,940.4 million by 2028. Geographically, the Asia-Pacific market for home insurance is estimated to dominate the global industry, owing to increased economic development and rising per capita income in Asia-Pacific countries such as India, China, and Vietnam, combined with increased demand for better housing services.
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Key Players in the Global Home Insurance Market
- 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.
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