Global Home Insurance Market

Home Insurance Market Size, Share, Growth Analysis, By Coverage(Comprehensive Coverage, Dwelling Coverage, Content Coverage, Other Optional Coverage’s.), By End User(Landlords, and Tenants), By Region - Industry Forecast 2024-2031


Report ID: SQMIG40P2002 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 63 |Figures: 65

Home Insurance Market Insights

Home Insurance Market size was valued at USD 208 million in 2021 and is poised to grow from USD 225.26 million in 2022 to USD 426.30 million by 2030, growing at a CAGR of 10% in the forecast period (2023-2030).

Home insurance is a form of property insurance designed to offer financial protection to individuals against losses and damages incurred by their residences. Often referred to as homeowner’s insurance, household insurance or private property insurance, it encompasses a comprehensive package that not only covers property damages but also includes liability for injuries and property harm caused by policyholders. This encompasses incidents such as damages from household pets, fire, theft, and vandalism. Nevertheless, certain natural disasters such as floods, earthquakes, and inadequate home maintenance are typically not covered by standard home insurance policies.

The growth of the global home insurance market is driven by factors such as the worldwide increase in the number of households, government initiatives, and the rise in accidents and man-made disasters. However, the lack of awareness surrounding home insurance policies poses a challenge to market growth. On a positive note, untapped potential in emerging economies and advancements in home insurance technology offer promising opportunities for market expansion.

Regionally, North America dominated the home insurance market in 2019 and is anticipated to continue this trend. Factors contributing to this dominance include the presence of key players in the U.S., leading to substantial purchases of H0-3 homeowner’s coverage to safeguard significant investments. Meanwhile, the Asia-Pacific region is poised to experience substantial growth due to emerging economies, population growth, and a burgeoning middle-income segment. Furthermore, governments in countries like Japan, Malaysia, Australia, and Thailand are mandating home insurance for residents, providing fertile ground for market expansion.

The report delves into the growth potential, challenges, and trends of the global home insurance market. It employs Porter’s five forces analysis to assess the influence of factors like supplier bargaining power, competitive rivalry, threat of new entrants, substitute threats, and buyer bargaining power on the global home insurance market share.

US Home Insurance Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 208 million

Largest Segment

Dwelling Coverage

Fastest Growth

Dwelling Coverage

Growth Rate

10% CAGR

Global Home insurance market ($ Bn)
Country Share for North America Region (%)

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Home Insurance Market Segmental Analysis

The Home Insurance Market is segmented by Coverage, End User and Region. Based on Coverage the market is segmented as, Comprehensive Coverage, Dwelling Coverage, Content Coverage, and Other Optional Coverage. Based on End User market is segmented as, Landlords, Tenants.

Home Insurance Market Analysis By Coverage

Segmented by coverage, the home insurance market comprises dwelling coverage, content coverage, liability coverage, and other categories. In 2022, the dwelling coverage segment accounted for approximately USD 75 billion in market revenue and is anticipated to experience substantial growth throughout the forecast period. This surge can be attributed to escalating construction activities and the appreciating value of homes, driving the demand for dwelling coverage. This form of coverage provides homeowners with vital financial security in instances of property damage or loss resulting from occurrences like fires, storms, vandalism, or theft. Insurance providers offering adaptable policies and options to enhance dwelling structure coverage are poised to tap into varying demands within this segment.

Home Insurance Market Analysis By End User

Categorized by end use, the home insurance market is divided into landlords and tenants. In 2022, the landlords segment commanded market revenue of approximately USD 156 billion. The ongoing trend of urban migration has driven a surge in rental property activities, leading to a heightened requirement for landlord insurance. This insurance type is sought after due to its legal safeguarding and liability coverage. Home insurance serves as a protective shield against liability claims, encompassing bodily injury or property damage experienced by tenants or external parties. By securing insurance coverage, landlords can mitigate financial setbacks stemming from property-related damages and ensure the safeguarding of their investment. Landlord insurance carries a range of advantages, including financial security against natural calamities, injuries, accidents, and other liability concerns. As investments in new properties continue to rise, the demand for flexible and scalable home insurance coverage is projected to experience an upward trajectory.

Global Home insurance market By Coverage, 2023 (%)

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Home Insurance Market Regional Insights

The global home insurance market is regionally segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa for analysis. Anticipated by 2030, the North American home insurance sector is poised to emerge as the most lucrative. The prevalence of natural disasters like floods, hurricanes, tornadoes, volcanic eruptions, and others has driven the demand for insurance services, particularly in economically developed nations like the United States and Canada within this region. Moreover, the integration of technological advancements such as the Internet of Things (IoT) and Artificial Intelligence (AI) has enabled the provision of highly personalized and insightful customer experiences. These dynamics are expected to be significant contributors to the expansion of the North American home insurance industry.

Global Home insurance market By Geography, 2024-2031
  • Largest
  • Fastest

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Home Insurance Market Dynamics

Home Insurance Market Drivers

Increasing Number of Accidents and Disasters:

  • The rise in accidents, natural disasters, and man-made calamities has fueled the demand for home insurance. Homeowners are increasingly recognizing the need to protect their valuable assets from unforeseen events.

Global Growth in Households:

  • The expanding global population and urbanization have led to a higher number of households, increasing the potential customer base for home insurance.

Home Insurance Market Restraints

Lack of Awareness:

  • Despite growing awareness, a significant portion of the population remains unaware of the importance of home insurance. This lack of awareness acts as a restraint in the market's growth.

Exclusion of Certain Natural Disasters:

  • Standard home insurance policies often exclude coverage for certain natural disasters such as floods and earthquakes. This limitation can hinder market growth in regions prone to these events.

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Home Insurance Market Competitive Landscape

The competitive landscape of the home insurance market is characterized by a mix of established insurance providers, regional players, and emerging insurtech companies. Major players in the market focus on enhancing their offerings through advanced technologies, customized policies, and streamlined customer experiences. These companies are engaged in strategic collaborations, partnerships, and mergers to expand their market presence and offer comprehensive home insurance solutions.

Well-established insurance giants leverage their extensive networks, brand reputation, and diverse product portfolios to attract a substantial customer base. They invest in innovative technologies, such as mobile apps and online platforms, to simplify policy management and claims processing for customers. Moreover, they emphasize risk assessment and data analytics to offer personalized coverage options and competitive pricing.

Home Insurance Market Top Player’s Company Profile

  • Allstate Insurance Company
  • ALLIANZ GROUP
  • ADMIRAL
  • AXA
  • American International Group, Inc.
  • Chubb
  • Liberty Mutual Insurance
  • People's Insurance Company of China Group
  • State Farm Mutual Automobile Insurance
  • Zurich Insurance Co. Limited

Home Insurance Market Recent Developments

  • In May 2022, Allianz Global Investors declared a long-term strategic partnership with Voya Financial. Allianz Global Investors has entered into a memorandum of understanding with Voya & will accept a 24% equity stake of Voya Investment Management.
  • In May 2022, Zurich announced the selling of its business in Russia to the local team and new owners will conduct the business independently, whereas Zurich will stop any operation of the business in the region.

Home Insurance Key Market Trends

Digital Transformation:

  • The industry is embracing digital transformation with the adoption of technologies like mobile apps, online platforms, and IoT devices. Insurers are leveraging these tools to enhance customer experiences, streamline policy management, and offer real-time risk assessment.

Personalization and Customization:

  • Consumers now expect personalized insurance solutions tailored to their specific needs. Insurers are utilizing data analytics to understand customer behavior, enabling them to offer customized coverage options and pricing.

Home Insurance Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global home insurance market analysis, the home insurance market is experiencing significant growth globally, driven by the increasing awareness of the importance of protecting homes against unforeseen events. This market is segmented into various coverage types, including property damage, liability coverage, and personal belongings coverage. In regions like North America and Europe, where homeownership is widespread, the demand for home insurance is particularly high. Factors such as natural disasters, burglary risks, and the desire for financial security contribute to the market's expansion. Moreover, advancements in technology have enabled insurers to offer personalized coverage plans and streamlined claims processes. As the Asia-Pacific region witnesses rapid urbanization and growing homeownership, the market is expected to see substantial growth. In summary, the home insurance market is fueled by increasing risks and a growing understanding of the need for comprehensive protection in various regions around the world.

Report Metric Details
Market size value in 2023 USD 208 million
Market size value in 2031 USD 426.30 million
Growth Rate 10%
Forecast period 2024-2031
Forecast Unit (Value) USD Million
Segments covered
  • Coverage
    • Comprehensive Coverage, Dwelling Coverage, Content Coverage, Other Optional Coverage’s.
  • End User
    • Landlords, and Tenants
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Allstate Insurance Company
  • ALLIANZ GROUP
  • ADMIRAL
  • AXA
  • American International Group, Inc.
  • Chubb
  • Liberty Mutual Insurance
  • People's Insurance Company of China Group
  • State Farm Mutual Automobile Insurance
  • Zurich Insurance Co. Limited
Customization scope

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  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Home Insurance Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Home Insurance Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Home Insurance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Home Insurance Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Home Insurance Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Home Insurance Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Home Insurance Market size was valued at USD 208 million in 2021 and is poised to grow from USD 225.26 million in 2022 to USD 426.30 million by 2030, growing at a CAGR of 10% in the forecast period (2023-2030).

The competitive landscape of the home insurance market is characterized by a mix of established insurance providers, regional players, and emerging insurtech companies. Major players in the market focus on enhancing their offerings through advanced technologies, customized policies, and streamlined customer experiences. These companies are engaged in strategic collaborations, partnerships, and mergers to expand their market presence and offer comprehensive home insurance solutions. 'Allstate Insurance Company', 'ALLIANZ GROUP', 'ADMIRAL', 'AXA', 'American International Group, Inc.', 'Chubb', 'Liberty Mutual Insurance', 'People's Insurance Company of China Group', 'State Farm Mutual Automobile Insurance', 'Zurich Insurance Co. Limited'

The rise in accidents, natural disasters, and man-made calamities has fueled the demand for home insurance. Homeowners are increasingly recognizing the need to protect their valuable assets from unforeseen events.

The industry is embracing digital transformation with the adoption of technologies like mobile apps, online platforms, and IoT devices. Insurers are leveraging these tools to enhance customer experiences, streamline policy management, and offer real-time risk assessment.

The home insurance market is regionally segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa for analysis. Anticipated by 2030, the North American home insurance sector is poised to emerge as the most lucrative. The prevalence of natural disasters like floods, hurricanes, tornadoes, volcanic eruptions, and others has driven the demand for insurance services, particularly in economically developed nations like the United States and Canada within this region. Moreover, the integration of technological advancements such as the Internet of Things (IoT) and Artificial Intelligence (AI) has enabled the provision of highly personalized and insightful customer experiences. These dynamics are expected to be significant contributors to the expansion of the North American home insurance industry.

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Global Home Insurance Market

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