New York, USA, July 7, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the global home insurance market should generate a turnover of $ 4,07,940.4 million and arise at a 6.8% CAGR in 2021-2028. The detailed report presents a summary of the current market scenario including other aspects such as growth and restraining factors, industry dynamics, challenges and opportunities during and after the pandemic period. The report also offers industry statistics which make it easier and more efficient for new entrants to understand the current market.
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COVID-19 impact assessment
The real estate sector has suffered greatly from restrictions in construction activities, which have resulted in a decrease in demand and need for home insurance services during the pandemic. The COVID-19 pandemic has negatively impacted the global home insurance market, but is expected to recover during the analysis period.
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To stay relevant and gain significant market share in the home insurance industry, companies 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 euros for the acquisition of the life and savings and damage activities of the French multinational insurance company AXA in Greece. These factors are expected to have a positive impact on the global home insurance market.
The growing demand for property and casualty insurance services is expected to drive the global home insurance market. Globally, increasing environmental and catastrophic damage such as avalanches, earthquakes, floods, forest fires, hurricanes, lightning strikes, tornadoes, tsunamis and volcanic eruptions have increased the need property insurance and are contributing to the growth of the home insurance market.
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In addition, the âDisaster Risk Finance and Insurance Program (DRFI)â was established in 2010 as a joint initiative of the Global Practice Finance, Competitiveness and Innovation of the World Bank Group and the Facility. Global Disaster Reduction and Recovery (GFDRR) to implement financial protection strategies. Initiatives such as these should increase the availability of home insurance services and raise awareness of their importance. These factors are expected to contribute to the growth of the home insurance market.
Lack of awareness of the benefits of home insurance services in rural areas and developing countries is expected to limit market growth. Moreover, the high payouts in home insurance services are a major issue which can negatively impact the growth of the market during the forecast period.
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The report has segmented the market on the basis of coverage, end-user, and regional analysis.
The fastest growing hedging segment
Within the coverage segment, the housing coverage sub-segment is expected to experience the fastest growth during the analysis period and generate revenue of $ 77,271.6 million by 2028 The increase in criminal incidents such as theft, vandalism and others is expected to increase the demand for housing. insurance globally. Theft and vandalism are crimes covered by home insurance, and crime rates have increased in underdeveloped and developing countries, contributing to the expansion of home coverage. These factors are expected to drive growth in this sub-segment.
The end user segment is expected to be the most lucrative
Within the end-user segment, the tenant sub-segment is estimated to be the most lucrative during the analysis period and is expected to generate revenue of $ 1,60,430.3 million by 2028.
The growing demand for affordable housing services due to global urbanization is expected to fuel the growth of this sub-segment. Due to the 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 expected to drive the growth of this sub-segment in the region. during the analysis period.
Asia-Pacific region expected to experience significant growth
The Asia-Pacific home insurance market is expected to experience significant growth and generate revenue of $ 82,404.0 million by 2028. The increasing economic development and rising per capita income in the Asia-Pacific countries such as China, India and Vietnam, combined with increased demand for better housing services, is expected to fuel the growth of the Asia-Pacific home insurance market.
Key players and business strategies
â¢ Admiral Group Plc,
â¢ American International Group, Inc.
â¢ Allstate Insurance Company
â¢ State Farm Mutual Automobile Insurance Company
â¢ Mutual Freedom of Insurance
â¢ National mutual insurance company
â¢ The Travelers Indemnity Company.
These industry players are focused on developing multiple strategies such as mergers and acquisitions, partnerships and product launches to promote market expansion.
For example, in June 2021, Allianz, one of the world’s leading insurers and asset managers, announced its partnership with American Tower. This partnership aims to generate attractive, long-term and stable returns for clients.
These players are currently focused on R&D activities, mergers, acquisitions, partnerships and collaborations to support market growth. The report offers numerous strategies and insights from major industry players operating in the industry such as current strategic plans and developments, financial performance, SWOT analysis, and range of product / service. Click here for a summary report on the development strategies of the absolute best companies
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