![Global Home Insurance Market](https://res.cloudinary.com/devmoveo/image/upload/v1692008418/skyquest/report/phpMZgC6B.jpg)
Report ID: SQMIG40P2002
Report ID:
SQMIG40P2002 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
63 |
Figures:
65
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.
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Report ID: SQMIG40P2002