Overview and Scope
Homeowners insurance carriers refer to companies that offer property insurance to cover losses and damages to a person’s home and personal belongings. It is used to compensate for external damage, the loss or destruction of personal goods, interior damage, as well as any injuries sustained while on the premises.
Sizing and Forecast
The homeowners insurance carriers market size has grown strongly in recent years. It will grow from $299.93 billion in 2023 to $315.52 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to homeownership rates and market expansion, natural disasters and catastrophes, economic conditions and property values, regulatory compliance and mortgage requirements, public awareness and education campaigns..
The homeowners insurance carriers market size is expected to see steady growth in the next few years. It will grow to $378.89 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to urban development and property expansion, mortgage financing expansion, pandemic-related considerations, policyholder expectations and customization, insurance market competition and pricing dynamics.. Major trends in the forecast period include integration of ai in claims processing, customer engagement through digital platforms, innovations in home valuation techniques, community-based risk assessment initiatives, emphasis on loss prevention and risk reduction..
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Segmentation & Regional Insights
The homeowners insurance carriers market covered in this report is segmented –
1) By Type: Basic Form, Broad Form, Special Form, Tenant’s Form, Comprehensive Form, Condo Form, Mobile Home Form, Older Home Form
2) By Source: Captive, Independent Agent, Direct Response
3) By Application: Enterprise, Personal
North America was the largest region in the homeowners insurance carriers market in 2023. The regions covered in the homeowners insurance carriers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing incidences of natural disasters are expected to propel the growth of the homeowners insurance carriers market going forward. Natural disasters refer to the losses that occurred due to naturally occurring floods, weather conditions, and earthquakes. Home owner’s insurance carriers provide various packages for recovering from losses, as a result, increasing the incidence of natural disasters increases the demand for opting for home insurance. For instance, in August 2023, the Association of German Insurers (GDV), the federation of insurers active in Germany, has reported that insured losses caused by a series of natural disasters that occurred during the month of August 2023 amounted to 1.5 billion EUR ($1.6 billion). More than half of this amount (63.3%) concerns damage to homes, property, commercial and industrial businesses. Therefore, the increasing incidence of natural disasters drives the homeowner’s insurance carriers market.
Key Industry Players
Major companies operating in the homeowner’s insurance carriers markets are focusing on development of innovative product such as online insurance to the customers. Online insurance refers to the process of purchasing, managing, and handling insurance policies entirely through digital platforms, usually via the internet. For example, in November 2023, Better Home & Finance Holding Company, the US-based digital homeownership company, announced the launch of Better Insurance, the first end-to-end, white labeled solution that allows customers to purchase homeowners insurance through a fully online experience. Better Insurance is the latest innovation available through the company’s insurance arm, Better Cover, a full service digital insurance agency dedicated to providing a seamless and transparent insurance shopping experience across a wide range of offerings.
The homeowners insurance carriers market report table of contents includes:
1. Executive Summary
2. Homeowners Insurance Carriers Market Characteristics
3. Homeowners Insurance Carriers Market Trends And Strategies
4. Homeowners Insurance Carriers Market – Macro Economic Scenario
5. Global Homeowners Insurance Carriers Market Size and Growth
…
31. Global Homeowners Insurance Carriers Market Competitive Benchmarking
32. Global Homeowners Insurance Carriers Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Homeowners Insurance Carriers Market
34. Homeowners Insurance Carriers Market Future Outlook and Potential Analysis
35. Appendix
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