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Home Insurance Market Trends

Report ID: GMI6088
Published Date: Jun 2023
Report Format: PDF

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Home Insurance Market Trends

The growing demand for customized insurance products is expected to drive the market growth. Customers demand insurance products that are tailored to their specific needs & preferences, and insurance companies are responding by expanding coverage options & providing more flexibility. This trend is driven by the growing awareness of the risks associated with home ownership and the need for comprehensive insurance coverage. Increased penetration and technological advancements such as artificial intelligence (AI) in BFSI, machine learning, virtual reality (VR), augmented reality (AR), and blockchain technology in online insurance platforms improve operations, offer innovative products, and enhance customer satisfaction.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The home insurance industry was valued at USD 233 billion in 2023 and is anticipated to grow at a CAGR of over 7% between 2024 and 2032, backed by the rising property values.

The dwelling coverage segment account for around USD 75 billion market revenue in 2023 as the coverage provides homeowners with financial protection in the event of damage or loss to their property caused by fire, storms, vandalism, or theft.

North America held a major share of over 30% in home insurance industry in 2023, as the region is prone to various natural disasters, which encourage the consumers to opt for coverage plan that protects against property damage and loss resulting from natural disasters.

ALLIANZ, ADMIRAL, Allstate Insurance Company, American International Group, Inc., AXA Group, Chubb, Liberty Mutual Insurance Company, Zurich, Farmers Insurance, and Travelers Insurance.