Report Code: A15347 | Pages: NA | Mar 2023 | 956 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Building And Contents Insurance Market
Request Now !Building and contents insurance helps in protecting the insured from unforeseeable future losses occurring in the event of a disaster or accident. This insurance policy is also called package policies and it not only provides coverage against the damage that happened to the property but also covers liability protection. Home appliances such as electronic equipment, furniture, and portables are examples of home content. Furthermore, building & content insurance also provides coverages for items such as curtains, furniture, white goods, stereo, TV, computers, electrical appliances, clothing, jewelry, sporting equipment, among others.
The global building and contents insurance market is segmented on the basis of coverage, end user, and region. Based on coverage, the market is divided into furniture & fixtures, electronic equipment, jewelry & valuables, and others. On the basis of end user, the market is bifurcated into landlords and tenants. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global building and contents insurance industry include Zurich, AFCA, Liberty Mutual Insurance, AXA, Chubb, American International Group, Allstate Insurance Company, Â Allianz, Admiral, and State Farm
Automobile Insurance Company. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.Â
Top Impacting Factors
The rise in several natural disasters and man-made hazards and providing better consumer services experience are driving the growth of the market. However, a high premium of insurance products is expected to hamper the growth. Contrarily, the increased use of artificial intelligence in calculating losses and the wider scope of product coverage in home contents can be seen as an opportunity for the building and contents insurance market.Â
The Rise in the Number of Natural Disasters and Man-Made Hazards
In recent years, there has been an increase in the number of accidents, including natural disasters such as floods, earthquakes, and landslides, resulting in huge demand for building and contents insurance. In addition, building and contents insurance covers a wider range of products such as building damage, equipment damage or injury, theft, and fire. Â
Also, there is high demand to cover more products in the upcoming future. Therefore, the majority of big multinational companies (MNCs) rely on building and contents insurance to protect against future financial losses.
Protecting individuals from unexpected losses will drive the growth of the building and contents insurance market share during the forecast period.
Technological Developments in the Home Insurance Industry
Technologies such as artificial intelligence (AI), application program interface (API), and blockchains have been increasingly used & adopted in the home insurance industry. With these technological developments, it is expected to optimize the productivity of the claim and settlement processes in the market.Â
Moreover, real-time tracking systems and automation in the claim process enable building and contents insurance companies to create highly personalized user experiences with their customers. In addition, technologies help in data collection, and in identifying customers' specific needs for better delivery of better services.
Key Benefits of the Report
COVID-19 Scenario Analysis
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Questions Answered in the Building and Contents Insurance Market Research Report
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Building and Contents Insurance Market Report Highlights
Aspects | Details |
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By Coverage |
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By End User |
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By Region |
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Key Market Players | Zurich, AFCA, Liberty Mutual Insurance, AXA, Chubb, American International Group, Allstate Insurance Company, Allianz, Admiral, State Farm Automobile Insurance Company |
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