Allied Market Research

2024

Building And Contents Insurance Market

Building and Contents Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Coverage and by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: | Vineet Kumar
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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,  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. 

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. 

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.  

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. 

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

  • This study presents an analytical depiction of the building and contents insurance market forecast along with the current trends and future estimations to determine the imminent investment pockets.    
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.     
  • The current market is quantitatively analyzed to highlight the building and contents insurance market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed building and contents insurance market analysis depending on the present and future competitive intensity of the market.

COVID-19 Scenario Analysis

  • The building and contents insurance market has recorded continuous investments for its development and has become a massive contributor to economic growth. However, the COVID-19 has affected this market and insurers raised premiums due to an increase in the number of Building and Contents claims. In addition, changing lifestyles, such as the work-from-home trend, is expected to hamper the growth of the building and contents insurance market.
  • In addition, it has been observed that increased uncertainty concerning income and unemployment has influenced individuals to postpone new house purchases, which is negatively impacting the growth of the market.

Questions Answered in the Building and Contents Insurance Market Research Report

  • Which are the leading players active in the building and contents insurance market?
  • What would be the detailed impact of COVID-19 on the building and contents insurance market size?
  • What are current building and contents insurance market trends that would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the global market?
  • What are the projections for the future that would help in taking further strategic steps?

Building and Contents Insurance Market Report Highlights

Aspects Details
Building and Contents Insurance Market By Coverage
By Coverage
  • Comprehensive Coverage
  • Dwelling Coverage
  • Content Coverage
  • Others
Building and Contents Insurance Market By End User
By End User
  • Landlords
  • Tenants
Building and Contents Insurance Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players
Key Market Players

AFCA, Liberty Mutual Insurance, Zurich, AXA, State Farm Automobile Insurance Company, Allstate Insurance Company, Allianz, Chubb, American International Group, Admiral

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Building and Contents Insurance Market

Global Opportunity Analysis and Industry Forecast, 2023-2032