Report Code: A12003 | Nov 2023 | Pages: NA | ||
Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Home Contents Insurance Market
Request Now !Home content insurance engages in protecting insured against unforeseeable future losses. Home appliances, such as electronic equipment, furniture, and portables, are some of the home contents covered in the market. Moreover, it has become essential to cover home content. Demand for home contents insurance has been increasing tremendously, as it covers financial cost of repairing or replacing household personal possessions and furnishings.
The major companies profiled in the home contents insurance market include Zurich, AFCA, Liberty Mutual Insurance, AXA, Chubb, American International Group, Allstate Insurance Company, Allianz, Admiral, and State Farm Mutual Automobile Insurance Company. The players have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.
The home contents insurance market is segmented based on coverage, end user, and region. Based on coverage, the market is bifurcated into furniture & fixtures, electronic equipment, jewelry & valuables, and others. By end user, it is categorized into landlords and tenants. Based on region, the market is analyzed across Europe, Asia-Pacific, North America, and LAMEA.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rise in several natural disasters & man-made hazards and increase in new advanced technological developments in the home insurance industry drive the growth of the market. However, high premium of insurance products is expected to hamper the growth of the market. Contrarily, the use of artificial intelligence in calculating losses and wider scope of product coverage in home contents can be witnessed as an opportunity for the home content insurance market in the coming years.
The home contents insurance market trends are as follows:
Rise in number of natural disasters & man-made hazards
Increase in number of accidents, including natural disasters, such as floods, earthquakes, and landslides, which accelerates the demand for home insurance. In addition, home insurance covers a wider range of products such as home damage, asset damage or injury, theft, and fire. Therefore, majority of homeowners rely on home insurance to protect themselves against future financial losses. Protecting people from unexpected losses is expected to drive the growth of the home content insurance market during the forecast period.
New advanced technological developments in the home insurance industry
Advancements in technologies, such as artificial intelligence (AI), application program interface (API), and block chains, have been increased tremendously in the market. With increasing technological developments in the home insurance market, the key players are aiming at optimizing the productivity of the claim settlement process and the usage of technology for providing better user experience. Moreover, real-time tracking systems and automation in the claim process enable home 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 delivery of better services. Therefore, advanced usage of technology is expected to provide lucrative opportunities for insurers in the home insurance market.
COVID-19 Impact Analysis
Key Benefits of the Report
Questions Answered in the Home Contents Insurance Market Research Report
Home 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 | Liberty Mutual Insurance, Zurich, Admiral, AFCA, AXA, Allianz, Chubb, State Farm Mutual Automobile Insurance Company, Allstate Insurance Company, American International Group |
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