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Home Insurance Market by Distribution Channel (Insurance Companies, Brokers/Agents, Online Channels, and Others) and Coverage (Personal Liability, Dwelling Coverage, Content Coverage, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

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Sep 2020 | 86 Views
 
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Home Insurance Market Outlook - 2027

Home insurance industry has experienced tremendous growth globally in past few years, especially in the non-life sector such as property insurance. It is also known as homeowners insurance, it covers losses incurred to property in form of any damages or other losses. Home insurance policy has a liability limit, which offers insurance coverage when unexpected loss or damage happens. In some cases, when the damage is higher than insured package, insured individuals have to pay the remaining amount. In addition, home insurance policy is a multiple line policy that covers both property insurance and liability coverage.

 

Home Insurance Market

Market scope and structure analysis:

                            Report Metric

                                Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value ($)

  Segments covered

  Distribution Channel, Coverage, and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa

  Companies covered

Major players analyzed include Allainz SE, The Allstate Corporation, The United Services Automobile Association, Amica Mutual Insurance Company, Erie Insurance Group, MetLife , Inc., State Farm Mutual Automobile Insurance Company, Esurance Insurance Services, Inc., The Progressive Corporation, and GEICO.

 

 

COVID-19 scenario analysis

  • Direct impact of COVID-19 on insurance companies has forced them to prove value of the non-life sector insurance to customers. 
  • Home insurance market is highly hit by lockdown as businesses are heavily interrupted and income of homeowner insurance companies from premiums is delayed.
  • In addition, recession of the global economies is expected to reduce homeowner policies. The pandemic had impacted the value chain of business, owing to varied timelines during lockdown. 
  • This has affected new sales in business activities and new clients are hard to find in the current landscape.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Increase in damage to homes from theft, collapse, and various natural calamities are key driving factors for the global home insurance market. For instance, average premium cost for home insurance in the U.S. increased from $800 to $1,100 from 2008 to 2017. In addition, average home insurance claim amount stood at around $12,000 in North America. Lack of standard rules and regulations, geographical locations, and changing customer preferences hinder the market growth. 

Moreover, recent calamities have proved home insurance to be a crucial part for home assets. This has led to introduction of risk based premium pricing and customized pricing for customers, which is expected to create a huge base of clients in the upcoming years. In addition, untapped demand is projected to generate lucrative opportunities for home insurance companies in developing countries such as India, China, Latin America, and Singapore.

The global home insurance market trends are as follows:

New schemes and launches to flourish the market: 

After the COVID-19 hit the insurance industry, many companies globally modified and introduced new policies. In North America, CAA insurance company offered 10% discount on premiums to help its customers. Similarly, Allstate insurance company allowed its customers to delay their two consecutive premiums to improve customer base and loyalty during the pandemic. Moreover, Erie Insurance has promised payment flexibility and addition of a gift card reimbursement coverage to its homeowner policies. Such policy modifications and new implementations provide several benefits to both insurer and insured individuals, thus providing lucrative opportunities for the home insurance market growth.

Surge in entry of non-insurance companies:

The home insurance industry is expected to grow significantly during the forecast period. This significant growth has been an eye-catching factor for non-insurance companies to enter in the industry and launch new insurance services. In May 2020, an e-commerce company, Flipkart, in India entered into home insurance business. FundsIndia, which is a financial services company in India, also started offering home insurance policy products. Such moves are expected to enhance growth of the market for home insurance policies. 

Key segments covered:

                                  Segments

                         Subsegments

 

  Distribution Channel

 

 

  • Insurance Companies
  • Brokers/Agents
  • Online Channels
  • Others

 

  Coverage

 

 

  • Personal Liability
  • Dwelling Coverage
  • Content Coverage
  • Others

 

 

Key benefits of the report:

  • This study presents analytical depiction of the global home insurance market size 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 detailed analysis of the market share.     
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global home insurance market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed market analysis based on the present and future competitive intensity of the market. 
 
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