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Allied Market Research

Renters Insurance Market by Protection Type (Personal Possessions, Liability, and Additional Living Expenses), Distributor Model (Online and Offline), Distributor Type (Insurance Companies, Banks, Brokers/Agents, and Others), and End User (Business and Individuals): Global Opportunity Analysis and Industry Forecast 2020-2027

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Jun 2021 | 642 Views
 
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COVID-19

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Renters Insurance Market Outlook - 2027

Globally, the market for renters insurance in experiencing substantial growth and is expected to expand in the future. Renters insurance is a property insurance scheme that offers protection for the properties, liabilities of the policyholder in the event of a loss. Renters insurance is intended for people renting a shared single-family house and apartment. In addition, the scheme guarantees against damages to personal properties of owners of the leased houses. In addition, renters insurance is significantly less expensive than a homeowner's policy. Most large and medium-sized rental facilities require renters to incorporate insurance in their contracts. If the occupant damages the property, the owner and all occupants may benefit from the policy of the defendant.

Market scope and structure analysis:

Market size available for years

2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value ($)

  Segments covered

Protection Type, Distribution Model, Distributor Type, End User, and Region

  Regions covered

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

  Companies covered

Major players analyzed include The Allstate Corporation, Nationwide Mutual Insurance Company, Liberty Mutual Group, American Family Insurance, State Farm, MetLife, Inc., USAA, AARP, Lemonade Insurance Company, GEICO

 

COVID-19 scenario analysis:

  • The ongoing health crisis has affected the industry indirectly by delaying premium payment, interruption of coverage and utilization of home and renter insurance. 
  • Significant job losses in America have resulted in people struggling to pay for this property and other policies. 
  • As a result, a number of insurance providers proposed temporary extensions in compensation to their homeowners and renter customers, which could even profit from rent and mortgage bad debts across different rates in policy.

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

Growth in natural calamities, rise in financial losses, and awareness of insurance among renters to recover accidental damages incurred by residents are some of the major factors that drive the renters insurance market. However, growth in pressure from major competitors and weak demographics of the business has restricted the controls on new entrants in the market. Moreover, lack of awareness towards renters insurance in developing and underdeveloped countries is expected to hinder the market growth. Furthermore, untapped demand in emerging countries and evolution of innovative technologies in insurance claim processing are projected to create significant opportunities for the industry.

The global renter insurance market trends are as follows:

New technological tool launches for property managers to flourish the market:

Liberty Mutual has developed a modern range of creative technological capability to incorporate valuation and linking of rental insurance into platforms such as websites or mobile applications of property managers. In addition, Renters Insurance API on renters websites allow customers to purchase renters insurance quickly and easily when they want it. It can integrate with the customer's experience and leverage the renter's look, feel and branding. The API offers users with convenient access to buy policy, rental experience, and fast selling of Liberty Mutual's insurance plan on single platform.

Blockchain technology to eliminate risk:

Various insurance companies are integrating recent ICT technologies to eliminate security risks. For instance, Lemonade insurance company has developed a Blockchain platform that optimizes the performance, protection and accountability of the insurance industry by using Distributed Ledger Technology (DLT). It has useful features which can streamline insurance claims processing, enhance cyber security protocols, and accelerate payment processing. This revolutionary insurance platform provides homeowners and renters insurance driven by AI, blockchain, and behavioral analytics. While approving insurance policies, Lemonade uses data to optimize risks and accurately measure losses by putting the customer in a risk category and, as such, quoting the relevant premium. Insurers may collect detailed consumer data to track risks by risk behaviors that are gathered by AI algorithms.

Key segments covered:

Segments

Sub-segments

 

  Protection Type

  

 

  • Personal Possessions
  • Liability
  • Additional Living Expenses

 

  Distribution Model

 

  • Online
  • Offline

 

  Distributor Type

  • Insurance Companies
  • Banks
  • Brokers/Agents
  • Others

 

  End User

 

 

  • Business
  • Individuals

 

 

Key benefits of the report:

  • This study presents the analytical depiction of the global renters insurance market 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 global Renters insurance market share.     
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global renters 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. 

Questions answered in renters insurance market research report:    

  • Who are the leading market players active in the renters insurance market?
  • What would be the detailed impact of COVID-19 on the market?
  • What current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the renters insurance market?
  • What are the projections for the future that would help in taking further strategic steps?
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

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We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

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Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

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Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
 
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