Valuables insurance covers the damage or loss of an individual's possessions or assets. Here, "possessions" refers to anything that is not permanently attached to the home structure (possessions that are permanently attached to the structure of the home can only be insured via home insurance). Furthermore, some policies may also cover items kept in outbuildings or the garden area adjacent to the house.
Several insurance companies are stepping up their digitization efforts and closing gaps in their business continuity plans. Integration of third-party data to reduce risk is becoming increasingly important. Customers are reminded of the importance of insurance in their lives throughout this time. Therefore, the rise in the need to keep the possessions insured is expected to boost the growth of the valuables insurance market in the upcoming years.
"The Global valuables insurance market is segmented on the basis of Component, Type, Application and region. Based on type, the market is divided into Business Valuables Insurance and Personal Valuables Insurance. In terms of application, the market is categorized into Artworks, Jewelry. On the basis of Component, the market is divided into Solution and Services. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 Scenario Analysis
- COVID-19 has an impact on all aspects of personal and professional life, and digitization has emerged as a new way for the world to adjust to the new normal. This is especially true in the valuables insurance industry, where insurers have begun to distribute their products and raise awareness through various digital channels.
- New COVID-19-specific products have been developed by insurers to provide customers with a variety of coverages that protect them from the financial risks associated with the COVID-19 outbreak. This, in turn, encourages the market for valuables insurance to expand.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rise in the need for safety and ease in settling of claims are driving the growth of the market. In addition, the insurance firms providing assistance in relocating the stolen valuables propel the growth of the market. However, lack of awareness among many sections of the economy may impede the growth of the market. Contrarily, the increased awareness among people to insure their valuables over the years during the forecast period is expected to provide lucrative opportunities to the market in the upcoming years.
The global valuables insurance market trends are as follows:
Rise in the Need for Safety:
Precious jewelry must be safeguarded for both financial and emotional reasons. Bank lockers are the most common and traditional method of storing valuable jewelry. Another way to safeguard your jewelry is to purchase jewelry insurance.
Although this type of insurance can be purchased in conjunction with a home insurance policy, there are also some standalone jewelry insurance products available. Furthermore, many people, including jewelry store owners, are constantly concerned about the safety of their wares. There is always the possibility that the jewelry will be stolen or lost, and such losses may be covered by a jewelry insurance policy. Therefore, the rise in the need for safety is driving the growth of the valuables insurance market analysis during the forecast period.
Ease in Settling of Claims:
The claim process will be completed when the insurer settles the claim. There are, however, a few steps in the process that come before the final one. During the first step, the customer submits a claim to the insurance company, including all pertinent details. The processes then determine the merit of the claim and the amount the company will pay. Customers also expect companies to pay as soon as possible, but keeping up can be difficult without a proper claim management process in place. Furthermore, insurance companies cannot afford to lose customer satisfaction because it is a key competitive advantage in the market, and so, the insurance firms will try to assist their customers as quickly as possible by going through the claim the customer has submitted, thereby helping the customers in settling their claims in an easy & swift way. Therefore, the ease in the settling of claim is driving the growth of the valuables insurance market share during the forecast period.
Key Benefits of the Report:
- This study presents an analytical depiction of the global valuables 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 a detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the global valuables 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 depending on the present and future competitive intensity of the market.
Questions Answered in the Global Valuables Insurance Market Research Report:
- Which are the leading players active in the global valuables insurance market?
- What would be the detailed impact of COVID-19 on the global valuables insurance market?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the global valuables insurance market forecast?
- What are the projections for the future that would help in taking further strategic steps?
Valuables Insurance Market Report Highlights
Key Market Players
Suncorp Group and Progressive Casualty Insurance Company, Allstate Insurance Company, Berkshire Hathaway Inc., Zurich, Ping An Insurance (Group) Company of China Ltd, Assurant Inc., Centene Corporation, Chubb, Allainz,