Report Code: A14958 | Pages: NA | Mar 2023 | 1054 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Valuables Insurance Market
Request Now !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
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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:
Questions Answered in the Global Valuables Insurance Market Research Report:Â Â Â
Valuables Insurance Market Report Highlights
Aspects | Details |
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By Component |
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By Type |
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By Application |
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By Region |
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Key Market Players | Allainz,, Zurich, Allstate Insurance Company, Berkshire Hathaway Inc., Assurant Inc., Chubb, Centene Corporation, Ping An Insurance (Group) Company of China Ltd, Suncorp Group and Progressive Casualty Insurance Company |
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