The global home insurance market size is expected to reach USD 429.24 billion by 2030, registering a CAGR of 8.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising demand for personalized home insurance is driving market growth. Consumers seek tailored policies to meet their specific needs, leading insurers to offer more flexibility and coverage options. The increasing awareness of homeownership risks and the need for comprehensive insurance are fueling adoption.

Moreover, technology is transforming the home insurance landscape. Big data, blockchain, data analytics, AI, APIs, and geolocation are enabling insurers to offer innovative solutions. These technologies enhance distribution efficiency, manage renter's insurance and additional living expenses, and create personalized customer experiences. Urbanization and the expansion of residential real estate are significant growth drivers. As more people move to cities and purchase homes, the demand for insurance rises. This trend is especially pronounced in developing regions experiencing rapid urbanization.

 

The report “Home Insurance Market Size, Share & Trends Analysis Report By Coverage, By Distribution Channel, By End Use, By Region, And Segment Forecasts, 2024 – 2030” is available now to Grand View Research customers and can also be purchased directly

 

A major market challenge is fraudulent claims, which increase insurer costs and lead to higher premiums for honest policyholders. This can deter potential customers and make obtaining coverage more difficult. Key players in the market, including Zurich, Chubb, AIG, Liberty Mutual, Admiral, and Nationwide, are involved in various strategies to expand their presence. The market is highly competitive, with insurers vying for customers through competitive pricing, innovative technology, and excellent service. This competition benefits consumers by offering more choices and better coverage options.

Home Insurance Market Report Highlights:

  • Based on coverage, the coverage segment dominated the market in 2023 with a share of 38.2%. This dominance is expected to continue as comprehensive products cover home belongings against accidents, theft, natural disasters, vandalism, and fire
  • Brokers segment held the largest market share in 2023 due to their personalized advice and tailored solutions. Their expertise and ability to offer customized plans are driving increased consumer demand
  • Landlords end use accounted for a significant market revenue share in 2023. The rising population and migration led to a surge in rental properties, driving demand for home insurance to protect assets against financial losses from injuries, accidents, natural disasters, and other liabilities
  • North America is expected to grow significantly over the forecast period due to rising home ownership and natural disasters. Insurers' use of advanced technology is further driving growth

 

Order your free sample copy of “Home Insurance Market Report 2024 - 2030, published by Grand View Research

 

Home Insurance Market Segmentation

Grand View Research has segmented the global home insurance market based on coverage, distribution channel, end use, and region:

Home Insurance Coverage Outlook (Revenue, USD Million, 2018 – 2030)

  • Comprehensive Coverage
  • Dwelling Coverage
  • Content Coverage
  • Other Optional Coverage

Home Insurance Distribution Channel Outlook (Revenue, USD Million, 2018 – 2030)

  • Tied Agents & Branches
  • Brokers
  • Others

Home Insurance End Use Outlook (Revenue, USD Million, 2018 – 2030)

  • Landlords
  • Tenants

Home Insurance Regional Outlook (Revenue, USD Million, 2018 – 2030)

  • North America
  • S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • UK
  • France
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Latin America
  • Brazil
  • Middle East & Africa (MEA)
  • UAE
  • Kingdom of Saudi Arabia (KSA)
  • South Africa

List of Key Players in the Home Insurance Market

  • Zurich
  • Chubb
  • American International Group, Inc.
  • Liberty Mutual Insurance
  • Admiral
  • State Farm Mutual Automobile Insurance Company
  • Allstate Insurance Company
  • Allianz
  • PICC
  • Nationwide

About Grand View Research:

Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit www.grandviewresearch.com

 

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058
Email:  [email protected]