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Shibuya-ku, Tokyo, Japan, Japan, Sep 15, 2021, 02:01 /Comserve / -- According to Research Dive analysis, the global home insurance market is estimated to generate a revenue of $4,07,940.4 million by 2028, increasing from $2,41,006.8 million in 2020, at a healthy CAGR of 6.8%.
Impact Analysis of COVID-19 on the Global Home Insurance Market:
The global home Insurance market has experienced a decline in growth rate during the COVID-19 and is estimated to regain its growth during the forecast timeframe. During the pandemic time, some of the global insurance companies have been adopting various strategies such as acquisition and partnership to gain a major position in the global market.
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"The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market)."
Home Insurance Market Analysis:
The surge in the human population has increased the demand for housing services globally and propelled the development of residential housing services. The increasing need for safe housing has aided in the expansion of home insurance market. In addition to this, the increased economic development has increased per capita income in developing economies such as China, India and others, fostering the demand of housing and insurance services. These factors are expected to aid in the growth of home insurance market.
The lack of awareness for home insurance services in the underdeveloped countries and high cost of initial premium can hamper the growth of this market during the forecast period.
The increasing importance of adoption of artificial intelligence and machine learning is anticipated to create huge opportunities for the global home insurance market. The utilization of technology such as cyber insurance analytics tools gives property insurers access to the historical data necessary to assess risk more accurately. These factors are expected to open new scope of opportunities for this market in the forecast period.
Based on coverage, the global market for home insurance platform is divided into comprehensive coverage, dwelling coverage, content coverage, other optional coverages. The comprehensive coverage is predicted to have a dominating market share in the global market and is expected to register a revenue of $2,25,160.3 million during the forecast period.
Based on end user, the market has been sub-segmented into landlords and tenants. The landlord is anticipated to have a dominating market share in the global market to surpass $2,39,715.1 million by 2028.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific home insurance market is anticipated to have a fastest growth and rise at a growth rate of 11.4% by 2028 from the revenue generated in 2020.
The companies involved in the global home insurance market are The Travelers Indemnity Company, American International Group, Inc., AXA, Allstate Insurance Company, Chubb, Liberty Mutual Insurance, Nationwide Mutual Insurance Company, Allianz, Admiral Group Plc and State Farm Mutual Automobile Insurance Company.
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