Homeowners Insurance Market Size to grow by USD 65.9 billion between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Homeowners Insurance Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio's market research, the global homeowners insurance market is included in the broader category of the global specialized consumer services market, which encompasses the revenue generated by various consumer service providers. This market segment includes residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. Technavio's analysis calculates the size of the global specialized consumer services market based on the revenues generated by specialized providers within these sectors. - The Homeowners Insurance Market is experiencing significant growth, fueled by the Rising number of natural disasters and man-made hazards. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Rising number of natural disasters and man-made hazards
  • Recent development in home insurance
  • Vulnerability to cybercrimes
  • Lower interest rates due to market softening
• Growth Projections

The market size is estimated to grow by USD 65.9 billion, at a CAGR of 4.6% during the forecast period. In the homeowners insurance market, technological innovations such as geo-location, API, AI, data analytics, blockchain, and big data are revolutionizing the industry. These advancements enable insurers to streamline their distribution systems, providing diverse covers like Additional Living Expenses (ALE) and Renter's insurance at the point of sale. Digital transformation also empowers insurers to deliver personalized user experiences. Moreover, the exploration of big data analytics holds significant potential for generating premium revenue, ensuring insurers maintain their competitive edge in the global market.

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• Regional Insights

The North American homeowners insurance market is projected to experience modest expansion during the forecast period, driven primarily by the region's high incidence of catastrophic events resulting in substantial property damage. These calamities, such as hurricanes, cyclones, tornados, and tsunamis, generate a significant volume of insurance claims, leading insurers to seek reinsurance coverage to mitigate their financial exposure. Reinsurers have consistently provided capital inflows to insurers amidst these challenges, maintaining revenue stability.

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