The Business Research Company’s Home Insurance Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Home Insurance Global Market Report 2023 evaluates home insurance market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global home insurance market is expected to grow from $243.40 billion in 2022 to $265.61 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The home insurance market is expected to reach $360.89 billion in 2027 at a CAGR of 8.0%.
The increasing number of households is expected to propel the growth of the home insurance market going forward. A household is a family or a collection of people who reside together. Home insurance provides a complete defense against a range of dangers for people’s households, other residential buildings, and their belongings. For instance, in June 2023, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, US-based government administrations, the number of privately owned home completions in May 2023 was 1,518,000 on a seasonally adjusted yearly basis increased by 5.0% from 1,446,000 in May 2022. Further, In May 2023, privately owned home starts occurred at a seasonally adjusted annual pace of 1,631,000, increased by 21.7% from 1,543,000 in May 2022. Therefore, the increasing number of households is driving the growth of the home insurance market.
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The home insurance market segments in the report are:
1) By Coverage: Dwelling Coverage, Content Coverage, Liability Coverage Banking, Other Coverages
2) By Provider: Insurance Companies, Insurance Agents Or Brokers, Other Providers
3) By End User: Landlords, Tenants
The table of contents in TBRC’s home insurance market report includes:
5.1. Global Home Insurance Market Drivers and Restraints
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