Artificial Intelligence
Homeowners Insurance Carriers Global Market Report 2023
New York, June 05, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Homeowners Insurance Carriers Global Market Report 2023” – https://www.reportlinker.com/p06464141/?utm_source=GNW
The global homeowners insurance carriers market is expected to grow from $285.16 billion in 2022 to $304.89 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The homeowners insurance carriers market is expected to reach $391.73 billion in 2027 at a CAGR of 6.5%.
The homeowners’ insurance carriers market includes revenues earned by entities by providing dwelling protection, personal property protection, liability protection, and structures protection insurance.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Homeowners insurance carriers refer to companies that offer property insurance to cover losses and damages to a person’s home and personal belongings. It is used to compensate for external damage, the loss or destruction of personal goods, interior damage, as well as any injuries sustained while on the premises.
North America was the largest region in the homeowners insurance carriers market in 2022. The regions covered in the homeowners insurance carriers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of homeowners insurance carriers are basic form, broad form, special form, tenant’s form, comprehensive form, condo form, mobile home form, and older home form.Basic form insurance refers to a type of policy that only covers the hazards that are clearly stated.
The various sources include a captive, independent agent, and direct response. These are used for enterprise and personal applications.
The increasing incidences of natural disasters are expected to propel the growth of the homeowners insurance carriers market going forward.Natural disasters refer to the losses that occurred due to naturally occurring floods, weather conditions, and earthquakes.
Home owner’s insurance carriers provide various packages for recovering from losses, as a result, increasing the incidence of natural disasters increases the demand for opting for home insurance.For instance, in 2020, according to Munich Re Group, a Germany-based insurance company, there were 980 recorded natural disasters and weather-related events that caused losses to property and life.
These resulted in more than $210 billion in losses which have increased from the previous year. Therefore, the increasing incidence of natural disasters drives the homeowner’s insurance carriers market.
Technological advancement is the key trend gaining popularity in the homeowner’s insurance carriers market.Major companies operating in the homeowner’s insurance carriers market are focusing on adopting new technologies to increase product portfolio.
For instance, in August 2021, Mosaic Insurance, a US-based provider of insurance products and underwriting services, and DXC Technology, a US-based company that provides technology consulting, outsourcing, and support services, launched a new insurance technology platform that accelerates the sale, underwriting, and servicing of specialized insurance. The unique feature of this technology platform is its inclusion of advanced automation, blockchain-enabled access to real-time data, and artificial intelligence underwriting support, all of which are projected to speed up the process of selling, underwriting, and servicing specialty insurance.
In April 2021, Porch Group, a US-based home services software company, acquired Homeowners of America Insurance Company for a deal amount of $100 million.Through this acquisition, Porch anticipated expanding its home insurance market presence on a nationwide scale.
Homeowners of America Insurance Company is a US-based home insurance company that provides a comprehensive range of insurance coverage.
The countries covered in the homeowners insurance carriers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The homeowner’s insurance carriers market research report is one of a series of new reports that provides homeowners insurance carriers market statistics, including homeowners insurance carriers industry global market size, regional shares, competitors with a homeowners insurance carriers market share, detailed homeowners insurance carriers market segments, market trends and opportunities, and any further data you may need to thrive in the homeowner’s insurance carriers industry. This homeowners insurance carriers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464141/?utm_source=GNW
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