PUBLISHER: The Business Research Company | PRODUCT CODE: 1669703
PUBLISHER: The Business Research Company | PRODUCT CODE: 1669703
Home Insurance Global Market Report 2025
Home insurance is a policy designed to cover expenses and damage to a home or any other insured property. Individuals obtain home insurance to safeguard their residences, including bungalows, apartments, rental flats, owned houses, or newly constructed homes, from potential threats.
The main types of home insurance coverages include dwelling coverage, content coverage, liability coverage, and others. Dwelling coverage pertains to the portion of a homeowners insurance policy that, in the event of a covered hazard damaging the actual structure of the home, may assist in covering the costs of its reconstruction or repair. Various providers, including insurance companies, insurance agents or brokers, and others, offer home insurance to landlords and tenants alike.
The home insurance market research report is one of a series of new reports from The Business Research Company that provides home insurance market statistics, including home insurance industry global market size, regional shares, competitors with a home insurance market share, detailed home insurance market segments, market trends and opportunities, and any further data you may need to thrive in the home insurance industry. This home insurance 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.
The home insurance market size has grown strongly in recent years. It will grow from $287.78 billion in 2024 to $313.04 billion in 2025 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to natural disasters, economic stability, homeownership rates, urbanization, risk mitigation programs
The home insurance market size is expected to see strong growth in the next few years. It will grow to $428.67 billion in 2029 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to demographic changes, insurance market competition, remote work trends, cybersecurity risks, pandemic impact, data analytics utilization, alternative housing models, usage-based insurance. Major trends in the forecast period include smart homes, technological advances in risk assessment, blockchain for claims processing, eco-friendly homes coverage, insurtech collaborations.
The anticipated growth in the number of households is set to drive the expansion of the home insurance market. A household refers to a family or a group of people residing together. Home insurance offers comprehensive protection against various risks for people's homes, other residential structures, and their possessions. According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, in June 2023, the number of privately owned home completions on a seasonally adjusted yearly basis was 1,518,000, reflecting a 5.0% increase from 1,446,000 in May 2022. Additionally, in May 2023, privately owned home starts occurred at a seasonally adjusted annual pace of 1,631,000, marking a 21.7% increase from 1,543,000 in May 2022. Thus, the rising number of households is a key driver behind the growth of the home insurance market.
The escalating number of natural disasters is poised to boost the home insurance market. Natural disasters encompass catastrophic events resulting from natural earth processes, causing significant damage to life, property, and the environment. Home insurance typically covers structural damage caused by natural disasters, along with personal belongings coverage, temporary living expenses, liability protection, and financial safeguards. This coverage helps homeowners avoid substantial out-of-pocket expenses in the aftermath of a natural disaster. According to the Office for the Coordination of Humanitarian Affairs, there were 30,704 deaths from 387 natural hazards and disasters in 2022, tripling the figures from 2021. Consequently, the increasing frequency of natural disasters is propelling the growth of the home insurance market.
Technological advancements represent a prominent trend gaining traction in the home insurance market. Major companies in this market are incorporating new technologies to maintain their market position. For instance, in July 2023, Tensorflight, a U.S.-based software company, introduced TensorAssist, a chatbot assistant powered by OpenAI's ChatGPT-4 technology. This chatbot assists current Tensorflight commercial property insurance customers in quickly comprehending the diverse data points of its property intelligence platform. Tensorflight's virtual artificial intelligence (AI) assistant, tailored for the property insurance industry, acts as a valuable expert in property analysis, providing detailed insights and risk-related advice.
Leading companies in the home insurance market are innovating by introducing new products such as personal cyber coverage to gain a competitive advantage. Personal cyber coverage involves insurance policies designed to safeguard individuals from financial losses and liabilities arising from cyber-related risks and incidents. For example, in September 2022, Safeco Insurance, a U.S.-based insurance company, launched cyber protection, a collection of innovative solutions aimed at shielding homeowners from modern-day online threats such as identity theft, online fraud, cyberextortion, cyberattacks, data breaches, and cyberbullying. This coverage, a first of its kind in the sector, seeks to provide households with comprehensive protection against the growing risks of cyber threats.
In February 2023, Slide Insurance, a U.S.-based insurance company, acquired the renewal rights to over 91,400 Florida homeowners' insurance policies from UPC Insurance for an undisclosed amount. This strategic acquisition has elevated Slide's in-force premium to a total value of $560 million. Most of the policies will be canceled by UPC, and Slide will promptly issue new policies using UPC's forms and pricing. UPC Insurance is a U.S.-based insurance company offering home insurance, property and casualty insurance, and other insurance types.
Major companies operating in the home insurance market include MetLife Inc., American International Group Inc., Allstate Insurance Company, Liberty Mutual Insurance, The Progressive Corporation, State Farm Mutual Automobile Insurance Company, Chubb Group of Insurance Companies, Zurich Insurance Group Ltd., Travelers Property Casualty Corp, The United Services Automobile Association, The Hartford Financial Services Group Inc., Allianz SE, Aon PLC, American Family Insurance, Kemper Corporation, The Hanover Insurance Group Inc., Nationwide Building Society, Admiral Group plc, Mercury General Corporation, Erie Insurance Group, Amica Mutual Insurance, Shelter Insurance Company, Safeco Insurance, Tokio Marine Insurance Group, Future Generali India Life Insurance Co, National Insurance Company Limited, Cholamandalam MS General Insurance Company Ltd., Farmers Insurance Co Inc., IFFCO Tokio General Insurance Company Ltd.
North America was the largest region in the home insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the home insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the home insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The home insurance market includes revenues earned by entities through safety, property protection, and damage expenses. 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.
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.
Reasons to Purchase
Scope
Table of Contents
1. Executive Summary
2. Home Insurance Market Characteristics
3. Home Insurance Market Trends And Strategies
4. Home Insurance Market - Macro Economic Scenario including the impact of Interest Rates, Inflation, Geopolitics and Covid And Recovery on the Market
5. Global Home Insurance Growth Analysis And Strategic Analysis Framework
- 5.1. Global Home Insurance PESTEL Analysis (Political, Social, Technological, Environmental and Legal Factors, Drivers and Restraints)
- 5.2. Analysis Of End Use Industries
- 5.3. Global Home Insurance Market Growth Rate Analysis
- 5.4. Global Home Insurance Historic Market Size and Growth, 2019 - 2024, Value ($ Billion)
- 5.5. Global Home Insurance Forecast Market Size and Growth, 2024 - 2029, 2034F, Value ($ Billion)
- 5.6. Global Home Insurance Total Addressable Market (TAM)
6. Home Insurance Market Segmentation
7. Home Insurance Market Regional And Country Analysis
8. Asia-Pacific Home Insurance Market
9. China Home Insurance Market
10. India Home Insurance Market
11. Japan Home Insurance Market
12. Australia Home Insurance Market
13. Indonesia Home Insurance Market
14. South Korea Home Insurance Market
15. Western Europe Home Insurance Market
16. UK Home Insurance Market
17. Germany Home Insurance Market
18. France Home Insurance Market
19. Italy Home Insurance Market
20. Spain Home Insurance Market
21. Eastern Europe Home Insurance Market
22. Russia Home Insurance Market
23. North America Home Insurance Market
24. USA Home Insurance Market
25. Canada Home Insurance Market
26. South America Home Insurance Market
27. Brazil Home Insurance Market
28. Middle East Home Insurance Market
29. Africa Home Insurance Market
30. Home Insurance Market Competitive Landscape And Company Profiles
31. Home Insurance Market Other Major And Innovative Companies
32. Global Home Insurance Market Competitive Benchmarking And Dashboard
33. Key Mergers And Acquisitions In The Home Insurance Market
34. Recent Developments In The Home Insurance Market
35. Home Insurance Market High Potential Countries, Segments and Strategies
36. Appendix
