PORTLAND, Ore., April 5, 2021 /PRNewswire/ — Allied Market Research recently published a report, titled, “Home Insurance Market By Coverage (Comprehensive Coverage, Dwelling Coverage, Content Coverage, and Other Optional Coverages), End User (Landlords and Tenants): Global Opportunity Analysis and Industry Forecast, 2020-2027″. As per the report, the global home insurance industry was pegged at $225.42 billion in 2019, and is projected to reach $395.04 billion by 2027, growing at a CAGR of 7.3% from 2020 to 2027.
Major Determinants of the Market Growth
Rise in initiatives by governments, growth in households, and surge in the number of accidents and man-made disasters drive the global home insurance market. However, lack of awareness regarding home insurance policy hinders the market growth. On the contrary, technological advancements and untapped potential in developing countries are estimated to open lucrative opportunities for the market players in the future.
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COVID-19 Scenario:
- The COVID-19 outbreak has moderately affected the home insurance industry due to economic instability. In addition, the uncertainty of income and employment influenced people to postpone real estate investments.
- During the COVID-19 pandemic, most of the employees stayed at home. Thus, home insurers are expected to expand their business by offering flexible plans.
The…
