Homeowners Insurance Carriers Global Market Report 2024

The homeowners insurance carriers market size has grown strongly in recent years. It will grow from $299.93 billion in 2023 to $315.52 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The expansion observed during the historical period can be ascribed to factors such as homeownership rates and market expansion, occurrences of natural disasters and catastrophes, prevailing economic conditions and property values, adherence to regulatory compliance and mortgage requirements, as well as the impact of public awareness and education campaigns.

The homeowners insurance carriers market size is expected to see steady growth in the next few years. It will grow to $378.89 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The anticipated growth in the forecast period is linked to urban development and property expansion, the extended reach of mortgage financing, considerations arising from the pandemic, meeting policyholder expectations through customization, and the dynamics of insurance market competition and pricing. Prominent trends expected in the forecast period involve the integration of artificial intelligence in claims processing, enhanced customer engagement facilitated by digital platforms, advancements in home valuation techniques, initiatives centered around community-based risk assessment, and a notable emphasis on loss prevention and risk reduction.

The homeowners insurance carriers market is expected to experience growth due to the rising occurrences of natural disasters. Natural disasters encompass losses arising from events such as floods, weather conditions, and earthquakes. Homeowners insurance carriers offer diverse packages for recovering from these losses, leading to an increased demand for home insurance as the incidence of natural disasters rises. In August 2023, the Association of German Insurers (GDV) reported insured losses of 1.5 billion EUR ($1.6 billion) resulting from a series of natural disasters, with over half of this amount (63.3%) attributed to damage to homes, property, commercial, and industrial businesses. Consequently, the escalating frequency of natural disasters is a driving force behind the homeowners insurance carriers market.

The growth of the homeowners insurance carriers market is further anticipated to be fueled by an increase in home ownership and mortgages. Homeownership involves individuals owning the homes they inhabit, while mortgages represent loans used to acquire or maintain real estate. This trend significantly contributes to market growth by expanding the customer base and creating more opportunities for insurers to offer coverage and related services. For example, in 2021, mortgage applications for new home purchases increased by 33% compared to 2020, and the number of homeowners in the USA rose by an estimated 2.1 million in the fourth quarter of 2020. Similarly, housing sales in the top eight cities of India surged by 60% in Q2 FY2021, with this upward trend expected to persist, thereby propelling the homeowners insurance carriers market.

A key trend gaining traction in the homeowners insurance carriers market is technological advancement. Major companies in this market are actively adopting new technologies to enhance their product portfolios. For instance, in August 2021, Mosaic Insurance and DXC Technology launched an insurance technology platform that leverages advanced automation, blockchain-enabled access to real-time data, and artificial intelligence underwriting support. This platform is designed to expedite the processes of selling, underwriting, and servicing specialty insurance.

Companies in the homeowners insurance carriers market are also concentrating on the development of innovative products, such as online insurance, to cater to customer needs. Online insurance involves the entire process of purchasing, managing, and handling insurance policies through digital platforms, typically over the internet. Better Home & Finance Holding Company, a US-based digital homeownership company, introduced Better Insurance in November 2023. This end-to-end, white-labeled solution allows customers to purchase homeowners insurance through a fully online experience, enhancing transparency and efficiency in the insurance shopping process.

In April 2021, Porch Group, a US-based home services software company, completed the acquisition of Homeowners of America Insurance Company for $100 million. This strategic move aimed at expanding Porch's presence in the home insurance market nationwide. Homeowners of America Insurance Company, a US-based home insurance provider, offers a comprehensive range of insurance coverage.

Major companies operating in the homeowners insurance carriers market report are Admiral Group plc, Allianz Australia Limited, American International Group Inc., Amica Mutual Insurance Company, United Services Automobile Association, Chubb Limited, Erie Insurance Exchange, State Farm Mutual Automobile Insurance Company, Liberty Mutual Insurance Group, Government Employees Insurance Company, Nationwide Mutual Insurance Company, AXA Group, MetLife Services and Solutions LLC, New Jersey Manufacturers Insurance Company, American Family Insurance, Allstate Corporation, Farmers Insurance Group, The Travelers Companies Inc., Auto-Owners Insurance Group, The Hartford Financial Services Group Inc., CSAA Insurance Group, MetLife Inc., The Hanover Insurance Group Inc., Mercury General Corporation, COUNTRY Financial, Safeco Insurance, Shelter Insurance Companies, Kemper Corporation, MAPFRE USA Corp., UPC Insurance, National General Holdings Corp., Assurant Inc., Cincinnati Financial Corporation, The Cincinnati Insurance Company, Horace Mann Educators Corporation, The Main Street America Group, Grange Mutual Casualty Company, American Modern Insurance Group Inc., Homesite Group Inc., American Strategic Insurance Lloyds.

North America was the largest region in the homeowners insurance carriers market in 2023. The regions covered in the homeowners insurance carriers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the homeowners insurance carriers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of home insurance providers include basic form, broad form, special form, tenant's form, comprehensive form, condo form, mobile home form, and older home form. Basic form insurance pertains to a policy that exclusively covers explicitly stated hazards. The different channels for obtaining coverage encompass a captive agent, an independent agent, and direct response, serving both business and personal needs.

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. The 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.

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.


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