Homeowners Insurance Carriers Market Report 2025

The homeowners insurance carriers market size has grown strongly in recent years. It will grow from $316.93 billion in 2024 to $333.86 billion in 2025 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to homeownership rates and market expansion, natural disasters and catastrophes, economic conditions and property values, regulatory compliance and mortgage requirements, 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 $396.67 billion in 2029 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to urban development and property expansion, mortgage financing expansion, pandemic-related considerations, policyholder expectations and customization, insurance market competition and pricing dynamics. Major trends in the forecast period include integration of AI in claims processing, customer engagement through digital platforms, innovations in home valuation techniques, community-based risk assessment initiatives, 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 rise in homeownership and mortgages is anticipated to drive the growth of the homeowners insurance carriers market in the future. Homeownership refers to the scenario where an individual, known as the owner-occupier, owns the residence they live in, while a mortgage is a type of loan used to purchase or maintain a home, land, or other real estate. The increase in homeownership and mortgages significantly boosts the growth and stability of the homeowners insurance carriers market by expanding the customer base and providing more opportunities for insurers to offer coverage and related services. For example, in September 2024, according to Avant Homes UK, a UK-based housebuilder, 53% of UK adults, or about 27.9 million people, were homeowners as of July 2024, representing a 3% rise from 2023, when 50% owned their homes. This upward trend is expected to continue, further fueling the growth of the homeowners insurance carriers market.

Leading companies in the homeowners insurance carrier market are focusing on developing innovative solutions, such as licensed homeowners insurance carriers, to offer tailored coverage and enhance customer satisfaction. A licensed homeowners insurance carrier is an insurance provider that has secured the necessary licenses and regulatory approvals to sell homeowners insurance policies within a particular state or region. For example, in July 2022, Openly LLC, a US-based insurance company, launched its own homeowners insurance carrier, Openly Insurance Company, which is licensed to operate in 17 states. This strategic move represents a significant shift for Openly, which previously operated as a Managing General Agent (MGA), and now has the capability to directly issue insurance policies through independent agents. This transition follows a successful $75 million Series C funding round and is designed to provide premium, transparent homeowners insurance via independent agents.

Leading companies in the homeowners insurance carriers market are also focusing on developing innovative products, such as online insurance offerings, for their customers. Online insurance refers to the process of buying, managing, and handling insurance policies entirely through digital platforms, typically over the internet. For instance, in November 2023, Better Home & Finance Holding Company, a US-based digital homeownership firm, launched Better Insurance, the first end-to-end, white-label solution that enables customers to purchase homeowners insurance through a fully online experience. Better Insurance is the latest innovation offered by the company’s insurance division, Better Cover, a full-service digital insurance agency dedicated to providing a seamless and transparent insurance shopping experience across a wide range of options.

In October 2023, HoneyQuote, a US-based home insurance agency, partnered with First Connect. This collaboration allows HoneyQuote and First Connect to provide independent agents nationwide with streamlined access to the Florida homeowners insurance market, improving the efficiency of policy underwriting through HoneyQuote's technology and infrastructure. This partnership aims to enhance the insurance purchasing experience for both agents and clients. First Connect is a US-based insurtech platform that equips independent agents with the tools they need to expand their agencies.

Major companies operating in the homeowners insurance carriers market include 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, 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, 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 2024. 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.

Home insurance providers are companies that supply property insurance to safeguard against losses and damages to an individual's residence and personal possessions. This coverage is designed to provide compensation for external damage, the loss or destruction of personal belongings, interior damage, and injuries sustained while on the premises.

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 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.

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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