Published On : 22 Aug 2018
The global homeowners insurance market is being driven by the myriad advantages of the product. At its most basic, a homeowners insurance offers financial protection in case a disaster or accident strikes one’s home. In such an eventuality, it pays the insurance amount to enable one to repair or rebuild one’s home. They cover damages caused by hurricane, fire, lightening or hail, and other natural calamities. Apart from the main house, most policies also provide insurance for detached structures such as tool shed or gazebo and garages and personal items such as sports equipment, furniture, clothes, and others. It protects against liabilities such as lawsuits against homeowners and their pets if they accidentally damage other’s properties.
Mortgage Home Loans in U.S., Which Make Homeowners Insurance Mandatory, Catapults its Market to Fore
The global homeowners insurance market is witnessing impressive growth because of the proliferation of products in the market. Players are seen coming up with different products for customers having different budgetary and other preferences. This is particularly evident in the U.S. homeowners insurance market. This, in turn, is because home buyers primarily borrow money for buying homes via mortgage loans in the U.S. for which a homeowners insurance is a prerequisite. Ever since it was introduced in 1950s, the homeowners insurance market flourished in North America, mainly on account of the U.S. Some of the leading writers of homeowners insurance in the U.S. are Allstate, State Farm, Farmers Insurance, and Liberty Mutual.
Savvy Companies Seen Leveraging Data Analytics to Improve Margins
The global homeowners insurance market is predicted to see growth in the near term because of the application of latest technologies by companies to gather actionable insights. Those include data analytics and predictive modelling strategy. They enable companies in the homeowners insurance market to take better decisions. It also brings about proper rating of claims, their processing, and transparency in underwriting in future. Usage of risk management tools to up returns by predicting risk properly is also serving to drive the global homeowners insurance market. They are banking upon latest software to that end.
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Personal Property Insurance Mainly Fuelling Global Homeowners Insurance Market
Commercial property insurance and personal property insurance are the two types of products in the global homeowners insurance market. Between the two, the personal property insurance is predicted to have a solid impact on the demand because of the additional risks covered by the vendors that include stamp and coin collection, jewelry and furs, music instruments
The European insurance industry is the largest in the world. This is because of a proper regulatory mechanism and presence of a large number of players in the region. This also means that it is has a substantial share in the global homeowners insurance market.
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