SAN FRANCISCO, August 1, 2018 /PRNewswire/ --
Global Home Insurance Market is expected to grow significantly in the years to come owing to increased property damage from theft or different types of natural calamities. Home insurance, also known as Homeowner's insurance is a type of property insurance that holds losses and damages to an individual's house and assets inside the house. Normally, the coverage depends on the policy, but most policies also cover threats like fire, thunderstorms and theft. Adding to the homeowner's insurance, most insurance businesses offer various insurance products like general property and casualty insurance. The increasing adoption of predictive modeling strategy and data analytics in home insurance market is predicted to drive the market growth in the forecast period. Home insurance vendors are hunting for a multi-channel distribution strategy in modern data analytics. The data analytics tools and practices are likely to help vendors to gather useful information that will facilitate decision making. This will result in proper rating of claims, their further processing and bring transparency in the underwriting in future.
The major driver of home insurance market is the use of risk management tools. Home insurance vendors are also searching for strong investment returns so that they can reinvest for higher yields, which would also bring greater profitability. Hence, meeting the demands of customers with increased risk and uncertainty is a challenge for vendors in the home insurance market. For instance, market vendors can use a software application that will integrate the management of property risk for a proper scrutiny. The software's enhanced features comprise hierarchy permission-based system that provides complete access to customer's information. Besides, new features also ensure transparency in risk management solutions. Home insurance market is categorized on the basis of end-user and geography. On the basis of end-user, home insurance market is divided into personal property insurance and commercial property insurance. Personal property insurance is expected to dominate home insurance market in the coming years due to the additional risks offered by the vendors that comprise jewelry& furs, stamp or coins collection, art & antiques, music instruments, firearms, etc.
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Geographically, home insurance market is segmented as North America, Europe, Asia Pacific and RoW. North America, Europe and Asia Pacific are predicted to hold larger share of home insurance market. The prominent players in home insurance market comprise AFLAC, Allstate, Geico, Liberty Mutual, Farmers Insurance Group, Allianz, BUPA, PICC, PingAn, Kunlun, and Shelter Insurance.
This report studies the global Home Insurance market, analyzes and researches the Home Insurance development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top players in global market, like
- Amica Mutual
- Erie Insurance Group
- Cincinnati Insurance
- State Farm
- The Hanover
- Country Insurance
- Auto Owner's Insurance
- American Family
Market segment by Regions/Countries, this report covers
- United States
- Southeast Asia
Market segment by Application, the market can be split into
- Disease Insurance
- Medical Insurance
- Income Protection Insurance
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