The global home insurance market was valued at USD 238.31 billion in 2023, projected to reach USD 476.68 billion by 2032 with a CAGR of 8.09%. Factors driving growth include property protection awareness, climate change disasters, urbanization, real estate development, and digital integration for policy customization and claims processing.

In the U.S., the home insurance market was valued at USD 64.11 billion in 2023, forecasted to reach USD 125.89 billion by 2032. Growth is fueled by climate-related damages, homeownership increase, higher property values, and digital advancements in underwriting and claims management for better customer experience.

Key players in the market include Allianz SE, AXA S.A., Ping An Insurance, China Life Insurance Co. Ltd, Assicurazioni Generali S.p.A., Zurich Insurance Group AG, and more.

The comprehensive coverage segment dominated the market in 2023, offering all-round protection against risks like fire, theft, vandalism, and natural disasters. Brokers led in distribution with customized solutions, while tied agents are expected to grow fastest, offering personalized guidance. Landlords led in end-use, with tenants’ segment projected for rapid growth.

North America led the global market in 2023, with Asia Pacific expected to experience the fastest growth at a CAGR of 10.12% from 2024 to 2032. The surge in Asia Pacific is driven by urbanization, expanding middle-class wealth, increased home construction, and tailored insurance products to meet regional consumer needs.

Read more at GlobeNewswire: Home Insurance Market to Reach USD 476.68 Billion by 2032,