Governments in countries such as Japan, Malaysia, Australia and Thailand are focused on setting regulations to make home insurance mandatory for all residents, which opens market expansion opportunities in the region. (Credit: digitalfoto105/stock.adobe.com)
The global home insurance market is projected to increase 7.3%, compounded annually, through 2027, according to Allied Market Research. The sector is expected to reach $395 billion by the end of the forecast period.
Comprehensive coverage was the leading segment type, accounting for around 60% of the market worldwide during 2019, the research company reported. However, content coverage policies are expected to see the highest compound annual growth rate, outpacing the overall market with a 9.6% projection.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
