• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Missouri Real Estate News

Trends & Insight for Missouri Home Buyers and Sellers

MISSOURI REAL ESTATE NEWS
Trends for MO Home Buyers & Sellers

  • Home
  • Rentals
  • BUY HOME
    • INSPECTIONS
    • INSURANCE
    • MORTGAGES
  • SELL HOME
  • HOME IMPROVEMENT
  • INVESTING
    • COMMERCIAL
  • NEWS & TRENDS

Home insurance market is expected to grow 7.3%, North America in front

April 8, 2021 by Staff Reporter

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.

Globally, renter and landlord-focused policies are anticipated to also increase 9.6%, according to Allied Market Research.

North America leads in market share

Overall, COVID-19 had a moderate impact on the sector, primarily driven by consumers in global markets holding off on real estate investments due to economic uncertainty. However, in the U.S. a housing boom took hold.

In fact, North America held the majority of the market share for home insurance, comprising more than half of the worldwide sector in 2019. This trend is expected to continue as a result of a surge in spending on homes, and in turn, home insurance.

The news comes as more than half of U.S. homeowners reported making home improvements during the pandemic, according to Hippo, which noted 71% said they’d continue making the same amount of home improvements moving forward.

Some 65% of U.S. homeowners spent more than $1,000 on improvements and repairs during the past year, with the backyard seeing the most attention, followed by kitchens, home offices and home gyms, according to the insurance company.

Although North America is expected to maintain a market-dominating position, the Asia-Pacific is anticipated to see the highest growth, at 12.8%, of any region. Allied Market Research reported this is due to emerging economies, increasing awareness of home insurance and adoption of insurance products by growing middle-income demographics.

Further, governments in countries such as Japan, Malaysia, Australia and Thailand are focused on setting regulations to make home insurance mandatory for all residents, the market research noted, adding this opens “lucrative market expansion” opportunities in the region.

 

Filed Under: INSURANCE, INVESTING, NEWS & TRENDS

Primary Sidebar

Editor Picks

BRANSON’S OZARK MOUNTAIN CHRISTMAS SEASON IS UPON US

BRANSON’S OZARK MOUNTAIN CHRISTMAS SEASON IS UPON US

Ozark Mountains Provide Magical Backdrop for Unforgettable Holiday ExperiencesWhen it comes to celebrating Christmas, no place does it quite like Branson, Mo., where the entire town takes on a … [Read More...] about BRANSON’S OZARK MOUNTAIN CHRISTMAS SEASON IS UPON US

Why rural Missouri schools and hospitals might become homebuyers

Why rural Missouri schools and hospitals might become homebuyers

(The Beacon) – In Kirksville, Missouri, an entire floor of the hospital sits empty. The community could easily fill beds with patients — if only it could hire nurses and other workers to tend to … [Read More...] about Why rural Missouri schools and hospitals might become homebuyers

Kansas lawmakers pass tax cuts; send bill to Gov. Kelly; stadium debate up next

Kansas lawmakers pass tax cuts; send bill to Gov. Kelly; stadium debate up next

 TOPEKA, Kan. — Kansas legislators cleared the way Tuesday for a debate on trying to lure the Kansas City Chiefs from Missouri by approving broad tax cuts that many lawmakers said they needed … [Read More...] about Kansas lawmakers pass tax cuts; send bill to Gov. Kelly; stadium debate up next

Missouri’s Top 15 Places to See This Summer – Missouri Magazine

Missouri’s Top 15 Places to See This Summer

 When trying to decide on things to see or do in Missouri, try taking the road less traveled and discover some unique places that you may not see anywhere else. Whether it be historical, … [Read More...] about Missouri’s Top 15 Places to See This Summer

Zombie Foreclosures Shrinking – The MortgagePoint

Zombie Foreclosures Shrinking – The MortgagePoint

Releasing its 2024 second-quarter Vacant Property and Zombie Foreclosure Report, ATTOM Data has revealed that that 1.3 million (or 1,289,387 to be exact) residential properties in the country sit … [Read More...] about Zombie Foreclosures Shrinking – The MortgagePoint

Copyright © 2025 · Missouri Real Estate News · About/Contact · Privacy Policy · Terms & Conditions · MidMO Business