India home insurance market is anticipated to grow at a steady rate
during the forecast period. In India, a home is a lifetime investment where people
usually invest all their savings in building their home. But generally, people
become reluctant when it comes to safeguarding this lifetime investment. Natural
calamities like cyclone in Andhra Pradesh, floods in J&K, Uttarakhand and
Chennai, earthquake in Nepal and Northeast of India, etc., caused huge loss to
human lives and physical properties. In such a scenario, it has become a
necessity to have adequate cover for assets and home. In case of any mishap, an
effective home insurance plan will help you in reducing the financial stress. With
such policies people will be able to protect their home against many natural
disasters such as earthquakes, typhoons, cyclones, floods, landslides, etc.
Home insurance also provides coverage against fire, explosion, etc.
Increase in property damage from
theft or different types of natural calamities is the key factor for the growth
of India home insurance market through 2024. Moreover, rising adoption of
predictive modelling strategy and data analytics in home insurance market is
further anticipated to boost the growth of home insurance market in the country
during the forecast period. In addition, the use of risk management tools is
further aiding the market growth. However, lack of awareness regarding the
policies might hamper the market in the forthcoming years.
Based on premium type, home
insurance market is divided into personal insurance premium and commercial
insurance premium. Personal property insurance dominated the market until 2018
and is expected to dominate home insurance market over the next 5 years as well
which can be attributed to the additional risks offered by the vendors in the
insurance policy that comprise jewelry & furs, stamp or coins collection,
art & antiques, music instruments, firearms, etc.
The major market players in India
home insurance market are Bajaj Allianz General Insurance Co. Ltd., ICICI
Lombard GIC Ltd., TATA AIG GIC Ltd., Royal Sundaram Alliance Insurance Co. Ltd.,
The New India Assurance Co. Ltd., The Oriental Insurance Co. Ltd., HDFC ERGO
General Insurance Co. Ltd, United India Insurance Co. Ltd., National Insurance
Company, Future Generali India Insurance, etc. The key players are investing
more to develop new insurance policies in order to increase their customer
bases and expand their geographic reach.
Years
considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
Objective of the Study:
- To analyze and forecast the market size of India
home insurance market
- To forecast India home insurance market based
on type, source, premium type, area of property and regional distribution.
- To identify drivers and challenges for India
home insurance market.
- To examine competitive developments such as
expansions, new product launches, mergers & acquisitions, etc., in India
home insurance market.
- To identify and analyze the profile of leading
players operating in the India home insurance market.
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TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of home insurance service providers across the country.
Subsequently, TechSci Research conducted primary research surveys with the
identified companies. While interviewing, the respondents were also enquired
about their competitors. Through this technique, TechSci Research could include
the companies which could not be identified due to the limitations of secondary
research. TechSci Research analyzed the product types, application types and
presence of all major home insurance service providers across the country.
TechSci
Research calculated India home insurance market size by using a bottom-up
approach, where data for various end user industries and its application across
various product types were recorded and forecast for the future years. TechSci
Research sourced these values from the industry experts and company
representatives and externally validated through analyzing historical data of
these product types and applications for getting an appropriate, overall market
size. Various secondary sources such as company website, news articles, press
releases, company annual reports, investor presentations and financial reports
were also studied by TechSci Research.
Key Target
Audience:
- Home insurance suppliers
- Government bodies such as regulating authorities
and policy makers
- Industry associations
- Organizations, forums and alliances related to
home insurance market
- Market research and consulting firms
The study is useful in providing answers to several critical
questions that are important for the industry stakeholders such as product
service providers and partners, end users etc., besides allowing them in
strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, India home insurance market has been
segmented into following categories, in addition to the industry trends which
have also been detailed below:
- Market, By Type:
- Banks
- Non-banking
financial company
- Market, By Source:
- Insurance
Broker/Agency
- Online
- Market, By Premium
Type:
- Personal
Insurance Premium
- Commercial
Insurance Premium
- Market, By Area of
Property:
- Upto 500 sq feet
- 501-1000 sq feet
- 1001-2000 sq feet
- Above 2000 sq
feet
- Market,
By Region:
- North Region
- West Region
- East Region
- South Region
Competitive Landscape
Company Profiles: Detailed analysis of the major
companies present in India home insurance market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed
analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit
margin analysis in case of direct and indirect sales channel.
It is an upcoming report to
be released soon. If you wish an early delivery of this report or want to
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