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.