Report Description

Forecast Period

2025-2029

Market Size (2023)

USD13.23 Billion

CAGR (2024-2029)

6.50%

Fastest Growing Segment

Online

Largest Market

Insurance Companies

 


India Home Insurance Market is growing at a robust growth rate owing to emphasis on customer experience, rise in digital channels, and availability of different home insurance options.

India Home Insurance Market Scope

A home insurance policy typically covers the structure of the home, personal belongings inside the home, liability protection, and additional living expenses in case the homeowner is temporarily unable to live in their home due to a covered event.

Structural cover is referred to as dwelling coverage. It offers financial protection for the physical structure of house, which includes walls, roof, as well as foundation, from harm caused by covered occurrences like fire, storms, or vandalism.

Home content cover, also known as personal property coverage, provides financial protection for personal belongings inside the home, such as furniture, appliances, and electronics.

Fire cover is a type of coverage that specifically protects against damage caused by fire or smoke. This might involve damage to the house's structure as well as the personal belongings that are kept inside.

Theft cover provides financial protection against loss or damage caused by theft or burglary. This may include coverage for personal belongings that are stolen or damaged during a break-in, as well as damage caused to the home during the theft.

India Home Insurance Market Overview

The India Home Insurance Market is a growing segment of the India insurance industry. Home insurance is a type of property insurance that covers losses and damage to an individual's home and assets inside the home. In India, the demand for home insurance is increasing as more people are becoming aware of the benefits of home insurance and are looking to protect their homes and assets from damage or loss.

The India Home Insurance Market is highly competitive, with several insurance companies offering a wide range of products and services to homeowners.

The India Home Insurance Market is expected to experience significant growth in the coming years due to factors such as increasing awareness of the benefits of home insurance, the rising incidence of natural disasters, and the government's focus on promoting home insurance through various schemes and initiatives.

However, the India Home Insurance Market faces several challenges, including low awareness and penetration of home insurance in the Indian market, low levels of trust in insurance companies, and price sensitivity among Indian customers. These challenges must be addressed for the market to grow and develop further.

India Home Insurance Market Drivers

The home insurance market in India is being driven by several factors, with rising property values being a major driver. As property prices increase, homeowners are becoming increasingly aware of the need to protect their assets through insurance. Additionally, government initiatives such as the Pradhan Mantri Fasal Bima Yojana and the National Health Protection Scheme have helped to raise awareness of insurance and encourage more people to consider home insurance. As people become more aware of the risks of natural disasters, theft, and other incidents, they are more likely to consider buying home insurance to protect themselves.

Technological advancements have contributed to the growth of the home insurance market in India, as online insurance platforms have made it easier for customers to buy policies and increased penetration. Home insurance provides financial security in the event of unexpected losses, making it an attractive investment for many people. Finally, with the implementation of stricter regulations by the Insurance Regulatory and Development Authority of India (IRDAI), more customers are opting for home insurance to comply with legal requirements. Overall, these drivers are expected to continue to fuel growth in the home insurance market in India in the coming years.

India Home Insurance Market Trends

The home insurance market in India is currently experiencing several trends that are shaping the industry. One of the key trends is the increasing demand for customized insurance products. Customers are looking for insurance products that are tailored to their specific needs and preferences, and insurance companies are responding by offering more coverage options and flexibility. This trend is being driven by the growing awareness among customers of the risks associated with owning a home and the need for comprehensive insurance coverage.

The growing focus on risk management is another trend that is shaping the home insurance market in India. Insurance companies are increasingly developing new risk assessment tools and technologies to mitigate risks and prevent losses. This includes the use of sensors, data analytics, and machine learning algorithms to identify potential risks and provide early warning signals to customers. This trend is expected to continue as insurance companies seek to improve their risk management capabilities and offer more comprehensive coverage options to customers.

Moreover, the trend that is gaining momentum in the India Home Insurance Market is the shift towards sustainable and eco-friendly homes. Customers are growing increasingly concerned about the environment and seeking eco-friendly and sustainable homes. In response to this trend, insurance providers have come up with insurance plans that cover eco-friendly homes. This trend is expected to accelerate in the coming years as more customers become aware of the environmental impact of their homes and seek to reduce their carbon footprint.

India Home Insurance Market Challenges

The India Home Insurance Market faces many challenges, despite its potential for growth. One of the biggest challenges is the low awareness and penetration of home insurance in the Indian market. Many homeowners are unaware of the benefits of home insurance and are therefore not motivated to purchase it. This has resulted in a low penetration rate for home insurance compared to other countries. The lack of awareness and low penetration can be attributed to the general lack of knowledge about insurance in India, as well as the general mistrust of insurance providers.

Another challenge faced by the India Home Insurance Market is the lack of standardization across policies and coverage options. The market is highly fragmented, with no standard policies or guidelines for coverage. This has resulted in a market that is difficult for customers to navigate and compare amongst policies, and for insurance companies to differentiate themselves based on their coverage options.

Market Recent Developments

·         From January 1, 2023, Know Your Customer (KYC) documents are required when purchasing new health, auto, travel, and home insurance policies. No matter how much they cost, KYC requirements are now required for the purchase of all new insurance policies by the Insurance Regulatory and Development Authority of India (IRDAI).

·         Many people chose not to purchase a home insurance policy due in large part to high premiums. To address this, the Insurance Regulatory and Development Authority of India (IRDAI) published guidelines for the issuance of the Bharat Griha Raksha (BGR) standard house insurance policy in January 2021. BGR is intended to provide affordable coverage for residential properties. All general insurance companies were required by the insurance regulator to provide a standard insurance policy, and as a result, many insurers began providing this insurance coverage on April 1, 2021.

Market Opportunities

The India Home Insurance Market is a growing sector that offers numerous opportunities for insurers to expand their business. With the increasing awareness about the benefits of home insurance, rising middle class, and growing demand for customized products, insurers can capitalize on these opportunities to provide tailored solutions that meet the evolving needs of Indian consumers. The use of digital technology and data analytics presents insurers with an opportunity to reach new customers and offer personalized products and services.

Additionally, the increasing frequency of natural disasters provides an opportunity for insurers to offer coverage against these risks. Cross-selling and up-selling other insurance products to existing customers also presents a significant opportunity for insurers to increase their revenue and improve customer loyalty. In summary, the India Home Insurance Market offers numerous opportunities for insurers to expand their business and offer innovative products and services that meet the unique needs of Indian consumers.

Market Segmentation

The India Home Insurance Market is segmented based on type, provider, premium, Mode of Purchase, and region. Based on type, the market is segmented into structural cover, home content cover, fire cover, theft cover, and others such as landlord’s cover, tenant’s cover, etc. Based on provider, the market is segmented into insurance companies, insurance agents/brokers, and others like insurtech companies, third-party, etc. Based on premium, the market is fragmented into regular and single. Based on Mode of Purchase the market is segmented into online and offline. Based on region, the market is divided into north, south, east, and west.

Company Profiles

The New India Assurance Co. Ltd., ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Co. Ltd, Bajaj Allianz General Insurance Company Limited, National Insurance Company Limited, The Oriental Insurance Company Ltd., SBI General Insurance Company Limited, United India Insurance Company Limited, Tata AIG General Insurance Company Limited, and Reliance General Insurance Company Limited are some of the major players in the India Home Insurance Market.


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Attribute

Details

Base Year

2023

Historic Data

2019 – 2022

Estimated Year

2024

Forecast Period

2025 – 2029

Quantitative Units

Value in USD Million, CAGR for 2019-2023 and 2024-2029

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Type

Provider

Premium

Mode of Purchase

Region

Regional scope

North, West, South, East.

Key Companies Profiled

The New India Assurance Co. Ltd., ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Co. Ltd, Bajaj Allianz General Insurance Company Limited, National Insurance Company Limited, The Oriental Insurance Company Ltd., SBI General Insurance Company Limited, United India Insurance Company Limited, Tata AIG General Insurance Company Limited, and Reliance General Insurance Company Limited

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, India Home Insurance market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • India Home Insurance Market, By Type:
    • Structural Cover
    • Home Content Cover
    • Fire Cover
    • Theft Cover
    • Others
  • India Home Insurance Market, By Provider:
    • Insurance Companies
    • Insurance Agents/Brokers
    • Others
  • India Home Insurance Market, By Premium:
    • Regular
    • Single
  • India Home Insurance Market, By Mode of Purchase:
    • Offline
    • Online
  • India Home Insurance Market, By Region:
    • North
    • West
    • South
    • East

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).

India Home Insurance Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]               

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis

4.1.  Brand Awareness

4.2.  Factors Influencing Purchase Decision

4.3.  Challenges Faced

5.    India Home Insurance Market Outlook

5.1.  Market Size & Forecast

5.1.1.         By Value

5.2.  Market Share & Forecast

5.2.1.         By Type Market Share Analysis (Structural Cover, Home Content Cover, Fire Cover, Theft Cover, and Others (Landlord’s Cover, Tenant’s Cover, etc.))

5.2.2.         By Provider Market Share Analysis (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third-party, etc.))

5.2.3.         By Premium Market Share Analysis (Regular and Single)

5.2.4.         By Mode of Purchase Market Share Analysis (Offline and Online)

5.2.5.         By Regional Market Share Analysis

5.2.5.1. North India Market Share Analysis

5.2.5.2. West India Market Share Analysis

5.2.5.3. South India Market Share Analysis

5.2.5.4. East India Market Share Analysis

5.2.6.         By Top 5 Companies Market Share Analysis, Others (2023)

5.3.  India Home Insurance Market Mapping & Opportunity Assessment

5.3.1.         By Type Market Mapping & Opportunity Assessment

5.3.2.         By Provider Market Mapping & Opportunity Assessment

5.3.3.         By Premium Market Mapping & Opportunity Assessment

5.3.4.         By Mode of Purchase Market Mapping & Opportunity Assessment

5.3.5.         By Region Market Mapping & Opportunity Assessment

6.    India Structural Cover Home Insurance Market Outlook

6.1.  Market Size & Forecast          

6.1.1.         By Value

6.2.  Market Share & Forecast

6.2.1.         By Provider Market Share Analysis

6.2.2.         By Premium Market Share Analysis

6.2.3.         By Mode of Purchase Market Share Analysis

7.    India Home Content Cover Home Insurance Market Outlook

7.1.  Market Size & Forecast          

7.1.1.         By Value

7.2.  Market Share & Forecast

7.2.1.         By Provider Market Share Analysis

7.2.2.         By Premium Market Share Analysis

7.2.3.         By Mode of Purchase Market Share Analysis

8.    India Fire Cover Home Insurance Market Outlook

8.1.  Market Size & Forecast          

8.1.1.         By Value

8.2.  Market Share & Forecast

8.2.1.         By Provider Market Share Analysis

8.2.2.         By Premium Market Share Analysis

8.2.3.         By Mode of Purchase Market Share Analysis

9.    India Theft Cover Home Insurance Market Outlook

9.1.  Market Size & Forecast          

9.1.1.         By Value

9.2.  Market Share & Forecast

9.2.1.         By Provider Market Share Analysis

9.2.2.         By Premium Market Share Analysis

9.2.3.         By Mode of Purchase Market Share Analysis

10.  Market Dynamics

10.1.              Drivers

10.1.1.      Rising property values

10.1.2.      Increasing awareness of insurance

10.1.3.      Government initiatives

10.2.              Challenges

10.2.1.      Lack of standardization

10.2.2.      Lack of Awareness

11.  Market Trends & Developments

11.1.              Increasing demand for customized insurance products

11.2.              Rise of digital channels

11.3.              Growing focus on risk management

11.4.              Emphasis on customer experience

11.5.              Online Buying

12.  Porter’s Five Forces Model

12.1.              Competitive Rivalry

12.2.              Bargaining Power of Buyers

12.3.              Bargaining Power of Suppliers

12.4.              Threat of New Entrants

12.5.              Threat of Substitutes

13.  SWOT Analysis

13.1.              Strengths

13.2.              Weaknesses

13.3.              Opportunities

13.4.              Threats

14.  Policy & Regulatory Landscape

15.  India Economic Profile

16.  Competitive Landscape

16.1.              Company Profiles

16.1.1.      The New India Assurance Co. Ltd.

16.1.1.1.              Company Details

16.1.1.2.              Product

16.1.1.3.              Financials (As Per Availability)

16.1.1.4.              Key market Focus & Geographical Presence

16.1.1.5.              Recent Developments

16.1.1.6.              Key Management Personnel

16.1.2.      ICICI Lombard General Insurance Company Limited

16.1.2.1.              Company Details

16.1.2.2.              Product

16.1.2.3.              Financials (As Per Availability)

16.1.2.4.              Key market Focus & Geographical Presence

16.1.2.5.              Recent Developments

16.1.2.6.              Key Management Personnel

16.1.3.      HDFC ERGO General Insurance Co. Ltd

16.1.3.1.              Company Details

16.1.3.2.              Product

16.1.3.3.              Financials (As Per Availability)

16.1.3.4.              Key market Focus & Geographical Presence

16.1.3.5.              Recent Developments

16.1.3.6.              Key Management Personnel

16.1.4.      Bajaj Allianz General Insurance Company Limited

16.1.4.1.              Company Details

16.1.4.2.              Product

16.1.4.3.              Financials (As Per Availability)

16.1.4.4.              Key market Focus & Geographical Presence

16.1.4.5.              Recent Developments

16.1.4.6.              Key Management Personnel

16.1.5.      National Insurance Company Limited

16.1.5.1.              Company Details

16.1.5.2.              Product

16.1.5.3.              Financials (As Per Availability)

16.1.5.4.              Key market Focus & Geographical Presence

16.1.5.5.              Recent Developments

16.1.5.6.              Key Management Personnel

16.1.6.      The Oriental Insurance Company Ltd.

16.1.6.1.              Company Details

16.1.6.2.              Product

16.1.6.3.              Financials (As Per Availability)

16.1.6.4.              Key market Focus & Geographical Presence

16.1.6.5.              Recent Developments

16.1.6.6.              Key Management Personnel

16.1.7.      SBI General Insurance Company Limited

16.1.7.1.              Company Details

16.1.7.2.              Product

16.1.7.3.              Financials (As Per Availability)

16.1.7.4.              Key market Focus & Geographical Presence

16.1.7.5.              Recent Developments

16.1.7.6.              Key Management Personnel

16.1.8.      United India Insurance Company Limited

16.1.8.1.              Company Details

16.1.8.2.              Product

16.1.8.3.              Financials (As Per Availability)

16.1.8.4.              Key market Focus & Geographical Presence

16.1.8.5.              Recent Developments

16.1.8.6.              Key Management Personnel

16.1.9.      Tata AIG General Insurance Company Limited

16.1.9.1.              Company Details

16.1.9.2.              Product

16.1.9.3.              Financials (As Per Availability)

16.1.9.4.              Key market Focus & Geographical Presence

16.1.9.5.              Recent Developments

16.1.9.6.              Key Management Personnel

16.1.10.    Reliance General Insurance Company Limited

16.1.10.1.            Company Details

16.1.10.2.            Product

16.1.10.3.            Financials (As Per Availability)

16.1.10.4.            Key market Focus & Geographical Presence

16.1.10.5.            Recent Developments

16.1.10.6.            Key Management Personnel

17.  Strategic Recommendations/Action Plan

17.1.              Key Focus Areas

17.2.              Target Type

17.3.              Target Distribution Channel

18.  About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The key factors driving the market of India Home Insurance Market are rising property values, increasing awareness of insurance, and government initiatives.

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Lack of standardization and awareness are the major challenges in the India Home Insurance Market.

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Increasing demand for customized insurance products, rise of digital channels, and growing focus on risk management are the major trends in the India Home Insurance Market.

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The key players in the India Home Insurance market are The New India Assurance Co. Ltd., ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Co. Ltd, Bajaj Allianz General Insurance Company Limited, National Insurance Company Limited, The Oriental Insurance Company Ltd., SBI General Insurance Company Limited, United India Insurance Company Limited, Tata AIG General Insurance Company Limited, and Reliance General Insurance Company Limited.

profile

Srishti Verma

Business Consultant
Press Release

The India Home Insurance Market To Be Fueled By Structural Cover Insurance Segment During The Forecast Period

Jan, 2024

Rising property values, increasing awareness of insurance, and growing awareness of online buying options are the leading factors that will drive the India Home Insurance market in the forecasted yea