Increasing cases of property damage from theft or different types of natural calamities drive India’s home insurance market during the forecast period. According to TechSci Research report, “India Home Insurance Market By Type, By Source, By Premium Type, By Area of Property, Competition, Forecast & Opportunities, 2024”, the India home insurance market is expected to grow at a steady CAGR during the forecast period on account of increasing concern for safety and security.
Important Factors of India Home Insurance Market
Moreover, rise in the tourist traffic and increasing natural calamities, rise in the occurrences of theft are the other key factors that are anticipated to propel the growth of the home insurance market in India. Furthermore, owing to the benefits offered under a home insurance policy, more people are looking forward to getting their homes insured, thereby further fueling growth on the market. Around 60% of the Indian subcontinent landmass is vulnerable to earthquakes and other natural catastrophes, and at least 38 Indian cities lie in a high-risk seismic zone.
Further, most cities in India are highly populated and do not have the best architectural layout standards. It is not always possible to measure the extent of damages that any natural calamity entails in terms of money, but by choosing the right insurance coverage people can secure their financial future. However, the market is likely to get subdued due to a lack of guidance and awareness regarding insurance policies.
Browse market data Tables and Figures spread through xx Pages and an in-depth TOC on the ” India Home Insurance Market“.
India’s home insurance market can be segmented based on type, source, premium type, area of the property, and region. Based on type, the market can be bifurcated into banks and non-banking financial companies. Out of which, banks are anticipated to hold the largest market share in India’s home insurance market during the forecast period which can be attributed to the easy accessibility of banks coupled with new benefiting cover insurance policies. Based on the source, the online segment is forecast to witness high growth over the coming years on account of smartphone penetration and an increase in the number of online users.
The Major competitors in India Home Insurance Market
- 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, among others, is the leading player operating in the Indian home insurance market.
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“India home insurance market is expected to grow steadily during the forecast period. Increasing incidences of natural disasters are the key factor that is propelling the home insurance market. Moreover, damage due to burglary, fire and allied perils, electrical mechanical breakdown of electrical and robbery are all covered under a home insurance policy, which is further driving India’s home insurance market. Many insurers including New India Assurance, Shriram General Insurance, and Bajaj Allianz even provide cover against acts of terrorism.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm.
“India Home Insurance Market By Type, By Source, By Premium Type, By Area of Property, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of India’s home insurance market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Indian home insurance market.
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