Banks to Lead India Home Insurance Market Until 2024
Increasing cases of property damage from theft or different
types of natural calamities to drive India home insurance market during
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”,
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. 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 home insurance market in India. Furthermore, owing to the
benefits offered under a home insurance policy, more people are looking forward
to getting their home 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 high-risk
seismic zone. Further, most cities in India are highly populated and do not have
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 cover people can
secure their financial future. However, the market is likely to get subdued due
to lack of guidance and awareness regarding the insurance policies.
Browse market data Tables and Figures spread through xx Pages and an
in-depth TOC on " India Home Insurance Market".
India
home insurance market can be segmented based on type, source, premium type, area
of property and region. Based on type, the market can be bifurcated into banks
and non-banking financial company. Out of which, banks are anticipated to hold
the largest market share in India home insurance market during the forecast
period which can be attributed to easily accessibility of banks coupled with
new benefiting cover insurance policies. Based on source, the online segment is
forecast to witness high growth over the coming years on account of smartphone
penetration and increase in the number of online users.
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 are the leading players operating in India 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 is 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 home insurance market. Many insurers including New India Assurance, Shriram
General Insurance and Bajaj Allianz even provide cover against the 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 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 India home insurance market.
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