Global Renters Insurance Market Set For 6.4% Growth, Reaching $121.28 Billion By 2028

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Can You Guess the Projected Size of the Global Renters Insurance Market by 2024?

The renters insurance market has seen significant growth in the past few years. Current projections indicate substantial growth from $89.22 billion in 2023 to a whopping $94.79 billion in 2024, reflecting a compound annual growth rate CAGR of 6.2%. The impressive growth in the historic period can be attributed to a range of factors, including the increasing urbanization trend, growing awareness about the benefits of renters insurance, a high incidence of property damage, expanding rental properties, and legal requirements.

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Forecast for the Next Few Years in the Global Renters Insurance Market – What Could it Entail?

Looking ahead, the renters insurance market size is predicted to continue its strong growth, increasing to $121.28 billion in 2028 at a compound annual growth rate CAGR of 6.4%. The growth in the forecast period can be attributed to factors such as the rise of digital insurance platforms, new awareness and education initiatives, integration with smart home technology, a recovering and stabilizing economy, and collaborations between insurance providers and real estate and property management firms.

Increasing Instances of Natural Disasters - Are they Driving the Renters Insurance Market?

Interestingly, one of the major contributors to the expansion of the renters insurance market is the increasing instances of natural disasters. These severe and sudden environmental events caused by Earth's natural processes lead to significant damage, disruption, and loss of life or property. Renters insurance provides financial protection for tenants against loss or damage to personal property and protects against liability claims resulting from natural disasters. This cover can include costs such as repairs, temporary relocation, and replacement of belongings.

For instance, in March 2024, the United Nations Office for the Coordination of Humanitarian Affairs OCHA, a US-based intergovernmental organization, reported that 399 natural hazards and disaster events occurred worldwide in 2023, slightly surpassing the 2022 average of 387 events. With the increasing prevalence of such disasters, there's no doubt that the need for renters insurance will continue to rise.

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Who are the Major Companies Making Moves in the Renters Insurance Market?

Major companies operating in the renters insurance market include State Farm Insurance, MetLife Inc., Nationwide Mutual Insurance Company, Allstate Property and Casualty Insurance Company., Liberty Mutual Insurance Company, Progressive Corporation, Chubb Limited, The Travelers Companies Inc., United Services Automobile Association USAA, Hartford Financial Services, American Family Insurance Group AFIG, Farmers Insurance Group, The Cincinnati Insurance Company, Mercury General Corporation, Amica Mutual Insurance Company, Westfield Insurance, Esurance, Grange Insurance, Edison Insurance Company, Intact Insurance Specialty Solutions, Root Inc., Lemonade Inc., Hippo Insurance Services, National General Insurance, SentryWest Insurance Services.

Emerging Trends in the Renters Insurance Market – What are They?

In terms of recent advancements, key players in the renters insurance market are investing in innovative solutions, such as AI-powered renters insurance. These solutions leverage AI to automate underwriting, personalize coverage, and expedite claim processing for renters. For instance, Kanguro Insurance, a US-based insurance company, launched an innovative renter’s insurance solution for the Texas market in April 2024. The product has AI-driven policy creation, affordable premiums customized to customers' needs, and a simplified claims process for greater convenience.

How is the Global Renters Insurance Market Segmented?

In this report, the renters insurance market is segmented as follows –

1 By Type: Property Coverage, Guest Medical Coverage, Family Liability Coverage
2 By Distribution Channels: Online, Offline
3 By Application: Apartment, Condo, Home
4 By End User: Business, Individuals

Who Leads the Pack in the Renters Insurance Market on a Regional Basis?

Regional insights indicate that North America was the predominant region in the renters insurance market in 2023. Additional detailed coverage in the report includes regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.

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