Home insurance is an important part of protecting your home and family from the unexpected. But what do the statistics tell us about the state of home insurance in the United States? In this blog post, we’ll take a look at some of the latest home insurance statistics to give you a better understanding of the industry.
We’ll also explore the different types of home insurance coverage available, as well as some of the factors that can influence your home insurance rates. Finally, we’ll discuss some of the steps you can take to make sure you’re getting the best coverage for your needs.
Home Insurance: The Most Important Statistics
The number of direct insurance company employees in the UK decreased from 208,100 in 2004 to 114,300 in 2020, with a significant drop in 2010 to 111,864, but rose to 20,100 employees from 2018.
Covéa was the leading property and casualty insurance company in France in 2020, generating nearly 10 billion euros in revenue.
Home Insurance: Statistics Overview
Allianz, AXA, and Zurich Insurance Group are the top 3 non-life insurance companies in Europe by market value, with France and Germany having the highest representation on the list.
This provides a benchmark for the industry and shows which companies are leading the market.
State Farm held the largest share of the homeowner insurance market in the US in 2021, at over 18%, significantly more than its competitors.
This indicates that State Farm is the most popular choice for homeowners when it comes to purchasing homeowner insurance policies, and is thus an important factor to consider when looking at Home Insurance Statistics.
The number of direct insurance company employees in the UK decreased from 208,100 in 2004 to 114,300 in 2020, with a significant drop in 2010 to 111,864, but rose to 20,100 employees from 2018.
This shows the number of people employed in the industry and how it has changed over time. This information can be used to understand the current state of the industry and how it may be affected by changes in the economy or other factors.
It also provides insight into the level of competition in the industry and how it may be affecting the cost of home insurance.
The number of employees in the European insurance industry has decreased over time, with just over 924,000 people working in insurance companies across Europe in 2020.
This shows the impact of the global pandemic on the insurance industry. The decrease in the number of employees in the industry indicates that the industry is struggling to keep up with the demands of the current market.
This could have an impact on the availability of home insurance policies, as fewer people are employed in the industry to provide them.
Covéa was the leading property and casualty insurance company in France in 2020, generating nearly 10 billion euros in revenue.
This provides insight into the size and scope of the property and casualty insurance industry in France, which is a significant contributor to the overall insurance market in the country.
It also provides information on the leading company in this sector, which can be used to compare other companies in the industry.
The Japanese non-life insurance market is dominated by three major insurance groups, with 55 general insurance companies and other smaller providers, and generated a net income of 908.1 billion yen in fiscal 2021.
This shows the size and scope of the non-life insurance market in Japan, and how competitive it is. This information can be used to inform decisions about which companies to partner with, and how to best serve customers in the Japanese market.
Escape of water was the leading cause of domestic property insurance claims in the UK in 2019, accounting for 29% of claims.
This shows the main causes of property insurance claims in the UK, which can help inform insurance companies about the types of claims they should be prepared for and the types of policies they should offer.
It can also help inform homeowners about the types of risks they should be aware of and the types of coverage they should consider.
Property damage due to weather conditions (wind and hail, water damage, fire, lightning) accounted for 97.7% of all home insurance claims in 2020, with wind and hail being the most significant problem at 45.5%.
This shows the importance of having adequate coverage for weather-related damages, as they are the most common cause of claims.
State Farm is the largest home insurance provider in the US in 2019, with 17.97% of the market.
This provides an understanding of the current market share of the leading home insurance companies in the US, which can be used to inform decisions about which home insurance provider to choose.
The Asia-Pacific property insurance industry is projected to reach $103 billion in 2022, with Japan as the leading market and the top 10 insurers holding 79.9% of premiums.
The Asia-Pacific region is a major market for property insurance and that the market is highly concentrated, with the top 10 insurers dominating the market. This information can be used to inform strategies for home insurance companies in the region.
Supplementary Statistics
95% of homeowners have homeowners insurance.
It shows that the vast majority of homeowners recognize the value of having a policy in place to protect their home and possessions. This statistic is a reminder that homeowners insurance is an essential part of owning a home and should not be overlooked.
41% of home insurance claims are due to water damage.
This serves as a warning to homeowners to ensure they are adequately covered in the event of water damage, as it can be a costly and time-consuming process to repair.
About 60% of American homes are underinsured by an average of 20%.
With 60% of American homes underinsured by an average of 20%, it is clear that many homeowners are not adequately protecting their homes and possessions. This could leave them vulnerable to financial losses in the event of a disaster or other unexpected event. It is essential for homeowners to understand the importance of having the right amount of coverage to protect their homes and possessions.
Homeowners insurance typically covers property damage, personal liability, and additional living expenses.
Knowing what is covered by a policy can help homeowners make informed decisions about their insurance needs and ensure they are adequately protected in the event of an unexpected event.
The average yearly cost of renters insurance is around $180.
Only 41% of renters have renters insurance.
With such a low percentage of renters having insurance, it is clear that many are leaving themselves vulnerable to financial losses in the event of an accident or disaster. Renters insurance can provide peace of mind and protection from unexpected costs, making it an essential part of any renter’s budget.
California has the highest rate of wildfires causing homeowners insurance to increase.
With the highest rate of wildfires in the country, homeowners in the state are at an increased risk of property damage and loss. As such, having the right insurance coverage is essential to ensure that homeowners are protected from the financial burden of wildfire-related losses.
The average claim amount for wind and hail damage is $10,182.
With an average claim amount of $10,182, it is clear that the financial burden of such damage can be significant. Home insurance can provide peace of mind that, should the worst happen, the costs of repairs will be covered.
Fire and lightning account for 32% of total claim losses in homeowners insurance.
Fire and lightning can cause devastating damage to a home, and the fact that they account for such a large portion of total claim losses highlights the need for homeowners to make sure they have the right coverage in place to protect their property.
Most standard home insurance policies don’t cover flood damage.
Knowing what is and isn’t covered can be the difference between financial security and a costly disaster in the event of a flood.
Home insurance rates increased 3.3% in 2020.
This could mean that homeowners may need to budget more for their home insurance, or that they may need to shop around for better rates. This statistic is an important piece of information for anyone looking to make an informed decision about their home insurance.
Homeowners insurance rates can vary as much as 188% based on location.
It highlights the fact that where you live can have a huge impact on the cost of your insurance, and that it pays to shop around and compare rates in different areas.
Home insurance claims for dog bites resulted in $797 million in liability payouts in 2019.
With such a large amount of money being paid out in liability claims, it is clear that the cost of not having home insurance can be significant. This statistic serves as a warning to homeowners to make sure they are adequately covered in the event of a dog bite.
Homeowners insurance claims related to theft decreased by 48% from 2009 to 2018.
This is great news for homeowners, as it means that their homes are becoming increasingly secure and that they are less likely to have to make a claim for theft-related damages. This statistic is a positive indicator of the progress being made in home security, and it is an important statistic to consider when researching home insurance.
Single-family homes are twice as likely to have a home insurance claim when compared to multi-family homes.
It highlights the importance of having the right coverage for single-family homes. It serves as a reminder that single-family homes are more prone to claims than multi-family homes, and thus require more comprehensive coverage to protect against potential losses.
6% of insured homes had a claim in 2018.
Even though only 6% of insured homes had a claim in 2018, the potential for a claim is still very real. This statistic serves as a reminder that home insurance is a necessary safeguard against the unexpected.
The homeowners insurance market is expected to reach $104.28 billion by 2027.
As such, the projected growth of the homeowners insurance market is indicative of the increasing demand for such services, and serves as a reminder of the importance of having the right coverage in place.
Conclusion
In conclusion, home insurance is an important part of protecting your home and your family. It is important to understand the statistics and trends associated with home insurance so that you can make an informed decision when purchasing a policy.
By understanding the different types of coverage, the cost of premiums, and the claims process, you can ensure that you are adequately protected.
References
1 – https://www.statista.com/statistics/443222/leading-non-life-insurance-companies-ranked-market-value-europe/
2 – https://www.statista.com/statistics/186413/top-homeowner-insurance-writers-in-the-us-by-market-share/
3 – https://www.statista.com/statistics/283408/number-of-insurance-company-employees-in-the-uk-since-2002/
4 – https://www.statista.com/statistics/441430/insurance-sector-number-of-workers-europe/
5 – https://www.statista.com/statistics/1224938/french-insurance-revenues-ranking/
6 – https://www.statista.com/statistics/982770/japan-number-general-insurance-companies-by-type/
7 – https://www.statista.com/statistics/320441/uk-domestic-claims-property-insurance/
8 – https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance#Homeowners%20Insurance%20Losses%20By%20Cause,%202016-2020%20(1)
9 – https://www.valuepenguin.com/home-insurance-statistics#cost
10 – https://www.globaldata.com/data-insights/financial-services/property-insurance-industry-in-asia-pacific-will-continue-its-growth-momentum-until-2025/
11 – https://www.globenewswire.com
12 – https://www.millennialmagazine.com
13 – https://www.iii.org
14 – https://finance.yahoo.com
15 – https://www.insurancejournal.com
16 – https://www.insurance.com
17 – https://www.propertycasualty360.com
18 – https://www.irmi.com
19 – https://www.valuepenguin.com
20 – https://www.usatoday.com
