Homeowners' Insurance in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)| IBISWorld (2024)

Industry Statistics and Trends

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Homeowners' Insurance in the US

Industry Revenue

Total value and annual change from . Includes 5-year outlook.

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Trends and Insights

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Market size is projected to over the next five years.

Trends and Insights

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    Market share concentration for the Homeowners' Insurance industry in the US is , which means the top four companies generate of industry revenue.

    The average concentration in the sector in the United States is .

    Trends and Insights

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    Homeowners' Insurance in the US

    Products & Services Segmentation

    Industry revenue broken down by key product and services lines.

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    Table of Contents

    About this industry

    Industry definition

    What's included in this industry?

    Companies

    Industry Code

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    Related Industries

    Domestic industries
    Competitors
      Complementors
        International Industries

          Performance

          insights

          charts

          Revenue Highlights

          Trends

            Employment Highlights

            Trends

              Business Highlights

              Trends

                Profit Highlights

                Trends

                  Current Performance

                  Charts
                    Analysis

                    What's driving current industry performance in the Homeowners' Insurance in the US industry?

                    + insights available

                    Outlook

                    Analysis

                    What's driving the Homeowners' Insurance in the US industry outlook?

                    + insights available

                    Volatility

                    Analysis

                    What influences volatility in the Homeowners' Insurance in the US industry?

                    + insights available

                    Charts
                    • Industry Volatility vs. Revenue Growth Matrix

                    Life Cycle

                    Analysis

                    What determines the industry life cycle stage in the Homeowners' Insurance in the US industry?

                    Charts
                    • Industry Life Cycle Matrix

                    + insights available

                    Products and Markets

                    insights

                    charts

                    Highlights

                    Trends

                      Key Takeaways

                      insights available

                      Products and Services

                      Charts
                      • Products and Services Segmentation
                      Analysis

                      How are the Homeowners' Insurance in the US industry's products and services performing?

                      + insights available

                      Analysis

                      What are innovations in the Homeowners' Insurance in the US industry's products and services?

                      + insights available

                      Major Markets

                      Charts
                      • Major Market Segmentation
                      Analysis

                      What influences demand in the Homeowners' Insurance in the US industry?

                      + insights available

                      International Trade

                      Heat maps
                      • Industry Concentration of Imports by Country
                      • Industry Concentration of Exports by Country
                      • Industry Trade Balance by Country
                      Analysis

                      What are the import trends in the Homeowners' Insurance in the US industry?

                      + insights available

                      Analysis

                      What are the export trends in the Homeowners' Insurance in the US industry?

                      + insights available

                      Key Takeaways

                      insights available

                      Business Locations

                      Heat maps
                      • Share of Total Industry Establishments by Region ()
                      Data Tables
                      • Number of Establishments by Region ()
                      Charts
                      • Share of Establishments vs. Population of Each Region
                      Analysis

                      What regions are businesses in the Homeowners' Insurance in the US industry located?

                      + insights available

                      Competitive Forces

                      insights

                      charts

                      Highlights

                      Trends

                        Key Takeaways

                        insights available

                        Concentration

                        Charts
                        • Combined Market Share of the Four Largest Companies in This Industry ()
                        • Share of Total Enterprises by Employment Size
                        Analysis

                        What impacts market share in the Homeowners' Insurance in the US industry?

                        + insights available

                        Barriers to Entry

                        Charts
                          Analysis

                          What challenges do potential entrants in the Homeowners' Insurance in the US industry?

                          + insights available

                          Substitutes

                          Analysis

                          What are substitutes in the Homeowners' Insurance in the US industry?

                          + insights available

                          Buyer and Supplier Power

                          Charts
                          • Upstream Buyers and Downstream Suppliers in the Homeowners' Insurance in the US industry
                          Analysis

                          What power do buyers and suppliers have over the Homeowners' Insurance industry in the US?

                          + insights available

                          Companies

                          insights

                          charts

                          data table

                          Key Takeaways

                          insights available

                          Market Share

                          Charts

                          Companies

                          Data Tables

                          Top companies by market share:

                          • Market share
                          • Revenue
                          • Profit
                          • Profit Margin

                          Company Snapshots

                          Company details, summary, charts and analysis available for

                          Company Details
                          • Total revenue
                          • Total operating income
                          • Total employees
                          • Industry market share
                          Company Summary
                          • Description
                          • Brands and trading names
                          • Other industries
                          Analysis

                          What's influencing the company's performance?

                          + insights available

                          External Environment

                          insights

                          charts

                          Highlights

                          Trends

                            Key Takeaways

                            insights available

                            External Drivers

                            Charts
                              Analysis

                              What demographic and macroeconomic factors impact the Homeowners' Insurance in the US industry?

                              + insights available

                              Regulation and Policy

                              Analysis

                              What regulations impact the Homeowners' Insurance in the US industry?

                              + insights available

                              Assistance

                              Analysis

                              What assistance is available to the Homeowners' Insurance in the US industry?

                              + insights available

                              Financial Benchmarks

                              insights

                              charts

                              data tables

                              Highlights

                              Trends

                              Key Takeaways

                              insights available

                              Cost Structure

                              Charts
                              • Share of Economy vs. Investment Matrix
                              • Industry Cost Structure Benchmarks:
                                • Marketing
                                • Depreciation
                                • Profit
                                • Purchases
                                • Wages
                                • Rent
                                • Utilities
                                • Other
                              Analysis

                              What trends impact cost in the Homeowners' Insurance in the US industry?

                              + insights available

                              Financial Ratios

                              Charts
                              • 3-4 Industry Multiples (2018-2023)
                              • 15-20 Income Statement Line Items (2018-2023)
                              • 20-30 Balance Sheet Line Items (2018-2023)
                              • 7-10 Liquidity Ratios (2018-2023)
                              • 1-5 Coverage Ratios (2018-2023)
                              • 3-4 Leverage Ratios (2018-2023)
                              • 3-5 Operating Ratios (2018-2023)
                              • 5 Cash Flow and Debt Service Ratios (2018-2023)
                              • 1 Tax Structure Ratio (2018-2023)

                              Key Ratios

                              Data tables
                              • IVA/Revenue ()
                              • Imports/Demand ()
                              • Exports/Revenue ()
                              • Revenue per Employee ()
                              • Wages/Revenue ()
                              • Employees per Establishment ()
                              • Average Wage ()

                              Key Statistics

                              2 data tables

                              Industry Data

                              Data Tables

                              Including values and annual change:

                              • Revenue ()
                              • IVA ()
                              • Establishments ()
                              • Enterprises ()
                              • Employment ()
                              • Exports ()
                              • Imports ()
                              • Wages ()

                              Ready to keep reading?

                              Unlock the full report for instant access to 30+ charts and tables paired with detailed analysis.

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                              Or contact us for multi-user and corporate license options

                              Frequently Asked Questions

                              What is the market size of the Homeowners' Insurance industry in the US?

                              The market size of the Homeowners' Insurance industry in the US is measured at in .

                              How fast is the Homeowners' Insurance in the US market projected to grow in the future?

                              Over the next five years, the Homeowners' Insurance in the US market is expected to . See purchase options to view the full report and get access to IBISWorld's forecast for the Homeowners' Insurance in the US from up to .

                              What factors are influencing the Homeowners' Insurance industry in the US market trends?

                              Key drivers of the Homeowners' Insurance in the US market include .

                              What are the main product lines for the Homeowners' Insurance in the US market?

                              The Homeowners' Insurance in the US market offers products and services including .

                              Which companies are the largest players in the Homeowners' Insurance industry in the US?

                              Top companies in the Homeowners' Insurance industry in the US, based on the revenue generated within the industry, includes .

                              How many people are employed in the Homeowners' Insurance industry in the US?

                              The Homeowners' Insurance industry in the US has employees in United States in .

                              How concentrated is the Homeowners' Insurance market in the United States?

                              Market share concentration is for the Homeowners' Insurance industry in the US, with the top four companies generating of market revenue in United States in . The level of competition is overall, but is highest among smaller industry players.

                              Methodology

                              Where does IBISWorld source its data?

                              IBISWorld is a world-leading provider of business information, with reports on 5,000+ industries in Australia, New Zealand, North America, Europe and China. Our expert industry analysts start with official, verified and publicly available sources of data to build an accurate picture of each industry.

                              Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and IBISWorld's proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

                              IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools.

                              To learn more about specific data sources used by IBISWorld's analysts globally, including how industry data forecasts are produced, visit our Help Center.

                              Homeowners' Insurance in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)| IBISWorld (2024)

                              FAQs

                              Homeowners' Insurance in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)| IBISWorld? ›

                              Homeowners' Insurance in the US market size (2024-2029) Industry revenue has grown at a CAGR of 3.8% over the past five years, to reach an estimated $147.8bn in 2023.

                              What is the size of the homeowners insurance market? ›

                              The market size, measured by revenue, of the Homeowners' Insurance industry was $147.8bn in 2023.

                              What is the market size of the insurance industry in the US? ›

                              What years does this USA Life & Non-Life Insurance Market cover, and what was the market size in 2023? In 2023, the USA Life & Non-Life Insurance Market size was estimated at USD 1.89 trillion. The report covers the USA Life & Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023.

                              What is market value in homeowners insurance? ›

                              Market Value is the amount a buyer would pay for a home, including the land regardless of how much it would cost to rebuild it. Many factors enter into the Market Value of a home; a desirable neighborhood, the condition of the home, scenic views, quality of the school district, weather pattern, size of the lot, etc.

                              How big is the insurance industry compared to other industries? ›

                              Insurance is one of the largest industries in the world, with a global market value greater than the gross domestic product (GDP) of many countries. While estimates can vary, most sources put the figure at around 6.8 trillion U.S. dollars of insurance premiums written in 2022.

                              Who is the largest home insurance company in the US? ›

                              State Farm is the largest home insurance company in the country and offers policies in all 50 states. According to J.D. Power's overall customer satisfaction study, State Farm is “better than most” when it comes to overall customer satisfaction.

                              What percentage of Americans have homeowners insurance? ›

                              By the end of 2021, homeownership rates in the U.S. hit 65.5%. In the U.S., 93% of homeowners have some form of home insurance.

                              What is the 80 20 rule for home insurance? ›

                              The 80% rule dictates that homeowners must have replacement cost coverage worth at least 80% of their home's total replacement cost to receive full coverage from their insurance company.

                              What's the difference between home value and market value? ›

                              Market Value. An appraised value is assigned to a property by a professional real estate appraiser at a specific point in time. On the flip side, market value is a variable that's determined by larger market forces and economic conditions.

                              What is the difference between replacement value and fair market value? ›

                              Market value is the estimated price at which a property would be sold on the open market between a willing buyer and seller under all conditions for a fair sale. Replacement cost is the estimated cost to construct, at current prices, a property worth the amount of the property being appraised.

                              What are the property insurance trends in 2024? ›

                              Insurers are raising rates to cover their costs.

                              To preserve profits, insurers increased full coverage premiums by an average of 26% in 2024, according to Bankrate. That's the biggest hike in about 48 years.

                              What is the employment outlook for the insurance industry in 2024? ›

                              72% of insurance companies expect to grow their revenue in 2024. 63% of carriers reported expected increases in hiring. 65% of property and casualty insurers plan to boost staff numbers. 56% of life and health insurance carriers plan to expand.

                              What is the insurance market forecast? ›

                              We forecast total direct premiums written (DPW) growth of 7.0% in 2024 – an upward revision from 5.5%, driven by momentum in personal auto – and 4.5% in 2025 after nearly 10% growth in 2022 and 2023.

                              What is the largest insurance market? ›

                              The United States is the largest insurance market globally by a wide margin. In 2022, the. China was the second largest market, though the U.S. market was more than four times the size of the Chinese market. The UK, Germany, Japan, and France were the next largest OECD insurance markets after the United States.

                              What state has the highest homeowners insurance in the United States? ›

                              Oklahoma, Nebraska and Texas have the highest average annual home insurance premiums in the U.S.

                              Who is the largest property insurer in the world? ›

                              1. State Farm. State Farm is the industry's biggest player, both in the US and overseas. The Bloomington, Illinois-based P&C insurance giant wrote almost $78 billion worth of premiums in the past year.

                              What is insurance market capacity? ›

                              Capacity refers to the largest amount of insurance or reinsurance available from a company or the market in general.

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