Renters Insurance Market Report 2024 (Global Edition)

Global Renters Insurance Market Report 2024 Market Size Split by Protection Type (Personal Possessions, Liability, Additional Living Expenses), by Distribution Model (Online, Offline), by Distributor ...

Renters Insurance Market Report Description

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Renters Insurance Market Insights Video

Competitive Landscape of the Renters Insurance Market

The renters insurance market is highly competitive, dominated by key players like State Farm, Allstate, and Geico. These companies vie for market share through comprehensive coverage offerings, competitive pricing, and customer service excellence. Technological advancements have also played a crucial role, enabling insurers to streamline processes and enhance customer experiences. Market dynamics include evolving consumer preferences, regulatory changes, and innovations in digital platforms. Overall, intense competition fosters innovation and drives insurers to continually improve services to meet the diverse needs of renters worldwide.

May 2021: Cigna launched its Cigna ID card, providing clients with access to in-network doctors, care options, and cost estimates anytime and from anywhere.

(Source: https://www.cigna.com/individuals-families/member-guide/)

Top Companies Market Share in Renters Insurance Industry: (In no particular order of Rank)

• State Farm (USA)
• Allstate (USA)
• Geico (USA)
• Progressive (USA)
• Liberty Mutual (USA)
• Farmers Insurance (USA)
• USAA (USA)
• Nationwide (USA)
• Travelers Insurance (USA)
• American Family Insurance (USA)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Renters Insurance Market

Which Region Dominates the Renters Insurance Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global revenue because of the area's high rental rates and a large number of rental properties drive demand for insurance coverage. Established insurance companies with extensive distribution networks and brand recognition dominate the market. Regulatory frameworks also support insurance penetration, ensuring widespread adoption among renters. Additionally, robust economic conditions and a culture of insurance awareness further contribute to North America's leading position in the global renters insurance market..

Which Region is Expanding at the Fastest CAGR?

The Asia Pacific region is experiencing the fastest compound annual growth rate (CAGR) in the renters insurance market due to several key factors. Rapid urbanization and increasing disposable incomes are expanding the middle-class population, driving demand for rental properties and associated insurance coverage. Moreover, rising awareness of insurance benefits and government initiatives promoting financial security contribute to market growth. Insurers are also leveraging digital platforms to reach a broader audience efficiently. These factors collectively propel the Asia Pacific region as a burgeoning market for renters insurance.

 

The current report Scope analyzes Renters Insurance Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Renters Insurance Market

According to Cognitive Market Research, the global Renters Insurance market size was estimated at USD 8951.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD xx million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Renters Insurance market with a market size of USD xx million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. The demand is amplified by the nation's a robust rental housing market.
• The Canada Renters Insurance market had a market share of USD xx million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. Canada's robust consumer demand and a diverse range of applications to increased usage of Renters Insurance.
• The Mexico Renters Insurance market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD xx million in 2024.

Europe Renters Insurance Market

According to Cognitive Market Research, the global Renters Insurance market size was estimated at USD 8951.2 Million out of which Europe held the market of more than 30% of the global revenue with a market size of USD xx million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.

• The United Kingdom Renters Insurance market had a market share of USD xx million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. In the UK, Renters Insurance sales witness an upswing due to the nation's rising number of rental households.
• The France Renters Insurance market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD xxmillion in 2024.
• According to Cognitive Market Research, the Germany Renters Insurance market size was valued at USD xx million in 2024 and is projected to grow at a CAGR of 5.7% during the forecast period. In Germany, Renters Insurance sales surged due to stringent regulatory requirements.
• The Italy Renters Insurance market is projected to witness growth at a CAGR of 4.9% during the forecast period, with a market size of USD xx million in 2024.
• The Russia Renters Insurance market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD xx million in 2024.
• The Spain Renters Insurance market is projected to witness growth at a CAGR of 4.6% during the forecast period with a market size of USD xx million in 2024
• The Luxembourg Renters Insurance market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD xx million in 2024.
• The Portugal Renters Insurance market is projected to witness growth at a CAGR of 5.3% during the forecast period, with a market size of USD xx million in 2024.
• The Greece Renters Insurance market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD xx million in 2024.
• Rest of Europe's Renters Insurance market is projected to witness growth at a CAGR of 4.2% during the forecast period, with a market size of USD xx million in 2024.

Asia Pacific Renters Insurance Market

According to Cognitive Market Research, the global Renters Insurance market size was estimated at USD 8951.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD xx million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Renters Insurance market size was valued at USD xx million in 2024 and is projected to grow at a CAGR of 8.5% during the forecast period. Renters Insurance sales surge in China due to rapid urbanization, expanding rental housing markets, and increasing disposable incomes.
• The Japan Renters Insurance market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD xx million in 2024.
• The India Renters Insurance market had a market share of USD xx million in 2024 and is projected to grow at a CAGR of 10.8% during the forecast period. India's heightened awareness of the need for insurance to protect personal belongings and liabilities augment the demand encourage adoption of insurance.
• The South Korea Renters Insurance market is projected to witness growth at a CAGR of 8.1% during the forecast period, with a market size of USD xx million in 2024.
• The Australia Renters Insurance market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD xx million in 2024.
• The South East Asia Renters Insurance market is projected to witness growth at a CAGR of 10.0% during the forecast period, with a market size of USD xx million in 2024.
• The Rest of Asia Pacific Renters Insurance market is projected to witness growth at a CAGR of 8.8% during the forecast period, with a market size of USD xx million in 2024.

South America Renters Insurance Market

According to Cognitive Market Research, the global Renters Insurance market size was estimated at USD 8951.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD xx million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Renters Insurance market size was valued at USD 191.56 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. Renters Insurance sales flourish in Brazil due to rising awareness about the importance of insurance coverage for rented properties.
• Argentina Renters Insurance market had a market share of USD xx million in 2024 and is projected to grow at a CAGR of 7.3% during the forecast period. Argentina's increasing middle-class population augment the demand to drive innovation in the insurance industry.
• Colombia Renters Insurance market is projected to witness growth at a CAGR of 6.2% during the forecast period with a market size of USD xx million in 2024.
• Peru Renters Insurance market is projected to witness growth at a CAGR of 6.6% during the forecast period with a market size of USD xx million in 2024.
• Chile Renters Insurance market is projected to witness growth at a CAGR of 6.7% during the forecast period with a market size of USD xx million in 2024.
• The Rest of Latin America Renters Insurance market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD xx million in 2024.

Middle East and Africa Renters Insurance Market

According to Cognitive Market Research, the global Renters Insurance market size was estimated at USD 8951.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD xx million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031

• The GCC Countries Renters Insurance market is projected to witness growth at a CAGR of 7.5% during the forecast period with a market size of USD xx million in 2024. Renters Insurance sales flourish due to increasing urbanization, rising disposable incomes, and expanding rental markets.
• The Egypt Renters Insurance market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD xx million in 2024.
• The South Africa Renters Insurance market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD xx million in 2024. Renters Insurance sales flourish in South Africa due to growing awareness of the need for renters insurance to protect personal belongings and liability.
• The Turkey Renters Insurance market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD xx million in 2024.
• The Nigeria Renters Insurance market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD xx million in 2024.
• The Rest of MEA Renters Insurance market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD xx million in 2024.

Renters Insurance Market Analysis

Renters Insurance Market Protection Type Segment Analysis

According to Cognitive Market Research, Personal Possessions stands out as the dominating category. The Personal Possessions Protection type has captured the largest market share in the renters insurance market due to its fundamental appeal to renters. This coverage protects personal belongings against risks like theft, fire, or natural disasters, addressing a primary concern for tenants. As renters increasingly value financial security and protection for their assets, insurers offering comprehensive coverage options gain prominence. Additionally, customizable policies and competitive pricing strategies further enhance the attractiveness of Personal Possessions Protection, solidifying its dominance in the market.

Liability Protection is experiencing the highest compound annual growth rate (CAGR) in the renters insurance market due to increasing awareness and legal considerations among renters. This coverage type shields policyholders from legal and medical expenses arising from third-party injuries or property damage within their rented premises. As societal litigiousness rises and landlords often require liability coverage, demand for this protection grows. Insurers are expanding offerings to include higher coverage limits and additional features, catering to evolving tenant needs and regulatory requirements, driving its rapid growth.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Renters Insurance Industry. Request a Free Sample PDF!

Renters Insurance Market Distribution Model Segment Analysis

According to Cognitive Market Research, the dominating category is Offline. The Offline Distribution Model holds the largest market share in renters insurance due to established trust and accessibility. Customers often prefer face-to-face interactions with agents to discuss policy details and coverage options. This traditional approach allows insurers to build personalized relationships, understand customer needs better, and offer tailored solutions. Moreover, agents provide guidance throughout the claims process, enhancing customer satisfaction and retention. While online channels are growing, the offline model's human touch and customer service remain pivotal in capturing and maintaining market leadership in renters insurance.

The Online Distribution Model is experiencing the highest growth rate in the renters insurance market due to its convenience and accessibility. Increasing internet penetration, coupled with tech-savvy consumers preferring digital interactions, drives this trend. Online platforms offer a streamlined purchasing experience, allowing renters to compare policies easily, access quotes instantly, and complete transactions swiftly. Insurers leverage digital marketing and AI-driven tools to target and engage a broader audience effectively. As consumer behavior shifts towards digital channels, the Online Distribution Model continues to expand rapidly in the renters insurance sector.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Renters Insurance Distributor Type Segment Analysis

Distributor Type Segment Analysis

According to Cognitive Market Research, the dominating category is Insurance Companies. The Insurance Companies Distributor Type holds the largest market share in renters insurance due to its direct relationship with policyholders. This distribution model allows insurers to offer competitive pricing, tailored coverage options, and efficient claims processing directly to consumers. By eliminating intermediaries, insurers maintain control over customer interactions, enhancing service quality and customer satisfaction. Additionally, direct distribution fosters brand loyalty and enables insurers to adapt quickly to market trends and regulatory changes, solidifying its dominance in the renters insurance market.

Brokers/Agents Distributor Type is experiencing the highest growth rate in the renters insurance market due to their personalized service and expertise. Brokers and agents offer valuable advice, helping renters navigate complex insurance options and find policies that best fit their needs. Their ability to provide customized solutions and advocate for clients during claims processes enhances customer satisfaction and retention. Additionally, brokers/agents often represent multiple insurers, offering a variety of choices, which appeals to renters seeking comprehensive coverage and competitive pricing.

• Insurance Companies
• Banks
• Brokers/Agents
• Others

Renters Insurance End User Segment Analysis

End User Segment Analysis

According to Cognitive Market Research, the dominating category is Business. Business end users, such as property management companies and real estate firms, dominate the renters insurance market due to their ability to influence purchasing decisions. These entities often require tenants to obtain renters insurance as part of lease agreements, driving demand. Moreover, they streamline the insurance acquisition process by offering policies directly to tenants, enhancing convenience and compliance. By integrating insurance offerings into their service packages, business end users ensure widespread adoption among renters, thus securing the largest market share.

Individuals as end users are experiencing the highest growth rate in the renters insurance market due to increasing awareness of personal financial protection. Renters are recognizing the importance of safeguarding their belongings and liabilities against unforeseen events like theft, fire, or accidents. Additionally, shifting demographics towards urbanization and renting lifestyles amplify demand. Insurers are responding with tailored policies, competitive pricing, and accessible online platforms, catering directly to individual renters' needs. This proactive approach drives the rapid growth of individuals as the primary end users in renters insurance.

• Business
• Individuals

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile & Transportation vertical.

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