Homeowners’ Insurance Industry - Global Strategic Business Report

  • ID: 604638
  • Report
  • Region: Global
  • 43 pages
  • Global Industry Analysts, Inc
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The Homeowners’ Insurance Industry Report provides insightful analysis, market overview, structure and outlook of the industry. A synopsized discussion offers preludes to regional insurance markets such as the United States, Canada, the United Kingdom, Denmark and Chile. The report provides the reader with a rudimentary preface, specifically to the homeowners’ insurance industry in the US, which is richly laden with qualitative and quantitative analysis. The report also examines leading companies’ footing in the US homeowners’ insurance industry, along with their annual written premiums. Also provided is a compilation of recent past/ historical perspective of the industry, strategic corporate developments and product launches within it. Global key and niche players briefly discussed and abstracted in the report include Allianz Cornhill, Allstate Financial Group, Aviva Plc., Chubb Corp., Fidelity National Financial, Hilb Rogal & Hobbs Company, Insurance Australia Group Ltd., Metropolitan Life Insurance Co., NatWest Life, Royal & Sun Alliance Insurance Group, State Farm Group, Suncorp Metway Insurance Ltd., and Zurich Australia Insurance Limited.

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HOMEOWNERS’ INSURANCE INDUSTRY

A STRATEGIC BUSINESS REPORT

CONTENTS

1. Common Types of Protection HO-1
Structure of the House HO-1
Personal Belongings HO-1
Liability Protection HO-2
Additional Living Expenses HO-2

2. Savings on Renters Insurance HO-3
Customer Guidelines HO-3

3. Regional Perspective HO-5

3a. Homeowners Insurance Market in the US HO-5
Hurricane Losses Expand Coverage for Homeowners Insurance HO-5
Private Insurers Repulsing on Homeowners Insurance Policies HO-5
Homeowners and Auto Insurance Markets to Quiver HO-5
Table 1: Leading Players in the US Homeowners Insurance
Market (2006): Market Share of Direct Premiums Written in US$
Billion by Company - State Farm Mutual Group, Allstate
Insurance Group, Zurich Insurance Group, Nationwide Group,
Travelers Group, USAA Group, Liberty Mutual Insurance Group,
Chubb & Son Group, American Family Insurance Group and
Hartford Fire & Casualty Group (includes corresponding
Graph/Chart) HO-6

Table 2: Top 10 States in the US Homeowners’ Insurance Market
by Direct Premiums in US$ Million for 2006 (includes
corresponding Graph/Chart) HO-6
Home Insurance Coverage HO-6
Seven Basic Kinds of Home Insurance Policies HO-7
Covered and Not Covered Events of Casualty/Damage in Home
Insurance HO-8
Renters Insurance in Brief HO-9
Coverage Types HO-9
Actual Cash Value HO-9
Replacement Cost HO-10
Liability Coverage HO-10
Additional Living Expenses HO-10
Costs HO-10
Deductibles in Homeowners Insurance HO-10
Other Home Insurance Coverages HO-11
Guaranteed Replacement Cost Coverage HO-11
Inflation Guard Endorsement HO-11
Scheduled Personal Property Endorsement HO-11
Increased Limits on Money and Securities HO-11
Secondary Residence Premises Endorsement HO-11
Watercraft Endorsement HO-11
Theft Coverage Protection Endorsement HO-12
Credit Card Forgery and Depositors Forgery Coverage Endorsement HO-12
Earthquake Insurance HO-12
California - The Most Active Seismic Zone HO-12
Table 3: Major Earthquakes in the US: Ranked by Property
Damage in US$ Million HO-13
Windstorm Coverage HO-13
Key Trends and Issues in Homeowners’ Insurance Sector HO-13
Homeowner’s Earthquake Policies on Decline as Insurers Reduce
Benefits HO-13
Huge Losses Deter Insurers from Offering Rich Earthquake
Policies HO-13
The Underinsured Homeowners HO-14
Marital Status - An Issue HO-14
Challenges Facing Homeowners Insurers HO-14
Toxic Mold Damage Claims HO-15
Law Practitioners Cash in on Mold Claims HO-15
Lapses Lead to Losses HO-15
Crisis Creates Claim-Premium Imbalance HO-15
Insurers Taking No Chances HO-16
Key Statistics of Recent Past HO-16
Table 4: US Expenditure on Homeowners’ Insurance: 2000-2002
(In US$ Million) (includes corresponding Graph/Chart) HO-16

Table 5: US Homeowner/Renter Insurance Market (2000-2002):
Average Premiums Written (in US$) for Homeowners, and Renters
(includes corresponding Graph/Chart) HO-16
Table 6: Homeowners Losses in the US for 2000-2004 (includes
corresponding Graph/Chart) HO-17
Rates on the Uptrend for Homeowners Insurance HO-17
Factors Contributing to Increased Rates for Homeowners’ Plans HO-17
Table 7: Leading Players in US Homeowners Insurance Market
(2003): Percentage Breakdown by Direct Premiums Written (In
US$ Billion) for State Farm Mutual Group, Allstate
Insurance Co. Group, Farmers Insurance Group, Nationwide
Group, United Services Automobile Association Group,
Travelers Property Casualty Corp. & Affiliates, Liberty
Mutual Group, Combined Federal Ins. Co. & Affiliates
(Chubb), American Family Insurance Group, Combined Safeco
Ins. Co. Group, and Others (includes corresponding
Graph/Chart) HO-18

Table 8: Leading Players in US Homeowners Multiple Peril
Insurance Market (2000-2002): Percentage Share Breakdown by
Direct Premiums Written (In US$ million) for State Farm
Group, Allstate Ins Group, Zurich/ Farmers Group,
Nationwide Group, USAA Group, Travelers P C Group, Chubb
Group of Ins Cos, Amer Family Ins Group, Liberty Mutual Ins
Cos, Safeco Ins Cos and Others (includes corresponding
Graph/Chart) HO-19

Table 9: US Homeowners Multiple Peril Insurance Market
(2001 & 2002): Number of Companies Writing Policies
Direct
Premiums Written in Dollars
and Percentage Share of Each
State HO-20
Earthquake Writers in the US - Key Statistics HO-21
Table 10: Market Shares of Leading Earthquake Writers in US
in 2000 (In %) (includes corresponding Graph/Chart) HO-21

Table 11: Leading Players in Fire and Homeowners Multiple
Peril Insurance Market in Hawaii (2000): Direct Premium
Written in US$ million for State Farm Group, CNA Insurance
Cos, Ace INA Group, Island Insurance Group, Allstate
Insurance Group, and Others (includes corresponding
Graph/Chart HO-22
Homeowners Insurance Market in Hawaii HO-22

3b. Review of Homeowners’ Insurance Market in Other Countries/Regions HO-23

3b(i).Canada HO-23

3b(ii).The United Kingdom HO-23
A Historic Retrospect on Homeowners’ Insurance HO-23
Rate Hikes Indispensable HO-23
Intermediaries Command Distribution of Home Insurance HO-23
Price Sensitivity of Household Insurance Premiums HO-24
Determinants HO-24
Trend Towards Single Adult Homes HO-24
Brighter Prospects in the Offing HO-25
Competition Intensifies HO-25

3b(iii).Denmark HO-25
Market Leaders - A Past Perspective HO-25
Table 12: Household Insurance Industry in Denmark (2002):
Gross Premium and Gross Claims in DKK Million by Companies
(includes corresponding Graph/Chart HO-25

3b(iv).Chile HO-26
Mass Marketing Props Demand for Homeowners Insurance HO-26
Coverage Scope of Homeowners’ Insurance in Chile HO-26

4. Product Launches HO-27
Allstate Introduces New Landlord Insurance Product in Texas HO-27
Zurich to Re-Launch its Home Solutions Product HO-27
Halifax Rolls Out New Insurance Product HO-27

5. Product Launches in the Past HO-28
Chubb Introduces Homeowners Policy HO-28
Zurich Launches Zurich Home Service Plan HO-28
First American Forays into Homeowners Insurance HO-28
Abram Introduces Homeowners Program HO-28
LeasingDesk.com Extends Coverage to More States HO-28
Norwich Union Launches Garden Insurance Package HO-29
Union General’s Insurance Products for Apartments HO-29

6. Recent Industry Activity HO-30
Unitrin’s Subsidiary Acquires Merastar HO-30
CFS Forms a New Wing for General Insurance HO-30
Alleghany to Purchase Stake in Homesite Group HO-30
Assurant Snaps Up SAFECO FIS HO-30
Great Northwest Takes Over Hawaiian Insurance & Guaranty HO-30
State Automobile to Acquire Beacon HO-30
Motors Insurance Acquires MEEMIC Holdings HO-31
Benchmark Causes Vibes in Investment Property Insurance HO-31
Sequel Acquires Stake in Homeowners of America HO-31
ProCentury Acquires Firemans Fund Insurance HO-31
COUNTRY Insurance & Financial Services to Acquire MSI
Insurance Co HO-31
Lawley-Andolina LLC Acquires Luellen Insurance HO-31
Wescom Credit Union Acquires Hallmark Associates Insurance
Services HO-31
IBM Plans to Acquire Liberty Insurance Services Corp HO-32

7. Strategic Developments in the Past HO-33
Cardif Acquires FALIC HO-33
CFI Buys Summit Insurance Group HO-33
Hub International Ltd. Acquires CIA HO-33
Balboa Reaches Agreement with 21st Century HO-33
Farmers Insurance Formulates Partnership with Target Stores HO-33
Texas Department of Insurance Approves New Homeowners Policy HO-33
CPP Acquires Homecare Holdings HO-34

8. Focus on Select Players Worldwide HO-35
Allianz Cornhill, UK HO-35
Allstate Financial Group, US HO-35
Aviva Plc, UK - Fifth Largest Life Insurer in the World HO-35
Grupo Bradesco de Seguros, Brazil HO-35
Chubb Corp., US HO-36
Direct Line, UK HO-36
Ecclesiastical Insurance Group, UK HO-36
Equity Insurance Group Limited, UK HO-37
Fidelity National Financial, US HO-37
Generali -Providencia, Hungary HO-38
Hartford Financial Services Group, Inc., US HO-38
Insurance Australia Group Ltd. (IAG), Australia HO-38
Metropolitan Life Insurance Co., US HO-39
NatWest Life, UK HO-39
Royal & Sun Alliance Insurance Group, UK HO-39
State Farm Mutual Automobile Insurance Company, US HO-39
Suncorp Metway Insurance Ltd, Australia HO-39
Zurich Australia Insurance Limited, Australia HO-39
Note: Product cover images may vary from those shown
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  • Allianz Cornhill, UK HO-
  • Allstate Financial Group, US HO-
  • Aviva Plc, UK - Fifth Largest Life Insurer in the World HO-
  • Grupo Bradesco de Seguros, Brazil HO-
  • Chubb Corp., US HO-
  • Direct Line, UK HO-
  • Ecclesiastical Insurance Group, UK HO-
  • Equity Insurance Group Limited, UK HO-
  • Fidelity National Financial, US HO-
  • Generali -Providencia, Hungary HO-
  • Hartford Financial Services Group, Inc., US HO-
  • Insurance Australia Group Ltd. (IAG), Australia HO-
  • Metropolitan Life Insurance Co., US HO-
  • NatWest Life, UK HO-
  • Royal & Sun Alliance Insurance Group, UK HO-
  • State Farm Mutual Automobile Insurance Company, US HO-
  • Suncorp Metway Insurance Ltd, Australia HO-
  • Zurich Australia Insurance Limited, Australia HO-
Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown
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