Kathmandu. The demand for home insurance in the Asia-Pacific region is on the rise. At the same time, the business of insurers is also increasing significantly.
According to the report prepared by SNS Insider, increasing urbanization in the Asia Pacific region, increasing income of the middle class and rapid increase in the construction of residential houses are also increasing the demand for home insurance. Regulatory support and expansion of insurance access at the local level have also contributed to high demand for home insurance in the region, the report said.
The business of home insurance has increased in China, India and Southeast Asian markets in the Asia Pacific region. From 2024 to 2032, the home insurance business in the sector is expected to grow at an average of 10.12 percent annually.
In the global market, the business of home insurance is expected to double by 2032. By 2023, home insurance business in the global market was $238.3 billion. By 2032, trade is expected to grow to $476.68 billion. This will be an increase of 8.09 percent annually.
The demand for home insurance is increasing worldwide due to increasing awareness about property protection and increasing natural disasters. In 2023, home insurance accounted for 43 percent of the world’s total insurance business.
Home insurance provides compensation for damage caused by fire, theft, vandalism and natural disasters.
