What Has Been the Growth of the Domiciliary Insurance Market So Far?
The domiciliary insurance market has seen considerable growth due to a variety of factors.
• The size of the home-based insurance market has been expanding swiftly in the previous years. It is projected to rise from $44.72 billion in 2024 to $51.88 billion in 2025, marking a compound annual growth rate (CAGR) of 16.0%.
Factors contributing to growth in the past period include home possession, safeguarding of assets, requirements for mortgaging, awareness of disasters, and adherence to regulations.
How Will the Domiciliary Insurance Market?
The domiciliary insurance market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the home insurance market is forecasted to experience a swift expansion. The market is predicted to surge to $85.59 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 13.3%.
This projected growth in the forecast period can be credited to transforming housing patterns, environmental hazards, advancements in technology, preferences for personalized and customized insurances, and economic circumstances. Key developments expected during this period include an aging population, care delivered at home, the integration of telehealth, and personalized insurance policies.
Which Factors Are Boosting Growth In The Domiciliary Insurance Market?
The expanding elderly population is anticipated to propel the domiciliary insurance market. As the world's population ages, the fastest expanding age bracket is those aged 65 and above. For example, a report released by the United Nations, a U.S.-based Intergovernmental organization in November 2022 stated that the proportion of the worldwide population aged 65 and above is predicted to increase from 10% in 2022 to 16% by 2050. Predictions for 2050 suggest that the global count of individuals aged 65 and above will be double that of children below five years of age, and nearly equal to the number of children below 12 years of age. As a result, the rising elderly population is boosting the growth of the domiciliary insurance market.
What Key Areas Define The Segmentation Of The Global Domiciliary Insurance Market?
The domiciliary insurance market covered in this report is segmented –
1) By Insurance Type: Diseases Insurance, Medical Insurance, Income Protection Insurance, Other Insurance Types
2) By Coverage Type: Lifetime Coverage, Term Coverage
3) By Demographics: Minors, Adults, Senior Citizen
4) By Network: Preferred Provider Organizations (PPOs), Point Of Services (POS), Health Maintenance Organization (HMOs), Exclusive Provider Organizations (EPOs)
5) By Service Provider: Private, Public
Subsegments:
1) By Diseases Insurance: Critical Illness Insurance, Chronic Diseases Insurance, Short-Term Illness Insurance
2) By Medical Insurance: Inpatient Medical Insurance, Outpatient Medical Insurance, Preventive Care Insurance
3) By Income Protection Insurance: Short-Term Income Protection, Long-Term Income Protection
4) By Other Insurance Types: Accident Insurance, Disability Insurance, Long-Term Care Insurance
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What Trends Are Reshaping The Future Of The Domiciliary Insurance Market?
Significant entities in the domiciliary insurance sector are pushing their market growth by introducing advanced insurance plans such as home healthcare programs. A home healthcare program is a comprehensive scheme that facilitates individuals to manage their health issues or recuperate from diseases at home, typically encompassing self-care measures, medication administration, and necessary lifestyle modifications based on their unique requirements. For example, in September 2022, Allianz Care Australia, a company based in Australia that offers medical assistance and insurance, introduced a home treatment program catered towards their overseas student health insurance enrollees needing cancer treatment in Australia. This program allows members to undergo cancer treatment at their own homes rather than in a hospital setting. This not only enhances the overseas students' lives but also broadens the options for those in need of cancer treatment. As a part of this initiative, Allianz members are offered repeated cycle treatment such as chemotherapy, immunotherapy, chronic disease infusions, and more frequently prescribed therapies for cancer treatment.
Who Are the Key Players In The Domiciliary Insurance Market?
Major companies operating in the domiciliary insurance market include:
• Cigna Group
• AIA Group Limited
• Allianz SE
• AXA SA
• Aviva plc
• Aetna Inc.
• HDFC ERGO General Insurance Company Limited
• Munich Re Group
• ICICI Lombard General Insurance Company Limited
• Religare Health Insurance Company Limited
• Edelweiss General Insurance Company Limited
• Anthem Insurance Companies Inc.
• Blue Cross Blue Shield Association
• Humana Inc.
• Health Care Service Corporation
• Highmark Inc.
• Kaiser Foundation Health Plan Inc.
• UnitedHealth Group Incorporated
• WellCare Health Plans Inc.
• Centene Corporation
• Allianz Care
• BMI Healthcare Ltd.
• Broadstone Corporate Benefits Limited
• HBF Health Limited
• Healthcare International Global Network Ltd.
• Aditya Birla Health Insurance Limited
• Bajaj Allianz Health Insurance Company Limited
• Bharti AXA General Insurance Company Limited
• Kotak Mahindra General Insurance Company Limited
• Oriental Insurance Company Ltd.
• Reliance General Insurance Company Limited
• SBI General Insurance Company Limited
• Next Insurance Inc.
• Ethos Life Insurance Services
What Is The Most Dominant Region In The Domiciliary Insurance Market?
North America was the largest region in the domiciliary insurance market in 2024. Asia-Pacific was the second-largest region in the domiciliary insurance market. The regions covered in the domiciliary insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
