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Homeowners’ Insurance Industry

Product Type: Market Research Report
Published by: Global Industry Analysts
Published: March 2008
Product Code: R263-3378
Description
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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Table of Contents
1. Common Types of Protection


Structure of the House


Personal Belongings


Liability Protection


Additional Living Expenses


2. Savings on Renters Insurance


Customer Guidelines


3. Regional Perspective


3a. Homeowners Insurance Market in the US


Hurricane Losses Expand Coverage for Homeowners Insurance


Private Insurers Repulsing on Homeowners Insurance Policies


Homeowners and Auto Insurance Markets to Quiver


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)


Table 2: Top 10 States in the US Homeowners’ Insurance Market by Direct Premiums in US$ Million for 2006 (includes corresponding Graph/Chart)


Home Insurance Coverage


Seven Basic Kinds of Home Insurance Policies


Covered and Not Covered Events of Casualty/Damage in Home Insurance


Renters Insurance in Brief


Coverage Types


Actual Cash Value


Replacement Cost


Liability Coverage


Additional Living Expenses


Costs


Deductibles in Homeowners Insurance


Other Home Insurance Coverages


Guaranteed Replacement Cost Coverage


Inflation Guard Endorsement


Scheduled Personal Property Endorsement


Increased Limits on Money and Securities


Secondary Residence Premises Endorsement


Watercraft Endorsement


Theft Coverage Protection Endorsement


Credit Card Forgery and Depositors Forgery Coverage Endorsement


Earthquake Insurance


California - The Most Active Seismic Zone


Table 3: Major Earthquakes in the US: Ranked by Property Damage in US$ Million


Windstorm Coverage


Key Trends and Issues in Homeowners’ Insurance Sector


Homeowner’s Earthquake Policies on Decline as Insurers Reduce Benefits


Huge Losses Deter Insurers from Offering Rich Earthquake Policies


The Underinsured Homeowners


Marital Status - An Issue


Challenges Facing Homeowners Insurers


Toxic Mold Damage Claims


Law Practitioners Cash in on Mold Claims


Lapses Lead to Losses


Crisis Creates Claim-Premium Imbalance


Insurers Taking No Chances


Key Statistics of Recent Past


Table 4: US Expenditure on Homeowners’ Insurance: 2000-2002 (In US$ Million) (includes corresponding Graph/Chart)


Table 5: US Homeowner/Renter Insurance Market (2000-2002): Average Premiums Written (in US$) for Homeowners, and Renters (includes corresponding Graph/Chart)


Table 6: Homeowners Losses in the US for 2000-2004 (includes corresponding Graph/Chart)


Rates on the Uptrend for Homeowners Insurance


Factors Contributing to Increased Rates for Homeowners’ Plans


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)


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)


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


Earthquake Writers in the US - Key Statistics


Table 10: Market Shares of Leading Earthquake Writers in US in 2000 (In %) (includes corresponding Graph/Chart)


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


Homeowners Insurance Market in Hawaii


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


3b(i).Canada


3b(ii).The United Kingdom


A Historic Retrospect on Homeowners’ Insurance


Rate Hikes Indispensable


Intermediaries Command Distribution of Home Insurance


Price Sensitivity of Household Insurance Premiums


Determinants


Trend Towards Single Adult Homes


Brighter Prospects in the Offing


Competition Intensifies


3b(iii).Denmark


Market Leaders - A Past Perspective


Table 12: Household Insurance Industry in Denmark (2002): Gross Premium and Gross Claims in DKK Million by Companies (includes corresponding Graph/Chart


3b(iv).Chile


Mass Marketing Props Demand for Homeowners Insurance


Coverage Scope of Homeowners’ Insurance in Chile


4. Product Launches


Allstate Introduces New Landlord Insurance Product in Texas


Zurich to Re-Launch its Home Solutions Product


Halifax Rolls Out New Insurance Product


5. Product Launches in the Past


Chubb Introduces Homeowners Policy


Zurich Launches Zurich Home Service Plan


First American Forays into Homeowners Insurance


Abram Introduces Homeowners Program


LeasingDesk.com Extends Coverage to More States


Norwich Union Launches Garden Insurance Package


Union General’s Insurance Products for Apartments


6. Recent Industry Activity


Unitrin’s Subsidiary Acquires Merastar


CFS Forms a New Wing for General Insurance


Alleghany to Purchase Stake in Homesite Group


Assurant Snaps Up SAFECO FIS


Great Northwest Takes Over Hawaiian Insurance & Guaranty


State Automobile to Acquire Beacon


Motors Insurance Acquires MEEMIC Holdings


Benchmark Causes Vibes in Investment Property Insurance


Sequel Acquires Stake in Homeowners of America


ProCentury Acquires Firemans Fund Insurance


COUNTRY Insurance & Financial Services to Acquire MSI Insurance Co


Lawley-Andolina LLC Acquires Luellen Insurance


Wescom Credit Union Acquires Hallmark Associates Insurance Services


IBM Plans to Acquire Liberty Insurance Services Corp


7. Strategic Developments in the Past


Cardif Acquires FALIC


CFI Buys Summit Insurance Group


Hub International Ltd. Acquires CIA


Balboa Reaches Agreement with 21st Century


Farmers Insurance Formulates Partnership with Target Stores


Texas Department of Insurance Approves New Homeowners Policy


CPP Acquires Homecare Holdings


8. Focus on Select Players Worldwide


Allianz Cornhill, UK


Allstate Financial Group, US


Aviva Plc, UK - Fifth Largest Life Insurer in the World


Grupo Bradesco de Seguros, Brazil


Chubb Corp., US


Direct Line, UK


Ecclesiastical Insurance Group, UK


Equity Insurance Group Limited, UK


Fidelity National Financial, US


Generali -Providencia, Hungary


Hartford Financial Services Group, Inc., US


Insurance Australia Group Ltd. (IAG), Australia


Metropolitan Life Insurance Co., US


NatWest Life, UK


Royal & Sun Alliance Insurance Group, UK


State Farm Mutual Automobile Insurance Company, US


Suncorp Metway Insurance Ltd, Australia


Zurich Australia Insurance Limited, Australia




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