Asia-Pacific home insurance market to grow 10.12% by 2032

Globally, the market is expected to bag $477b.

Asia-Pacific’s home insurance market is slated for a compound annual growth rate (CAGR) of 10.12% from 2024 to 2032, according to SNS Insider.

Growth is driven by increased urbanisation, rising middle-class wealth, and ongoing residential development in countries like China, India, and across Southeast Asia. 

Regulatory support and localised insurance offerings are also contributing to the expansion of home insurance across the region, the report added.

Globally, the market is expected to grow from $238.31b in 2023 to $476.68b by 2032, according to industry projections. 

This represents a CAGR of 8.09% over the forecast period.

Key drivers include rising awareness of property protection, increasing frequency of climate-related natural disasters, and growing demand for broad insurance coverage. 

The adoption of digital tools and AI-powered platforms is also helping insurers improve policy personalisation and claims management, making home insurance more accessible and efficient for consumers.

In 2023, the comprehensive coverage segment led the market with a 43% revenue share. 

These policies cover a wide range of risks such as fire, theft, vandalism, and natural disasters.

As climate conditions become more unpredictable, more homeowners are opting for comprehensive coverage to safeguard their property and finances.