$4.5bn
$XXX.Xm
12,468
344
$XXX.Xm
As more people live in rent-occupied households, industry operators gain opportunities to provide consumers with renters' insurance. In recent years, effective marketing has made consumers more aware of the small amount they need to pay each year for renters' insurance, which assures they will receive reimbursements in the event that their personal belongings are stolen or damaged inside their apartment or condo. In 2020, the number of housing renters declined amid the COVID-19 pandemic, which spurred an exodus of some renters from cities; this was offset by demand from renters who decided to take advantage of depressed real estate prices and buy condos and HO-6 insurance policies, leading industry revenue to grow. Renters insurance revenue has been growing at an annualized 1.5% over the past five years – including an estimated 1.3% in the current year – and is expected to total $4.5 billion in 2023, with profit margins set to drop to 11.4%.Renters insurance revenue is expected to grow at an annualized 0.3% to $4.6 billion over the five years to 2028, when profit margins are estimated to drop to 11.3%. New operators that predominantly provide services online and through apps are forecast to continue entering the industry during the period, although industry consolidation is expected to reduce the overall number of operators somewhat as larger companies acquire smaller incumbents and entrants. The low price of policies provided through novel technology-enabled platforms will likely attract more customers and provide an avenue for innovation, potentially improving underwriting techniques to better optimize risk and leading industry profit to remain stable during the outlook period.
Industry revenue has grown at a CAGR of 1.5 % over the past five years, to reach an estimated $4.5bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
State Farm Mutual Automobile Insurance Co | 951.0 | 28.3 | 3.0 | |
Allstate Corp | 805.8 | 81.4 | 10.1 | |
Travelers Companies, inc. | 334.8 | 39.1 | 11.7 |
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Industry revenue is measured across several distinct product and services lines, including HO-4 (renters’ insurance) premiums, HO-6 (Condo/co-op insurance) premiums and Other. HO-4 (renters’ insurance) premiums is the largest segment of the Renters' Insurance in the US.
HO-4 (renters' insurance) premiums are the main source of revenue
This industry underwrites insurance policies (i.e. assumes risk and assigns premiums) for renters. Renters’ insurance protects against loss or damage to property due to theft, fire and other causes.
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NAICS 52412 - Renters' Insurance in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Most renters don’t use renters’ insurance. In the last five years, renters’ insurers increased marketing efforts to bring in new clients.
Learn about an industry's products and services, markets and trends in international trade.
HO-4 (renters' insurance) premiums are the main source of revenue. Insurers place an emphasis on this definition when marketing to consumers, that for only a few dollars a mo...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The majority of industry establishments are located in the Southeast, with Florida representing the largest share of establishments in the region. The region's renters' insur...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
The industry is fragmented. Some insurers specialize in certain products and do not lead in all markets, detracting from their overall market share.
Learn about the performance of the top companies in the industry.
Allstate Corp is the largest player in the industry. The company accounts for over 19.9% of revenue.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
The industry is regulated by several organizations. The regulations aim to promote competitive markets, fair and equitable treatment of insurance consumers and supporting and...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Profit margins have been relatively high in the last five years. Higher premiums have been driven by consolidation in the industry and the increasing prevalence of natural ca...
Including values and annual change:
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Key data sources in the US include:
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The market size of the Renters' Insurance in the US industry in United States is $4.5bn in 2024.
There are 344 businesses in the Renters' Insurance in the US industry in United States, which has grown at a CAGR of 1.9 % between 2018 and 2023.
The market size of the Renters' Insurance in the US industry in United States has been growing at a CAGR of 1.5 % between 2018 and 2023.
Over the next five years, the Renters' Insurance in the US industry in United States is expected to grow.
The biggest companies operating in the Renters' Insurance market in United States are State Farm Mutual Automobile Insurance Co, Allstate Corp and Travelers Companies, inc.
Providing insurance policies for apartment rentals and Providing insurance policies for condominium rentals are part of the Renters' Insurance in the US industry.
The company holding the most market share in United States is State Farm Mutual Automobile Insurance Co.
The level of competition is high and steady in the Renters' Insurance in the US industry in United States.