"UK Household Insurance: Market Dynamics and Opportunities 2018", report provides an in-depth analysis of the UK household insurance market. It looks at market size and performance ratios as well as changes in premiums, claims, contextual and economic factors, regulations, and opportunities. It provides a thorough overview of the market along with future forecasts and analysis of emerging technologies and products.
Competition in the market remains high but conditions have hardened, with gross written premium (GWP) and average annual premiums increasing despite claims incurred declining in 2017. Benign weather conditions throughout 2017 helped insurers maintain profitability, although 2018 has already presented a very different challenge, with two major weather events occurring in the first quarter.
Home insurers continue to assess the implications of smart devices, and leading players such as AXA and Aviva remain focused on finding technology companies and start-ups to partner with to boost their propositions.
- UK household insurance GWP grew by 2.0% in 2017 to £6.5bn.
- The percentage of people living in owner-occupied properties increased for the first time since 2004 in Q1 2017, and increases to insurance premium tax (IPT) raised the average premium price.
- Start-ups continue to enter the market, with simplification a key trend in the industry.
- Offering easy-to-use policies in simple English over smartphone apps is how start-ups such as Buzzmove and Homelyfe enjoyed early success.
Reasons to buy
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Be prepared for how regulation will impact the household insurance market over the next few years.
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