Press release
High Net Worth Household Insurance Market 2018 - Key Players, Products and Latest Developments
"High Net Worth Household Insurance 2018", report provides an in-depth study into specialist home insurance products for wealthy individuals. The report outlines what a typical MNW and HNW home insurance product includes and how they are distributed. Key issues associated with the industry are addressed in addition to highlighting key market players, their products and latest developments.
Within the UK household insurance market there is a segment dedicated to providing specialist policies for individuals whose above-average wealth would result in them being underinsured should they hold a standard, mass market policy. In response, providers have developed policies for both mid net worth (MNW) and high net worth (HNW) individuals that typically have wider coverage and higher limits than standard policies.
Get Sample Copy of this report @ https://www.marketresearchreports.biz/sample/sample/1743233
The number of HNW and MNW households in the UK is forecast to continue rising over the next five years. This, combined with average premiums which it is believed will hold constant or rise slightly, will allow the market GWP to continue its year-on-year growth. In order for providers to capitalize on this potential growth they must begin to adopt online platforms which can be utilized for the purchasing journey and claims process, as customer preferences have slowly started to change towards those found within the mass market.
Scope
- The dominant players in the specialist household insurance market remain Hiscox and Chubb.
- Consumer purchasing and research attitudes found within the mass market are beginning to trickle into the MNW market as individuals wealth grows and they continue to hold these attitudes.
- Specialist HNW and MNW insurers are regarded as providing some of the best insurance across the industry.
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
Browse Complete Report with TOC @ https://www.marketresearchreports.biz/reports/1743233/high-net-worth-household-insurance-2018-market-research-reports/toc
Table of Contents
EXECUTIVE SUMMARY 1
1.1. Market summary 1
1.2. Key findings 1
1.3. Critical success factors 1
2. THE HNW & MNW HOUSEHOLD INSURANCE MARKET 7
2.1. Introduction 7
2.2. What classifies an individual as MNW or HNW? 7
2.2.1. Insurers definition of MNW and HNW individuals 7
2.2.2. The value of contents insured and rebuild costs are used to classify individuals 7
2.2.3. The diversity of risks is far greater for MNW and HNW individuals 8
2.2.4. Underinsurance is a problem in the specialist home insurance market 9
2.3. Growth in the MNW and HNW home insurance market 9
2.3.1. The market has grown consistently over the previous five years 9
2.3.2. Further growth in the market is possible, with the key being MNW individuals 11
2.3.3. The number of policies written is steadily increasing 13
2.3.4. Product targeting and identifying customers is crucial to achieving higher growth 15
3. DISTRIBUTION 16
3.1. MNW individuals continue to shape the market 16
3.1.1. There is a growing shift towards the online marketplace for MNW home insurance 16
3.1.2. Brokers must incorporate technology 16
3.2. Service is the key to the HNW insurance market 17
3.2.1. Complex risks make brokers essential for HNW household insurance clients 17
3.2.2. HNW insurers remain among the best service providers 17
3.2.3. The HNW claims process is as streamlined as possible 19
3.3. Collaboration across industries could help unlock a new client base 19
3.3.1. Working with other financial services providers will allow for new clients to be sourced 19
4. COMPETITOR DYNAMICS 20
4.1. The largest players in the HNW and MNW space 20
4.1.1. Hiscoxs 506 and 606 policies target MNW and HNW individuals 20
4.1.2. Chubb offers three levels of household insurance 21
4.2. A number of other specialist providers also operate within the market 21
4.2.1. Cova offers two specialist policies designed for the MNW and HNW markets 21
4.2.2. Plum Underwriting includes home cyber insurance in its offerings 22
4.3. Mass market insurers are also present in the HNW and MNW market 22
4.3.1. Aviva Private Clients opens doors to the HNW segment 23
4.3.2. Zurich Private Clients caters for HNW individuals 23
4.3.3. AXAs acquisition of XL Group will help expand its HNW offering 23
4.3.4. AIG has a presence in the HNW market through its joint venture with Azur 24
View Sample PDF @ https://www.marketresearchreports.biz/reports/1743233/high-net-worth-household-insurance-2018-market-research-reports.pdf
5. THE MARKET GOING FORWARD 25
5.1. The market is set to continue growing over the coming years 25
5.1.1. The number of households in the UK requiring specialist policies looks set to increase 25
5.1.2. The total number of policies written is forecast to continue growing 26
5.1.3. GWP is forecasted to break the 1.1bn mark 28
5.1.4. Foreign individuals may provide a boost to market GWP 29
5.2. Technology will become integral to enhancing the cover offered 29
5.2.1. Smart devices will help reduce the cost of claims for insurers while giving customers peace of mind 29
5.2.2. Security systems will become increasingly complex 30
5.2.3. Cyber insurance is becoming a common element of HNW household insurance 30
5.3. The online world will become of increasing importance 31
5.3.1. Growth in the online channel will help to fuel competition further 31
5.3.2. Aggregators could potentially disrupt the market 31
5.3.3. Chatbots could further enhance the customer experience 32
6. APPENDIX 33
6.1. Abbreviations and acronyms 33
6.2. Bibliography 33
6.3. Further reading 34
About us
MarketResearchReports.biz is the most comprehensive collection of market research reports. MarketResearchReports.Biz services are specially designed to save time and money for our clients. We are a one stop solution for all your research needs, our main offerings are syndicated research reports, custom research, subscription access and consulting services. We serve all sizes and types of companies spanning across various industries.
Contact
Mr. Nachiket
State Tower
90 Sate Street, Suite 700
Albany, NY 12207
Tel: +1-518-621-2074
Website: http://www.marketresearchreports.biz/
E: sales@marketresearchreports.biz
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release High Net Worth Household Insurance Market 2018 - Key Players, Products and Latest Developments here
News-ID: 1034473 • Views: …
More Releases from MarketResearchReports.biz
Hydro-flyers Market: Moving Towards a Brighter Future
A hydro-flyer is an adventure sporting device which uses the propulsion of water jet technology to create continuous flight movement, where the lift and movement are controlled by the flyer. Hydro-flyers sporting devices make use of the flow of water power to drive the flyer to reach soaring heights. The rise in water sporting facilities is one of the major factors that promote the growth and demand for hydro-flyers in…
Outdoor Floodlights: Technology and Market Dynamics
Outdoor floodlights is a reliable, highly efficient, and economical solution for a wide range of outdoor applications. These lights are resistant to temperature fluctuations and they remain stable even in extreme climatic conditions. Unlike the traditional lights, floodlights remain stable and functional even in harsh climatic conditions. This makes them ideal for use in any climate and any outdoor application. Outdoor floodlights save a significant amount of energy and consume…
Snow Helmets Market Future Prospects and Regional Outlook
Riders are riding faster and getting bolder day by day. Hence, safety equipment need to be updated as per the requirement and changing time. Earlier, helmets were primarily used by extreme skiers and racers. They were used only on slopes. However, later, the use of helmets was made compulsory. Earlier, bulky black helmets were used by riders, which are outdated at present. Currently, new stylish helmets that can match with…
Predictions for 2019: Global Sparkling Water Dispensers Industry Is Set to Boom
Sparkling water dispensers are equipment used for dispensing carbonated water. These dispensers mix the still, filtered water with carbon dioxide before dispensing. Sparkling water dispensers are mostly used in households and commercial establishments such as amusement parks, hotels, restaurants, and sports arenas. A sparkling water dispenser has separate outlets for hot water and cold water. The hot water outlet does not require a separate filtration process. However, cold water is…
More Releases for HNW
Wealth in the UK: HNW Investors; Understanding HNW investors and wealth manageme …
The UK wealth management industry has a long history, and this is reflected in the profile of the countrys high net worth (HNW) clients. The majority originate from the financial services industry and are sophisticated enough to deal with their financial affairs. However, to save time they opt for discretionary asset management services, as UK wealth managers maintain their reputation as trusted professionals. Investment portfolios are built around traditional asset…
Wealth in China: HNW Investors; Understanding HNW investors and wealth managemen …
Summary
The Chinese private banking industry is hard to penetrate. However, wealth managers that are aware of the local make-up of the HNW market will find it to be highly profitable. Chinese HNW investors have mainly sourced their wealth through a mixture of entrepreneurship and earned income. While investors value professional advice, they are reluctant to relinquish control and tend to prefer advisory mandates. The average portfolio is heavily invested into…
Wealth in China: HNW Investors; Understanding HNW investors and wealth managemen …
Summary
The Chinese private banking industry is hard to penetrate. However, wealth managers that are aware of the local make-up of the HNW market will find it to be highly profitable. Chinese HNW investors have mainly sourced their wealth through a mixture of entrepreneurship and earned income. While investors value professional advice, they are reluctant to relinquish control and tend to prefer advisory mandates. The average portfolio is heavily invested into…
Wealth in Brazil: HNW Investors; Understanding HNW investors and wealth manageme …
Summary
The majority of wealth in Brazil originates from the construction and finance industries, and can be attributed to a range of sources. These investors are confident enough to deal with their financial affairs, but to gain access to sophisticated products and achieve better returns they opt for management services. Investment portfolios are built around cash and bonds, but it is expected that alternative holdings will continue to gain importance.
Request Sample…
Wealth in Poland: HNW Investors; Understanding HNW investors and wealth manageme …
Summary
The Polish HNW population is dominated by entrepreneurs who prefer to stay in control of their finances, even if they lack experience in capital markets. While they do approach wealth managers for investment advice, Polish HNW investors like to sign off most decisions regarding their portfolios. With the 2008-09 financial crisis fresh in mind, they focus on low-risk products which do not offer high margins to banks. Hence the main…
Wealth in Germany: HNW Investors; Understanding HNW investors and wealth managem …
Summary
Germany is a strong industrial nation with a commercial landscape dominated by SMEs. This is reflected in the background of German HNW individuals – most are either family business owners or inheritors. The manufacturing industry dominates as the leading generator of wealth, followed by construction. Expats constitute 11.3% of the population and are largely from nearby countries such as the UK, Italy, and Austria. Discretionary mandates are preferred by German…
