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High Net Worth Household Insurance Market 2018

09-10-2018 03:20 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ReportsnReports

High Net Worth Household Insurance 2018

High Net Worth Household Insurance 2018

"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.

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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.

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.

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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.

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List of Tables
Table 1: Parameters used to classify customers
Table 2: Total GWP of the HNW and MNW household insurance markets
Table 3: The number of household insurance policies written in the MNW and HNW market
Table 4: Forecasted number of MNW and HNW households in the UK
Table 5: The forecasted number of MNW and HNW household insurance policies written
Table 6: The forecasted values of both the HNW and MNW household insurance markets

List of Figures
Figure 1: MNW and HNW household insurance market GWP continues to grow
Figure 2: The number of MNW individuals in the UK continue to grow steadily
Figure 3: The number of individuals classed as HNW in the UK continues to grow
Figure 4: Policy numbers continue to increase year-on-year
Figure 5: There is considerable potential for growth in the MNW market
Figure 6: Insurers that specialize in HNW insurance are seen as providing the best service
Figure 7: MNW and HNW household numbers are set to increase
Figure 8: The number of policies written is forecasted to continue increasing
Figure 9: The market is forecast to continue steady year-on-year growth

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