UK Household Insurance Market : Growing Popularity and Emerging Trends in the World

A new independent 54 page research with title 'UK Household Insurance: Market Dynamics and Opportunities 2018' guarantees you will remain better informed than your competition. The study covers geographic analysis that includes regions like North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) or Latin America and important players/vendors such as Lloyds Banking Group, Direct Line Group, Aviva, RSA, AXA, Ageas, Legal & General, NFU Mutual, Allianz, LV=, Zurich Neos, Back-Me-Up, Google, Amazon, HomeServe, Amlin, BuzzMove, Homelyfe, BoughtbyMany, Urban Jungle, roost With n-number of tables and figures examining the Household Insurance, the research gives you a visual, one-stop breakdown of the leading products, submarkets and market leader’s market revenue forecasts as well as analysis to 2022

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Summary
UK Household Insurance: Market Dynamics and Opportunities 2018

"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.

Scope

- 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.

Companies Mentioned in the Report

Lloyds Banking Group, Direct Line Group, Aviva, RSA, AXA, Ageas, Legal & General, NFU Mutual, Allianz, LV=, Zurich Neos, Back-Me-Up, Google, Amazon, HomeServe, Amlin, BuzzMove, Homelyfe, BoughtbyMany, Urban Jungle, roost

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Table of Contents
1. EXECUTIVE SUMMARY 1
1.1. Market summary 1
1.2. Key findings 1
1.3. Critical success factors 1
2. MARKET CONTEXT 7
2.1. Introduction 7
2.2. Market conditions hardened slightly in 2017 7
2.2.1. UK household insurance GWP grew by 2.0% in 2017 7
2.2.2. Premium rate rises were seen in 2017 for the first time in some years 9
2.2.3. The requirement for insurers to notify customers on previous price are yet to have the expected impact 13
2.2.4. Combined cover is still the dominant product 14
2.3. Industry efforts to stall escape of water have seen profitability rise 15
2.3.1. Claims costs fell in 2017 as insurers benefited from falling escape of water costs 15
2.3.2. Claims inflation is challenging profitability 18
2.3.3. Underwriting profitability has increased to a five-year high 20
2.3.4. Flood Re launched in 2016 and should help insurers manage difficult 2018 conditions 21
2.4. Home insurance demand

....Continued

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