UK Household Insurance Market Report- Growth Dynamics and Opportunities | Strong Application Scope from 2021 to 2028

UK Household Insurance Market research report provides region-wise and country-wise analyses of the XYZ market. Additionally, UK Household Insurance Market provides insights about main regions like Asia-Pacific, Europe, North America, South America, Latin, Middle East, and Africa. Moreover, UK Household Insurance Market research report offers in-depth information about lucrative emerging markets and analyzes penetration across the significant market segments.

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UK Household Insurance Market 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.

Following a sharp decline in 2018, gross written premiums (GWP) increased in the household insurance market by 3.2% in 2019. Weather claims dropped significantly in 2019 relative to the previous year, lifting some of the burden on insurance providers. Premium rates rose modestly in 2019 before rising steeply in the second quarter of 2020, possibly linked to unexpected challenges caused by the COVID-19 pandemic. Due to the sharp decrease in mortgage approval rates for 2020, a surge in house rebuilding costs, and macroeconomic contraction, the household insurance market looks set for a very turbulent second half of 2020 and beyond.

Scope of this Report-
- Premium rates rose slightly in 2019 and Q1 2020, before shooting up massively in Q2.
- Total claims were down significantly in 2019, primarily due to a reduction in weather-related claims.
- Penetration rates remain low for renters, with less than half of all tenants holding some form of home insurance.
- Market GWP is expected to decline steeply in 2020 and is projected to be around 7% smaller by 2024 when compared to 2019.

Reasons to Buy this Report-
- 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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Table of Contents
1. EXECUTIVE SUMMARY
1.1. In 2019, the UK household market recorded its largest rise of the review period
1.2. Key findings
1.3. Critical success factors
2. MARKET DYNAMICS
2.1. Introduction
2.2. The market experienced growth in 2019
2.2.1. UK household GWP rose by 3.2% in 2019 - the largest rise in the last five years
2.2.2. Average premiums increased in 2019
2.2.3. Combined cover increased its share of the total market in 2019
2.2.4. The proportion of households renting decreased in 2019
2.3. Total claims dropped by 9% in 2019
2.3.1. Weather-related claims fell by more than half in 2019
2.3.2. Claims inflation is set to challenge profitability in the market in 2020
2.3.3. Flood Re remains a requirement
2.3.4. Reinsurance rate rises will increase pressure on premiums
2.4. The home insurance market has benefitted from an increase in underlying supply
2.4.1. New home registrations and completions were up in 2019
2.4.2. Mortgage approval rates were hit by COVID-19 in Q2 2020
2.4.3. There is considerable potential for growth from the rental market
3. COMPETITOR DYNAMICS
3.1. The top 10 providers increased their hold on the market
3.2. Aviva has continued to innovate
3.3. Direct Line expanded its digital initiatives
3.4. Insurtechs Hippo and Lemonade highlight new opportunities
4. THE MARKET GOING FORWARD
4.1. The market is expected to contract dramatically due to COVID-19
4.1.1. The economic impact of COVID-19 is forecast to negatively impact GWP
4.1.2. Government response measures could create a mini-boom for the market
4.1.3. The cost of claims will be volatile in the coming years
5. APPENDIX
5.1. Abbreviations and acronyms
5.2. Methodology
5.2.1. UK Insurance Consumer Surveys
5.2.2. UK Top 20 General Insurance Competitor Analytics
5.2.3. Forecasting methodology
5.3. Secondary sources
5.4. Further reading

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