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High Net Worth Home Insurance 2016

01-30-2017 01:36 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ReportBazzar

Summary
Wealthy individuals require specialist mid net worth (MNW) and high net worth (HNW) insurance policies that offer wider coverage, higher limits, and better service compared to standard products. This is due to the higher value of their assets, which may include multiple homes, luxury cars, yachts, antiques, jewelry, wine, and fine art. Home insurance is generally provided on a global all-risk cover basis, often with an element of legal protection and travel insurance to which motor insurance can be additionally added. The market is forecast to grow as the number of affluents in the UK increases. Insurers are trying to grow the market by expanding their customer base by increasing consumer awareness of specialist products, better targeting their products through partnerships, reducing underinsurance, and adapting their distribution strategies to consumer purchasing preferences.

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Brokers remain the main distribution channel, although MNW individuals are moving away from them in favor of purchasing directly and via banks online. The market is soft due to insurer overcapacity, which has driven down rates and profitability, although premiums are beginning to stabilize. Competition is also provided by insurers offering enhanced standard policies. Hiscox and Chubb account for the largest share of GWP; meanwhile the rest of the market is characterized by a range of specialist and composite insurers. In the future, technology will play a greater role in the market by improving insurer-broker-customer relationships and managing household risk.

Key Findings
– Hiscox and Chubb hold the largest share of the market.

– The market is low in profitability with an estimated COR of just under 100%.

– By 2020, the combined MNW and HNW market is forecast to be worth £1.3bn in GWP.

– MNW business is moving away from the broker channel.

Browse Report Summary with TOC: http://www.reportbazzar.com/product/high-net-worth-home-insurance-2016/

Synopsis
Verdict Financial’s “High Net Worth Home Insurance 2016” report provides an in-depth study into specialist home insurance products for wealthy individuals. It begins by defining MNW and HNW individuals, followed by analysis of the historical growth in the number of these people and an estimate of market size. 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. The report concludes with a five-year market forecast and explores how technology has the potential to shape the market in the future.

Reasons To Buy
– Adapt your distribution strategy to ensure it still meets the needs of clients.

– Ensure you successfully market your products and target potential clients.

– Benchmark yourself against other players in the market.

– Be prepared for how technology will impact the HNW home insurance market over the next few years.

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About Us:
Reportbazzar.com is your trusted source for the most inclusive and informative assortment of market research reports designed to empower you with the latest in industry information that translates to time and cost savings for your business. We not only help you give wing to your latent business ideas but also facilitate you in taking the best informed and strategic decisions that guarantee success in your most promising business endeavors.

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High Net Worth Home Insurance 2016
Summary Wealthy individuals require specialist mid net worth (MNW) and high net worth (HNW) insurance policies that offer wider coverage, higher limits, and better service compared to standard products. This is due to the higher value of their assets, which may include multiple homes, luxury cars, yachts, antiques, jewelry, wine, and fine art. Home insurance is generally provided on a global all-risk cover basis, often with an element of legal protection