New Research Offers In-depth Information on UK Home Insurance Market

A new report based on home insurance in UK titled “HOME INSURANCE - UK - DECEMBER 2017” has recently been submitted to the database of Market Research Hub (MRH) that focuses on examining market dynamics, analyzing trends and understanding consumer attitudes in the UK market of home insurance. According to the report, the home insurance market in the UK is largely profitable however creativity is still required to reach to the maximum growth potential mainly in regards to the tenure and changing demographics.

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The report observes that more and more people are living in the private rented places and ownership levels are dropping which is driving insurers to explore new possibilities using technology. The UK’s home insurance market attracts new technology focused entrants.
The executive summary provides readers with key information related to sales numbers of UK’s home insurance market. According to the report, the GWP had been up by 4% during 2016 for home insurance market of UK. The executive summary section also illustrates gross written domestic property insurance premiums with fan chart from 2012 to 2022 for its readers. The section further says that there have been a fall in terms of volume of claims in the recent years.

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The section discusses companies and brands wise analysis as well for its readers. As per the report analysis, the companies such as Aviva, LBG and Direct Line are the largest home insurance underwriters and these are few of those companies that control two thirds of the market. The report observes that key players operating in the UK’s home insurance market put large investments into the research and development for innovation. As far as the consumer is concerned, the report analysis says that 46% of online users with 18+ age have buildings and contents insurance both. In the comprehensive report, the readers will find details of analysis on accidental damage cover, claim by policy holders and switching of policy provider to mention a few.

The informative report discusses issues and insights in the UK’s home insurance market and elaborates on the facts, implications of smart home insurance and making customers focus on factors other than price. The study shares details on market size, forecast, market drivers and regulatory changes. Under market drivers section, the report identifies some of key factors that drive and restrain the growth of the UK’s home insurance market. As per the report, changing pattern of tenure, combined policies and lower claims are some of the factors that drive growth of the home insurance market in UK. Additionally, the report also observes that these factors may not help work in long term owing to rising inflation. On the other hand, the report also observes that increased accidental damage claim, increased fraud repudiation rates in recent years are restrain to the growth of the home insurance market of UK.

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This release was published on openPR.