UK Household Insurance: Market Dynamics and Opportunities 2019

UK Household Insurance: Market Dynamics and Opportunities 2019

  • October 2019 •
  • 51 pages •
  • Report ID: 5134630 •
  • Format: PDF
UK Household Insurance: Market Dynamics and Opportunities 2019

This 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.

In terms of gross written premiums (GWP) the household insurance market reverted to type, declining by 4.9% in 2018 following a rare annual increase in 2017. Severe weather incidents at the start of 2018 were offset by insurers curtailing claims in almost every other category, which allowed insurers to keep premiums suppressed.

Traditional players RSA, Lloyds Bank, Direct Line, and Aviva continue to lead the market, although they face increasing competition from insurtechs honing in on Generation Rent.A large percentage of uninsured customers in this space are not being effectively targeted by traditional insurers and policies.

Modern players offering digital and flexible policies aimed at renters will alter the market going forward, with on-demand, flexible policies likely to become commonplace.

- UK household insurance GWP declined by 4.9% in 2018 to £6.2bn. Over 2014-18, GWP recorded a compound annual growth rate (CAGR) of -2.1%
- Total claims increased by 13.3% in 2018. This was caused by weather-related claims rising by in excess of 150% during the year. Other categories recording declines prevented an even sharper rise.
- RSA’s market share rose by 1.0 percentage point in 2018 to overtake Lloyds Bank as market leader.

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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