United Kingdom (UK) Private Landlord Insurance 2021

United Kingdom (UK) Private Landlord Insurance 2021

  • March 2021 •
  • 37 pages •
  • Report ID: 6034958 •
  • Format: PDF
United Kingdom (UK) Private Landlord Insurance 2021

Summary
This report estimates the size of the UK’s residential landlord insurance market and explores how it has changed in recent years at a time when the buy-to-let sector has been hit by a host of regulatory changes.The tightening of regulation has led to a shift in the profile of landlords, which in turn has changed their insurance needs.

The report discusses drivers of the buy-to-let and private residential markets, which directly impact the private landlord insurance market. The report presents market size forecast data out to 2025.

We estimate the residential landlord insurance market was worth £716.8m in 2020, having contracted in recent years. The once buoyant market has been vulnerable to the fate of landlords. The profitability of buy-to-let (BTL) investors has been squeezed by a raft of tax and regulatory changes, forcing some landlords to sell their properties and exit the market. While there are fewer landlords in the market, on average those that continue to operate have more properties. Multi-property policies are best suited to portfolio landlords, given the convenience of protecting all properties under one policy, but premiums come at a discounted price. The residential landlord insurance market is set for a bumpy ride going forward. COVID-19 has shifted tenant preferences away from city centers to more rural locations. Some investors may hold off on acquiring further properties until it is clear whether this change is temporary or long term.

Scope
- The residential landlord insurance market was worth £716.8m in 2020.
- Underinsurance remains the greatest opportunity for insurers, with 41.4% of landlords not having specialist cover or protecting their investment property at all.
- The tightening of legislation has forced some landlords to exit the market, leading to new emerging client groups.
- COVID-19 has eroded business from home-sharing platforms, forcing some landlords to switch their properties to traditional long-term lets.

Reasons to Buy
- Understand the size of the UK’s private residential landlord insurance market and how it is projected to grow.
- Identify the key trends and regulations shaping the private landlord insurance market.
- Understand the changing demographics of landlords and their insurance needs.
- Identify key players in the private landlord insurance market and to what extent they are providing innovative solutions
- Benchmark your company against the rest of the market.
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