Global and UK Household Insurance: Market Dynamics and Opportunities 2017
"The Report UK Household
Insurance: Market Dynamics and Opportunities 2017 provides
information on pricing, market analysis, shares, forecast, and
company profiles for key industry participants. -
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About
Household
Insurance
Market
Geographically,
the report has shed light upon different regional markets for “UK
Household Insurance: Market Dynamics and Opportunities“.
The faster-growing and leading segments operational in the market
have been expansively researched based on various important factors.
Participants could engage this information to expand their business
across the world or focus on one or more regional markets that could
exhibit a stronger growth in the near future. Factors such as revenue
and percentage share have been carefully estimated based on the data
from reliable sources.
"UK Household Insurance:
Market Dynamics and Opportunities 2017", 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, regulation, and
opportunities. It provides a thorough overview of the market along
with future forecasts and analysis of emerging technologies and
products.
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High levels of competition and
capacity within the household insurance space continue to shape soft
market conditions, with little change in rate being achieved apart
from pushing through new insurance premium tax (IPT) increases.
Despite this and the new Flood Re levy introduced in 2016,
profitability has been maintained due to relatively benign weather
conditions.
Scope
- UK household insurance gross
written premium (GWP) contracted by 1.4% in 2016.
- Overall claims performance over
the last five years tells a positive story, with the number of claims
falling year on year between 2012 and 2016, achieving a negative CAGR
of 11.4%.
- The rise of Generation Rent
presents a shifting landscape that is dampening overall market
growth, and is presenting home insurers with a customer demographic
that has different needs and preferences not necessarily catered to
effectively by current services.
- The next couple of years should
see a shift in the development of smart home insurance, and it is
therefore imperative insurers keep on top of this.
- With the Flood Re levy set each
year and new regulations around pricing transparency, insurers need
to ensure their pricing strategies are in line with the risks they
face.
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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.
Table of Contents
EXECUTIVE SUMMARY 1
1.1. Market summary 1
1.2. Key findings 1
1.3. Critical success factors 1
2. MARKET CONTEXT 7
2.1. Introduction 7
2.2. Soft market conditions shaped
2016 7
2.2.1. UK household insurance GWP
fell by 1.4% in 2016 7
2.2.2. High competition has kept
rates low in the main product category 8
2.2.3. The requirement to notify
customers of the previous years premium is expected to encourage
shopping around 12
2.2.4. Combined cover is still the
dominant product 12
2.3. Profitability is being
challenged by claims and inflation 13
2.3.1. Claims costs fell in 2016
but average claims costs are increasing in areas 13
2.3.2. Claims inflation is
challenging profitability 16
2.3.3. Underwriting profitability
increased to a five-year high 18
2.3.4. Flood Re affected results
in 2016 19
2.4. Home insurance demand
remained constant, but underlying dynamics are shifting 20
2.4.1. New home registrations and
completions contracted slightly in 2016, although numbers remain well
below requirements 20
2.4.2. Mortgage approval rates in
2016 remained level with 2015, but have fallen in 2017 22
2.4.3. The rise of Generation Rent
presents a shifting landscape 23
2.4.4. Penetration rates are high
among owner-occupiers, but lower for tenants 24
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3. COMPETITOR DYNAMICS 26
3.1. The top 10 insurers account
for 72% of GWP 26
3.1.1. Direct Line Group leads the
household insurance market 26
3.1.2. Lloyds Banking Group is
losing ground due to soft market conditions 27
3.1.3. Aviva is evolving its
proposition using technology 27
3.1.4. Ageas is looking beyond the
traditional policy to target millennials 28
3.1.5. Allianz and LV= link up 28
3.2. Technology is facilitating
new entrants 29
3.2.1. Neos aims to bring home
insurance into the digital world 29
3.2.2. UK insurers are watching US
digital insurer Lemonade 29
3.2.3. Insure-A-Thing is
challenging the traditional business model 30
4. 2017 AND BEYOND 31
4.1. Introduction 31
4.2. The market is expected to
grow to 6.8bn in GWP by 2021 31
4.2.1. Premium rates are unlikely
to increase in the short term 31
4.2.2. Demand for home insurance
will stay static as Generation Rent grows 31
4.2.3. A significant weather event
will be required to shift rates 32
4.2.4. The negative economic
consequences of Brexit are having an adverse effect 32
4.3. Generation Rent will drive a
new set of products 34
4.3.1. Demand for propositions
aimed at tenants is growing 34
4.3.2. Millennials have different
priorities and lifestyles compared to previous generations 35
4.3.3. Gadget insurance is being
heavily marketed towards students and millennials 35
4.3.4. Back Me Up offers cover for
any three items 36
4.3.5. Trov offers a digital
locker 36
4.4. The evolution towards smart
home insurance has started 37
4.4.1. Water detection is the
primary focus to reduce escape of water claims 37
4.4.2. Security is another risk
which is getting attention from insurers and tech companies 37
4.4.3. Other devices are driving a
more connected home 37
4.5. Competition from new startups
and retailers is growing 39
4.5.1. New startups like Neos will
continue to disrupt the market 39
4.5.2. The battle to own the
customer has started 39
4.6. There are barriers and risks
to overcome before we get to smart home insurance 40
4.6.1. Customers are expecting
cheaper policies 40
4.6.2. Insurers are looking at the
implications of the General Data Protection Regulation 41
4.6.3. Cyber risk for individuals
is growing 42
5. APPENDIX 43
5.1. Abbreviations and acronyms 43
5.2. Methodology 43
5.2.1. GlobalData Financial's 2016
and 2017 UK General Insurance Consumer Surveys 43
5.3. Bibliography 44
5.4. Further reading 45
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