Synopsis
- The report provides market analysis, information and insights into the UK household insurance business
- Provides a global snapshot of market size and market segmentation
- Comprehensive analysis of claims, drivers and market outlook
- Analysis of distribution channels
- Deals, news and regulatory developments
- Detailed analysis of changing consumer preferences
To
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Executive summary
Gross written premiums in the
household insurance category rose by 0.6% annually in 2012, slowing from the
expansion recorded in 2011. Premium income totaled GBP5.26 billion in 2012 and
grew at a CAGR of 3.24% between 2008 and 2012. The strength of the housing
market is a primary driver of demand for household insurance. 2012 saw slower
growth in mortgage lending and house prices, and a slump in private housing
construction. The soft recovery in the UK housing market, coupled with the
fragility in the wider economy, will remain a challenge for the household
insurance category.
A strong rebound in economic growth
is not expected to materialize until 2014, but as this recovery gains traction,
growth rates in premiums will also pick up. Claims paid by household insurers
jumped by 11.3% in 2012, in line with an increase in payouts for flood damage
after heavy rainfall. The UK has experienced two of its wettest years on record
since 2008, a factor behind the 19% rise in claims paid between 2008 and 2012.
Despite high claims payouts and a fall in investment income, household insurers
remained profitable during the review period. This strong underwriting base
faces challenges ahead, however, as the model of distribution shifts in favor
of price-comparison websites.
Scope
- This report provides a comprehensive analysis of the household insurance market in the UK
- It provides historical values for the UK's household insurance market for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
- It analyses the various distribution channels for household insurance products in the UK
- Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in the UK for the household insurance business
- It profiles the top household insurance companies in the UK and outlines the key regulations affecting them
Reasons to buy
- Gain an understanding of UK household insurance market size
- Learn about the performance of claims, market drivers and distribution channels
- Understand the competitive landscape in terms of performance, profitability and product innovation
- Find out more about key deals and recent developments in the market
- Gain insight into consumer loyalty to brands and the use of comparison websites
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