Market Research Report
UK Household Insurance: Market Dynamics and Opportunities 2019
|Published by||GlobalData||Product code||373275|
|Published||Content info||51 Pages
Delivery time: 1-2 business days
|UK Household Insurance: Market Dynamics and Opportunities 2019|
|Published: October 21, 2019||Content info: 51 Pages||
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.