Market Research Report
UK Non-Standard Home Insurance 2017
|Published by||GlobalData||Product code||602490|
|Published||Content info||50 Pages
|UK Non-Standard Home Insurance 2017|
|Published: January 21, 2018||Content info: 50 Pages||
Within the household insurance space there exist a number of sub-segments that are considered "non-standard," which is essentially a byword for "subject to lower appetite from the insurance market." While some areas are incredibly niche and small in terms of potential market size, increased focus by insurers may unlock opportunities - and a notable number of customers. However, understanding the specific needs and attitudes of non-standard customers is key.
On an average, consumers spend 31% more when purchasing a non-standard household insurance product: the average cost of non-standard cover is £313, compared to £239 for a standard household policy.Unsurprisingly, to a large extent the leaders within the non-standard household insurance market mirror the leaders within the standard market. The likes of Aviva and Allianz frequently place first in the various non-standard segments.
Purchasing online is the leading method used by consumers, with use of PCs and laptops most common. But mobile devices and tablets were also popular, which highlights the need for providers to ensure a strong online presence in order to remain competitive.
Across all non-standard household insurance products the main channels used were price comparison sites and purchasing direct from the insurer. Both channels dominated for all types of non-standard insurance.The degree of competition within the non-standard household insurance market varies depending upon the product. In some instances the top five providers account for as much as 61%, indicating a low level of competition relative to other markets.
The report "UK Non-Standard Home Insurance 2017", explores consumer purchasing behavior, brand selection, and market opportunities across eight different segments of the non-standard household insurance space, including houses with thatched roofs and subsidence, as well as individuals with criminal convictions and poor claims records.
Companies mentioned in this report:Allianz, Aviva, AXA, Asda, Age UK, Admiral, Ageas