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  4. > Home Emergency Insurance and Assistance in the UK

Home Emergency Insurance and Assistance in the UK

  • June 2014
  • -
  • Finaccord
  • -
  • 32 pages

Home Emergency Insurance and Assistance in the UK is a report plus an associated PartnerBASE™ dataset and market data file about the market for this type of cover in the UK. In essence, the term ‘home emergency insurance and assistance’ encompasses policies that are sold on a stand-alone basis, or bundled with utility services, household insurance or banking products, that cover one or more of the following home-related problems:

- malfunctioning of gas boilers, gas supply pipes or gas central heating;
- problems with plumbing, drainage or water supply pipes;
- electrical emergencies or breakdowns.

Key features of this report include:

- quantification of the market size for home emergency insurance and assistance in the UK: how much is the market worth, how does it break down by policy type, and how is it likely to have grown by 2017?

- identification of providers of home emergency insurance and assistance that have established relationships with energy firms, water companies and household insurers and calculation of their share of partnerships in both unweighted and weighted terms;

- analysis of the degree to which home emergency cover is provided automatically or cross-sold as an optional extra - this can have a very significant impact on household penetration rates and market values in any given country, including the UK;

- assessment of the potential for marketing home emergency insurance and assistance through alternative channels including online aggregators and brokers, other online brands and banking products as well as gas boiler manufacturers, direct sales and automotive clubs.

Types of organisation that may be able to use this report, plus the PartnerBASE™ dataset and market data file that accompanies it, include entities in the following categories:

- assistance companies: this study constitutes a unique guide to an under-researched yet significant and continually evolving market - be fully appraised of what growth could mean for your organisation;

- insurance companies: as a concept that can be made distinct from regular household insurance, home emergency insurance and assistance can either be sold stand-alone or packaged within household insurance policies;

- electricity, gas and water companies: growth in the market for home emergency cover, allied to apparently high profit margins, presents a revenue enhancement opportunity for electricity, gas and water companies as well as insurance and assistance firms;

- management consultancies: are you helping an insurance or assistance provider to develop its business in the UK, or are you advising an energy or water firm with regards to how it can improve its profitability? If so, this research will provide you with important insights into the market for home emergency insurance and assistance.

Table Of Contents

Home Emergency Insurance and Assistance in the UK
TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY ...1
1.0 INTRODUCTION 3
What is this report about?..3
Rationale.3
This report updates and expands upon Finaccord's previous ground-breaking research..3
Methodology...4
Primary research.4
The survey includes more than 80 utility companies and home insurance brands 4
Market data .4
External sources .4
Definitions ...5
Terms and abbreviations5
Operating models ...6
Currencies, exchange rates and inflation ..6
PartnerBASE..6
Finaccord7
2.0 MARKET ANALYSIS.8
Introduction.8
Dwelling stock data 8
There are around 27 million occupied dwellings in the UK..8
...and nearly 65% of these are lived in by the owner of the property...8
Distribution through key partner organisations ...10
Summary of organisations researched10
Provision rates ..11
Less than half of UK energy suppliers offer customers the chance to take out gas and boiler cover..11
...whereas the availability of all types of home emergency cover is higher among water companies .12
Most household insurers also offer comprehensive home emergency cover, typically as an upgrade...12
...and those that do not offer comprehensive cover offer lower-value emergency policies instead.12
Operating models .15
Three quarters of UK distributors work with a single external provider for home emergency cover15
...although several energy companies opt for captive or internal provision instead..16
Household insurance brands using captives in this area include Allianz, AXA and Direct Line...16
Partnerships with energy companies...17
Two captive providers (plus one former captive) account for the majority of significant partnerships here... ..18
...although both Aria Assistance and AXA Assistance are active as external providers in this sector.18
Partnerships with water companies.19
The duo of HomeServe and AXA hold the majority of contracts with water suppliers..19
...and British Gas Services and DAS also hold distribution partnerships for multiple policy types...20
Partnerships with household insurance brands ..20
AXA Assistance and DAS are the leading partners for household insurers..20
... although there are several other significant non-captive competitors21
...and several household insurance brands, including MORETH>N, run their schemes internally..21
Weighted competitor share of partnerships with key partner organisations..22
The majority of providers concentrate on forging agreements with just one type of distributor22
Other distribution channels..24
Gas boiler manufacturers.24HOME EMERGENCY INSURANCE AND ASSISTANCE IN THE UK
© FINACCORD (04/2014) II
Optional cover is available from all the main boiler brands present in the UK ..24
Direct sales24
Many leading providers also sell direct to the public ..24
Online aggregators and brokers ..24
Several insurance aggregators compare home assistance as a separate product..24
... and several leading brokers have created their own product 24
Other online brands ..25
Home assistance cover specific to landlords is available from HomeGuard 25
Home 3 Assistance has grown rapidly since its launch in 200925
Payment cards and bank accounts .25
A handful of added value bank accounts include home emergency cover...25
Automotive clubs...25
The AA offers a number of policies via its 'AA Home Membership' banner..25
Other types of distributor ..26
Cover is available from various other sources including affinity brands such as Saga.26
Market size, growth and forecast 26
Growth in the UK market has been curtailed in recent years by several factors...26
... although it was still worth substantially more in 2013 than it had been in 2009 26
The FCA has undertaken an in-depth investigation into the workings of the UK market .27
HomeServe's UK business has declined but is forecast to stabilise at 1.9 million customers..27
British Gas Insurance reportedly generates very high revenues per customer27
Gas and boiler cover accounts for over a third of the total number of policies in force.29
Distribution via household insurance accounts for a relatively thin slice of the total market.29
Discounting inflation, the market is forecast to edge up at a real compound annual rate of 1.3% up to 2017 31HOME EMERGENCY INSURANCE AND ASSISTANCE IN THE UK
© FINACCORD (04/2014) III

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY ...1
Key market data for home emergency insurance in the UK2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS.8
Dwelling stock in the UK, segmented by type of dwelling and by type of occupant, 2013 9
Key metrics regarding dwelling stock in the UK, 2009, 2013 and forecast for 201710
Summary of potential distributor organisations researched in the UK, segmented by type, 2013..11
Provision rates for home emergency insurance in the UK, segmented by type of organisation and by type
of policy, 2013 ..13
Extent to which home emergency insurance schemes in the UK are optional as opposed to automatic,
segmented by type of organisation and by type of policy, 201314
Extent to which home emergency insurance schemes in the UK are optional as opposed to automatic,
segmented by type of organisation and by type of policy, 2013 (table)15
Operating models used for home emergency insurance in the UK, segmented by type of organisation,
2013 ..17
Operating models used for home emergency insurance in the UK, segmented by type of organisation,
2013 (table)...17
Unweighted competitor share of partnerships for home emergency insurance in the UK, 2013: energy
companies 19
Unweighted competitor share of partnerships for home emergency insurance in the UK, 2013: water
companies 20
Unweighted competitor share of partnerships for home emergency insurance in the UK, 2013: household
insurance brands..22
Weighted competitor share of partnerships for home emergency insurance in the UK, 201323
Estimated gross written premiums from home emergency insurance in the UK, 2009 and 2013 ..28
Estimated gross written premiums from home emergency insurance in the UK, 2009 and 2013 (table)...28
Estimated number of home emergency insurance policies in the UK, segmented by type of policy, 201329
Estimated gross written premiums from home emergency insurance in the UK, segmented by distribution
channel, 2013...30
Estimated number of policies and gross written premiums for home emergency insurance in the UK,
segmented by type of policy and by distribution channel, 201331
Forecast gross written premiums from home emergency insurance in the UK, 2017 .32
Forecast gross written premiums from home emergency insurance in the UK, 2017 (table) .32

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