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  5. > UK Holiday and Second Home Insurance: Market Dynamics, Affinities and Partnerships

UK Holiday and Second Home Insurance: Market Dynamics, Affinities and Partnerships is a report investigating the market for holiday and second home insurance owned by residents of the UK. Key features include: an outline of market drivers and the value, growth and segmentation of the market from 2010 to 2014; quantification and commentary concerning the segmentation of policies in force by distribution channels used to buy them in 2014; estimates for underwriter market shares in 2014; a comprehensive listing of major affinity and partnership marketing relationships visible at the time of the research in 2015 for these types of policy; and forecasts for the value of the market up to 2018.

In this report, holiday and second homes are defined as privately-owned habitable dwellings that are not occupied as main residences. They may be occupied occasionally as holiday homes or when the owner is working away from his or her main home, and may also be let out. However, second homes do not include properties rented to long-term tenants; these properties are covered in a sister report titled UK Landlord Property Insurance: Market Dynamics, Affinities and Partnerships.

Table Of Contents

UK Holiday and Second Home Insurance: Market Dynamics, Affinities and Partnerships
TABLE OF CONTENTS
00 EXECUTIVE SUMMARY 1
10 INTRODUCTION 3
What is the report and the rationale for it? 3
Methodology 3
Definitions 3
Holiday and second homes 3
Operating models 4
Partner table syntax 4
Finaccord 5
UK affinity and partnership marketing publications 5
UK market research publications 5
UK consumer research publications 6
20 MARKET ANALYSIS 7
Market drivers 7
Second homes owned by UK residents in the UK itself have been outgrowing second homes abroad… 7
… although the gap in growth rates may be narrowing for several reasons 7
Cornwall is the most popular location for second homes bought in the UK… 7
… and Spain for ones located overseas 7
Market size and growth 9
The insurance market for UK-based second homes is larger than that for such homes abroad… 9
… because many overseas properties are underwritten by insurers outside of the UK… 9
… and this is especially the case in Portugal and Spain but less so in France, Greece and Italy 9
Distribution channels 11
Brokers represent the largest distribution channel for holiday and second home insurance… 11
… and numerous specialist and generalist competitors are active in this sphere… 11
… including Intelligent Insurance, which is a relatively new entrant 12
A few intermediaries (such as Intasure) act as tied agents rather than as brokers for this type of cover 12
Direct sales made by insurers amount to about 30% of the market 12
Intasure holds distribution partnerships in this field with both Gocomparecom and Moneysupermarketcom 12
Hiscox concluded a two-way partnership with Moneycorp in 2014 12
Affinities and partnerships 13
A number of affinity and corporate partnerships exist for holiday and second home insurance 13
Market shares 15
The market for holiday and second home insurance bought by UK residents is a fragmented one 15
Market forecast 16
Market growth up to 2018 will be driven primarily by a continuing rise in the number of insurable properties 16

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for UK holiday and second home insurance, 2010 to 2014 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 7
Number of holiday and second homes owned by UK residents segmented between homes in the UK and homes abroad, 2010 to 2014 8
Number of holiday and second homes owned by UK residents segmented between homes in the UK and homes abroad, 2010 to 2014 (table) 8
Gross written premiums for holiday and second home insurance bought by UK residents and insured by UK-based underwriters segmented between homes in the UK and homes abroad, 2010 to 2014 10
Gross written premiums for holiday and second home insurance bought by UK residents and insured by UK-based underwriters segmented between homes in the UK and homes abroad, 2010 to 2014 (table) 10
Segmentation of distribution channels used for holiday and second home insurance bought by UK residents, 2014 11
Affinity and partnership marketing relationships for holiday and second home insurance bought by UK residents, 2015 13
Affinity and partnership marketing relationships for holiday and second home insurance bought by UK residents, 2015 (continued) 14
Estimated market shares of underwriters of holiday and second home insurance bought by UK residents, 2014 15
Estimated market shares of underwriters of holiday and second home insurance bought by UK residents, 2014 (table) 16
Gross written premiums for holiday and second home insurance bought by UK residents and insured by UK-based underwriters segmented between homes in the UK and homes abroad, 2018 (forecast) 17
Gross written premiums for holiday and second home insurance bought by UK residents and insured by UK-based underwriters segmented between homes in the UK and homes abroad, 2018 (forecast) (table) 17

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