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  4. > UK Jewellery and Watch Insurance: Market Dynamics, Affinities and Partnerships

UK Jewellery and Watch Insurance: Market Dynamics, Affinities and Partnerships is a report investigating the market for jewellery and watch insurance in 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, the type of cover in scope is defined as stand-alone insurance covering jewellery and watches bought by consumers either at the point of sale or retrospectively. The report does not analyse cover for jewellery or watches acquired as part of household insurance nor does it include cover bought by jewellers for their own business risks. Moreover, extended warranty cover for smartwatches also falls outside of the scope of this report.

In keeping with 19 other studies in this series, research processes and sources used to create it include the following: primary interviews with leading brokers, underwriters and affinity / corporate partners active in this field; in-house data drawn from other Finaccord reports; and comprehensive analysis of secondary information from a diverse range of data sources including UK government departments and financial regulators, relevant lifestyle organisations and trade associations, specialist publications and published disclosures by competitors active in the market.

Table Of Contents

UK Jewellery and Watch 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
Jewellery and watch insurance 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
Over GBP 5 billion was spent on jewellery and watches in the UK in 2014… 7
Market size and growth 7
… although the related stand-alone insurance market is worth a small fraction of this 7
Distribution channels 8
One way or another, brokers are dominant as distributors in this market… 8
… with the long-established TH March especially prominent in this respect 8
However, there are other specialist and non-specialist intermediaries active in the market… 9
… including innovative competitors such as Assetsure and Bought By Many… 9
… and a number of competitors seeking to develop demand for smartwatch insurance 10
Jewellers and other retailers account for a significant distribution share… 10
… but direct sales are likely to be very limited 10
Affinities and partnerships 11
Over 30 significant affinity and corporate partnerships exist for jewellery and watch insurance 11
Market shares 13
Underwriters at Lloyd's of London are likely to account for much of the market value 13
… although there are several other competitors, most notably Assurant General 13
Market forecast 14
Several factors should bring about a further increase in the market value up to 2018 14

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for UK jewellery and watch insurance, 2010 to 2014 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 7
Value of jewellery and watch sales in the UK, 2010 to 2014 7
Gross written premiums for jewellery and watch insurance in the UK, 2010 to 2014 8
Segmentation of distribution channels used for jewellery and watch insurance in the UK, 2014 9
Affinity and partnership marketing relationships for jewellery and watch insurance in the UK, 2015 11
Affinity and partnership marketing relationships for jewellery and watch insurance in the UK, 2015 (continued) 12
Estimated market shares of underwriters of jewellery and watch insurance in the UK, 2014 13
Estimated market shares of underwriters of jewellery and watch insurance in the UK, 2014 (table) 14
Gross written premiums for jewellery and watch insurance in the UK, 2018 (forecast) 14

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