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  4. > UK Wedding and Personal Event Insurance: Market Dynamics, Affinities and Partnerships

UK Wedding and Personal Event Insurance: Market Dynamics, Affinities and Partnerships is a report investigating the market for wedding and personal event 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.

This report is focused on insurance covering ‘personal events’ (i.e. events organised by individual consumers) of which weddings represent the most important element but which can also include parties and other events to celebrate anniversaries, birthdays, engagements and religious rites of passage such as baptisms and Bar / Bat Mitzvahs. This type of insurance can cover a number of risks such as bad weather, failure of suppliers and illness which can affect or prevent the realisation of the insured event. However, ‘after-the-event’ insurance and the much larger market for cover for commercial events are out of scope, as is insurance for wedding cars, wedding and event planners and wedding retailers.

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 Wedding and Personal Event 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
Wedding and personal event 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
The general increase in the UK population is a primary driver of growth in personal events and weddings… 7
Market size and growth 8
… causing the small market for associated insurance to also rise in value 8
Distribution channels 9
Most sales of these types of insurance are realised via tied intermediaries… 9
with Voyager Insurance Services running several brands targeted at them 9
The role of aggregators is limited albeit some underwriters sell directly to consumers 10
Affinities and partnerships 10
A number of affinity distribution relationships exist for wedding and personal event insurance… 10
Market shares 11
… and these are instrumental in determining the likely market shares of underwriters 11
Market forecast 13
Gentle growth is predicted for the value of the market through to 2018 13

LIST OF GRAPHICS / TABLES

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

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