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UK Household Insurance: Market Dynamics and Opportunities

UK Household Insurance: Market Dynamics and Opportunities

  • September 2016
  • 51 pages
  • ID: 3375707
In this report:
Of the eligible households in the UK, around ##,## homes are expected to benefit from the effects of Flood Re "over time." According to the ABI that represents around ##% of eligible households.
According to the National House Building Council (NHBC), the number of new home registrations increased by ##% in 2015.

Summary

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Brief

Soft market conditions endure in a UK household insurance market with high levels of competition and capacity, and a continuing shift in customer buying habits. Despite this, the industry continues along a profitable path for as long as it can rely on relatively benign weather conditions.

Main highlights

- UK household insurance gross written premium fell by 3.80 percent in 2015, hampered by tough underwriting conditions in a challenging market. Home insurance premium rates are currently reported to be largely flat to slightly negative across the UK as a whole.

- In spite of winter 2015 storms, home insurance remains profitable, with a 94.60 percent combined operating ratio in 2015, compared to 93.40 percent in 2014. The sector has been propped up by different benign weather years and has benefited from reserve releases. However, concerns remain over pricing for severe weather events.

- The home insurance expense ratio fell in 2015 (-1.6 percentage points [pp]) as a result of a drop in commission ratio and efficiency improvements. However, at 40.60 percent it remains relatively high compared to motor, and has been adversely impacted in H1 2016 by the introduction of Flood Re.

- The rise of 'Generation Rent' unveils a shifting landscape that is dampening global market increase, and is presenting home insurers with a customer demographic that has distinct needs and preferences not necessarily catered to effectively by current services. Private renters now account for around 20.0 percent of dwellings, up from just over 10.0 percent a decade ago.

Abstract

Verdict Financial's "UK Household Insurance: Market forces and Possibilities" report offers an detailed analysis of the UK household insurance market. It looks at market value and performance ratios as well as changes in premiums, claims, contextual and economic factors, regulations, and alternatives. It offers a thorough overview of the market together with future forecasts and analysis of emerging technologies and products.

Great reasons to purchase

- Benchmark yourself against the rest of the market. Ensure you remain ambitious as additional innovations and insurance models begin to enter the sector.

- Be prepared for how regulation will impact the household insurance market over the next few years.

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