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High Net Worth Home Insurance 2016

High Net Worth Home Insurance 2016

  • May 2016
  • 51 pages
  • ID: 3831993
In this report:
According to Nielsen Media, in 2015 it spent £##.##m on advertising, with ##% of expenditure promoting its MNW household insurance proposition.
According to the Credit Industry Fraud Avoidance Service and Experian around ##% of identity theft occurs online, with the wealthy being the most targeted demographic.


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Wealthy individuals require specialist mid net worth and high net worth insurance policies that offer wider coverage, bigger limits, and superior service compared to standard products. This is due to the bigger value of their assets, which may include multiple homes, luxury cars, yachts, antiques, jewelry, wine, and fine art. Home insurance is generally provided on a overall all-risk cover basis, often with an element of legal protection and travel insurance to which motor insurance can be additionally added. The sector is forecast to grow as the number of affluents in the UK increases. Insurers are trying to grow the industry by expanding their customer base by growing consumer awareness of specialist products, superior targeting their products through alliances, reducing underinsurance, and adapting their distribution strategies to consumer purchasing preferences. Brokers remain the principal distribution channel, although MNW individuals are moving away from them in favor of purchasing directly and via banks online. The sector is soft due to insurer overcapacity, which has driven down rates and profitability, although premiums are beginning to stabilize. Competition is also provided by insurers offering enhanced standard policies. Hiscox and Chubb account for the most important share of GWP; meanwhile the rest of the market is characterized by a range of specialist and composite insurers. In the outlook, technology will play a better role in the industry by improving insurer-broker-customer relationships and managing household risk.

Main highlights

- Hiscox and Chubb hold the biggest share of the market.

- The sector is low in profitability with an estimated COR of just under 100.0 percent.

- By 2020, the combined MNW and HNW market is forecast to be worth £1.3bn in GWP.

- MNW business is moving away from the broker channel.


Verdict Financial's "High Net Worth Home Insurance 2016" report offers an detailed study into specialist home insurance products for wealthy individuals. It begins by defining MNW and HNW individuals, followed by analysis of the historical growth in the number of these people and an estimate of market size. The analysis outlines what a typical MNW and HNW home insurance product includes and how they are distributed. Key issues combined with the industry are addressed additionally to highlighting main market players, their products, and recent developments. The market research concludes with a 5-year market forecast and explores how technology has the thinkable to shape the industry in the outlook.

Great reasons to purchase

- Adapt your distribution strategy to ensure it still meets the needs of clients.

- Ensure you successfully market your products and target plausible clients.

- Benchmark yourself against other players in the sector.

- Be prepared for how technology will impact the HNW home insurance market over the next few years.

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