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UK Household Insurance: Market Dynamics and Opportunities 2017

UK Household Insurance: Market Dynamics and Opportunities 2017

  • September 2017
  • 47 pages
  • ID: 5134630
In this report:
According to the National House Building Council (NHBC), in 2016 the number of new home registrations contracted by ##.##% against 2015.
Flood Re is expected to benefit around ##,## homes 'over time' Flood Re launched on April ##, 2016, with the aim of ensuring that UK properties at the highest risk can receive affordable cover for the flood aspect of their household insurance.

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UK Household Insurance: Market Dynamics and Opportunities 2017

Brief

"UK Household Insurance: Market forces and Opportunities 2017", 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, regulation, and alternatives. It offers a thorough overview of the market together with future forecasts and analysis of emerging technologies and products.

High levels of competition and capacity within the household insurance space continue to shape soft market conditions, with little change in rate being achieved apart from pushing through additional insurance premium tax increases. Despite this and the additional Flood Re levy introduced in 2016, profitability has been maintained due to relatively benign weather conditions.

Overview

- UK household insurance gross written premium contracted by 1.40 percent in 2016.

- Overall claims performance over the final five years tells a positive story, with the number of claims falling year on year between 2012 and 2016, achieving a negative Compound annual growth rate of 11.40 percent.

- 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.

- The next couple of years should see a shift in the development of clever home insurance, and it is therefore imperative insurers keep on top of this.

- With the Flood Re levy set each year and additional regulations around pricing transparency, insurers need to ensure their pricing strategies are in line with the risks they face.

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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