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High Net Worth Household Insurance 2018

High Net Worth Household Insurance 2018

  • April 2018
  • 36 pages
  • ID: 5385727
  • Format: PDF
  • GlobalData

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High Net Worth Household Insurance 2018

Summary
Within the UK household insurance market there is a segment dedicated to providing specialist policies for individuals whose above-average wealth would result in them being underinsured should they hold a standard, mass market policy. In response, providers have developed policies for both mid net worth (MNW) and high net worth (HNW) individuals that typically have wider coverage and higher limits than standard policies.

The number of HNW and MNW households in the UK is forecast to continue rising over the next five years.This, combined with average premiums which it is believed will hold constant or rise slightly, will allow the market GWP to continue its year-on-year growth.

In order for providers to capitalize on this potential growth they must begin to adopt online platforms which can be utilized for the purchasing journey and claims process, as customer preferences have slowly started to change towards those found within the mass market.

Key findings included in this report -
- The dominant players in the specialist household insurance market remain Hiscox and Chubb.
- Consumer purchasing and research attitudes found within the mass market are beginning to trickle into the MNW market, as individuals’ wealth grows and they continue to hold these attitudes.
- Specialist HNW and MNW insurers are regarded as providing some of the best insurance across the industry.

The report "High Net Worth Household Insurance 2018", provides an in-depth study into specialist home insurance products for wealthy individuals.The report outlines what a typical MNW and HNW home insurance product includes and how they are distributed.

Key issues associated with the industry are addressed in addition to highlighting key market players, their products and latest developments.

Companies mentioned in this report: AIG, Aviva, AXA ART, Chubb, Covéa, Hiscox, Plum Underwriting, Zurich, XL Group, Azur

Scope
- The dominant players in the specialist household insurance market remain Hiscox and Chubb.
- Consumer purchasing and research attitudes found within the mass market are beginning to trickle into the MNW market as individuals’ wealth grows and they continue to hold these attitudes.
- Specialist HNW and MNW insurers are regarded as providing some of the best insurance across the industry.

Reasons to buy
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Be prepared for how regulation will impact the household insurance market over the next few years.

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