UK Wedding Insurance 2010
Datamonitor, June 2010, Pages: 22
The brief is an invaluable guide to the UK wedding insurance market, providing insight into competitor strategies as well as overall market growth and trends. It investigates this niche market uncovering how insurers and providers sell these products, the size of these markets and the competitive landscape.
Scope
- Insight into the different methods of distributing wedding insurance products and the changes in the landscape.
- Analysis of the current competition and challenges facing providers in selling wedding insurance products in future.
- The latest market developments in the wedding insurance marketplace.
- A discussion of the main factors affecting the wedding insurance market in the future.
Highlights of this title
The UK wedding insurance market is profitable for insurers. The relatively low claims frequency makes this an attractive industry for all those involved.
A clear consensus among most industry players is that there is stronger demand for wedding insurance as a result of the recession. Providers therefore need to capitalize on this by raising awareness and educating the customer as to the benefits of taking out such a policy.
Besides standard multi-tier wedding insurance cover, most insurers offer greater coverage through add-ons to the policy such as extended legal expenses cover, ceremonial sword cover, honeymoon cover, marquee cover and personal liability.
Key reasons to purchase this title
- Understand the size of this market in terms of premium income and policy numbers.
- Gain insight into the distribution profile of this sector.
- Help in planning your entry into the UK wedding insurance market.
CATALYST
SUMMARY
MARKET CONTEXT
Introduction
Wedding insurance protects a couple's investment
Wedding insurance protects a couple's investment
Credit cards can also be used to protect purchases for a wedding
Wedding insurance is a small but lucrative market
The market is worth approximately £4m
Wedding insurance is a lucrative business
The economic downturn has led to a slightly higher claims frequency
The market is becoming more competitive
Increasing penetration is the best way to expand the market
Interviewees claim that wedding insurance has benefited from the recession
The average cost of weddings is expected to stabilize
Penetration needs to increase
Wedding insurance is mainly distributed online
Online is the main distribution platform
Wedding insurance is also sold as an add-on policy to travel insurance
CONSUMER INSIGHTS
Introduction
Wedding insurance offers peace of mind
Weddings are a significant investment for young couples
The downturn has prompted more couples to protect their wedding
Raising product penetration remains a challenge for wedding insurance providers
Price comparison sites make shopping around easier
The economy will put the breaks on wedding costs
People are getting married later
The economic climate will dampen the average wedding cost
Ecclesiastical Insurance's 'wedding budget planner' is a clever marketing tool
Editorial marketing is the most common marketing strategy
Ecclesiastical Insurance provides a 'wedding budget planner'
COMPETITIVE DYNAMICS
Introduction
There are a just a handful of underwriters
Only six underwriters are predominant in the market
Wedding insurance costs between £20 and £355
Providers target consumers with multi-tiered policies
Major wedding insurance providers offer multi-tier policies
Many add-on policies are sold alongside standard wedding insurance
Ecclesiastical Insurance's 'mix and match' option offers greater flexibility
FUTURE DECODED
Introduction
Social trends are likely to limit wedding insurance market growth
The number of marriages is expected to decline moderately out to 2014
The average cost of a wedding is expected to stabilize
The wedding insurance market will continue to grow
Rising penetration rates of wedding insurance will lead to market growth
APPENDIX
Definitions
Premium income measures
Earned premiums
Gross Premium
Net Premium
Written premiums
Other definitions
Channel
Direct insurer/writer
Brokers
Bancassurers
Brandassurers
Platform
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
List of Tables
Table 1: Corporate partnerships and prices, 2010
Table 2: Wedding insurance product range, by provider, 2010 (£)
Table 3: Add-ons offered by provider
Table 4: The UK wedding insurance market forecast under three scenarios 2010f-14f
List of Figures
Figure 1: The number of marriages is falling
Figure 2: Wedding insurance is advertised on the John Lewis gift list website
Figure 3: Wedding insurance looks after almost every aspect of a wedding
Figure 4: Wedding Insurance Comparison compares six brands
Figure 5: Most people now get married between the ages of 25 and 34
Figure 6: Ecclesiastical Insurance's 'wedding budget planner'
Figure 7: All the providers offer a multi-tier range
Figure 8: Ecclesiastical Insurance's 'mix and match' option offers greater flexibility
Figure 9: Number of marriages per year in UK, 1979-2013f
Figure 10: The UK wedding insurance market could reach £6m in GWP in 2014
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