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Home Emergency Insurance and Assistance in Europe
Finaccord, Aug 2010, Pages: 240
Home Emergency Insurance and Assistance in Europe is a report and associated PartnerBASE™ database about the market for this specialized type of cover in ten countries in Europe: Belgium, France, Germany, Italy, the Netherlands, Poland, Portugal, Spain, Sweden, and the UK.
In essence, the term ‘home emergency insurance and assistance’ encompasses policies that are sold on a stand-alone basis, or bundled with household insurance, banking products or utility services, that cover one or more of the following home-related problems:
- malfunctioning of gas boilers, gas supply pipes or gas central heating;
- problems with plumbing, drainage and water supply pipes;
- electrical emergencies and breakdowns.
Moreover, in several European markets, other types of cover are sometimes included within home emergency policies, most notably key or lock emergency insurance. In some cases, policies may also extend to other services such as emergency accommodation, child care, pet care or even psychological assistance following an emergency.
A number of factors combine to form a firm rationale for a report and database about home emergency insurance and assistance in Europe. First and foremost, this is the first ever focused publication on the subject on a pan-European basis. This is curious given the facts that the market is estimated by Finaccord to be worth as much as EUR 2.65 billion across ten European countries in 2010 and that it is growing rapidly in some countries.
Moreover, home emergency cover potentially represents a development opportunity for a variety of different distributors and providers. Over and above dedicated assistance firms that may specialize exclusively or in part in the field of home assistance, insurance companies can also develop home emergency insurance and assistance propositions that they can combine within their regular household insurance, sell on a stand-alone basis or distribute through other organizations.
In addition, as distributors and sometimes as service providers, energy and water firms can also enhance their core revenues through cross-selling home emergency cover. Indeed, in the UK, Centrica’s residential services segment contributed GBP 1.41 billion in gross revenues out of total gross revenues of GBP 12.57 billion at its downstream UK division in 2009, thereby making up 11.2% of the total. Furthermore, the same segment generated GBP 233 million in operating profits in the same year, accounting for 23.0% of total downstream UK operating profits which amounted to GBP 1.01 billion.
What is the report structure?
0. Executive Summary: providing a concise evaluation of the principal findings of the report.
1. Introduction: offering rationale, description of methodology and some definitions.
2. European Overview: comprising an overview of the European market including the size of the market for home emergency insurance and assistance in 2010 split by policy type and by country, measured both by value and volume. In addition, this chapter compares the housing stock across the ten countries, including the split between owner-occupied, privately-rented and social housing units, as well as providing a definitive overview of the extent to which energy firms, water companies and household insurers actually offer home emergency insurance or assistance and, for those that do, the operating models and partners that they utilize for this purpose.
3. Belgium: an in-depth analysis of the market for home emergency insurance and assistance in Belgium including: introduction to the underlying markets for energy, water and household insurance services; prevalence of bundling with payment cards and bank accounts; identification of key competitors in home emergency insurance and assistance in Belgium; and estimates for the current and likely future market size for home emergency insurance and assistance.
Key features of this report include:
- quantification of the market size for home emergency insurance and assistance: how much is the market really worth across the ten countries considered in Europe, how does it break down by policy type and by country, and how is it likely to have grown by 2014?
- identification of providers of home emergency insurance and assistance that have established relationships with energy firms, water companies and household insurers;
- the results of detailed consumer research covering the developed UK market including the perceived value and actual use of home emergency insurance and assistance in this market and analyses concerning the distribution channels used by customers to acquire the product;
- assessment of the degree to which insurance companies currently bundle home emergency cover with their mainstream household insurance policies: in which countries could this practice impact upon the development of the stand-alone market for home emergency insurance and assistance?
How can the research be used?
You may be able to use this report and the PartnerBASE that accompanies it in one or more of the following ways:
- appreciate the size of the opportunity in the market for home emergency insurance and assistance in Europe: in aggregate, this is a substantial market;
- understand how dynamic competitors are helping the sector to grow at a rate well in excess of the underlying markets for utilities services and household insurance in a number of countries;
- assess the position of significant national and international competitors such as almeda, Asitur, AXA Assistance, Europ Assistance, Fidelia Assistance, HomeServe, Inter Mutuelles Assistance, Mapfre Asistencia, Mondial Assistance, Multiasistencia, Roland Schutzbrief-Versicherung, SPB and The Warranty Group;
- the UK accounted for almost two thirds of the EUR 2.65 billion market value in 2010 - hence understanding the exact dynamics of the market for home emergency insurance and assistance in this country, and how and why consumers buy it, will provide indicators for how the market may develop elsewhere in Europe in future.
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