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UK Household Insurance 2011
Datamonitor, Sep 2011
This report provides a comprehensive analysis of the household insurance market. It provides in-depth data and analysis of the size and profitability of the market. There is also analysis into consumer trends and the success of various distribution methods by demographic group. It details the number of claims in household insurance and their total value as well as the premium prices of policies.
Scope of the report:
- Insight into the latest issues affecting the household insurance marketplace and the impact these issues are having on growth and profitability.
- Latest findings from The 2011 General Insurance Consumer Survey including distribution, purchasing and retention patterns.
- Analysis of market size and the profitability for the market as a whole as well as the top 10 insurers.
- Forecasts up to 2015 of the market share by GWP and profitability of the UK household insurance marketplace.
Highlights:
- The household insurance market benefited from a solid increase in gross written premiums and a decrease in gross claims costs. Profitability in the market, however, decreased as insurers increased their provisions for unexpired risk reserves.
- The structure of the market has been affected by the continued economic downturn as a higher proportion of the population have moved into rental accommodation. This has resulted in a 9.4% increase in private renters in the UK in 2009/2010 and will require a change in strategy for providers.
- Aggregators are aggressively seeking to grow their share of the household insurance distribution channel to replicate their success in the private motor insurance market.
Reasons to buy:
- What are the trends in claims and how do these claims impact on gross written premiums and the combined operating ratio of the industry?
- How is the structure of the UK housing market changing and how do consumers go out about arranging household insurance?
- What will be the factors affecting the household marketplace going forward and how will they impact profitability?
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