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General Insurance Market Assessment 2006
Key Note Publications Ltd, July 2006, Pages: 212
This Market Assessment report examines the state of general insurance in the retail market in the UK in 2006. The report focuses on the major components of the retail market — motor, housing, travel, accident and health, general liability, and pecuniary loss and other — and considers the impact of regulation, as well as the opportunities for growth, within the industry.
We also considers the political, economic, social and technological issues concerning the industry, in particular:
- how the State is involved in monitoring and regulating the industry to ensure maximum social welfare
- whether the current provision of general insurance is wide enough and protects the most vulnerable groups (for example, those who live in neighbourhoods where theft is commonplace, but cannot afford to buy replacement goods or to insure them)
- the effect of the insurance code of conduct on industry practice
- trends in distribution channel changes
- the conflict between underinsuring possessions and the fear of loss.
We commissioned exclusive consumer research for this report, which was conducted by NEMS Market Research in March 2006 among a representative survey of 1,000 adults aged 16 and over in Great Britain. The findings are discussed in detail in Chapter 11 — Consumer Dynamics — and notable conclusions include the following:
- the Internet is a commonplace search tool for those seeking the best insurance deal
- reputation is still a major criterion in the choice of insurer
- supermarkets have a limited appeal in the general insurance market
- moves by the Financial Services Authority (FSA) to improve the transparency of insurance contracts appear to be having some impact
- consumers largely insist that they do read the small print of insurance contracts before signing.
Definition:
This report focuses on the general insurance sectors that concern the retail customer: motor, housing, travel, accident and health, general liability and pecuniary loss. Corporate general insurance, comprising marine, aviation and transport (MAT), fire and commercial risk insurance, are dealt with only briefly.
This report looks at consumers' market needs and at the companies aiming to meet these requirements while making a profit.
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