United Kingdom (UK) Household Insurance Market Dynamics, Trends and Opportunities, 2023

1.1 Market overview
1.2 Key findings
1.3 Critical success factors

2.1 The UK household insurance market fell in 2022, but will return to growth by the end of 2023
2.2 Government and regulatory policies in home insurance
2.3 The claims landscape in 2022
2.4 The housing market is returning to normal levels following a dip from the pandemic

3.1 Aviva remains the largest provider of home insurance in 2022
3.2 Insurtechs and recent developments

4.1 Growth in the market is expected to be stagnant through 2027f
4.2 Smart home devices and the future of home insurance
4.3 Other providers may enter the market
4.4 Extreme weather events will affect claims

5.1 Abbreviations and acronyms
5.2 Methodology
5.3 Secondary sources
5.4 Further reading

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Table 1: Household insurance GWP, annual growth rate, 2018-22
Table 2: Yearly and quarterly average household insurance premium rate movements, Q1 2018-Q2 2023
Table 3: Percentage of respondents holding any form of home insurance, 2021-22
Table 4: Household gross claims incurred and number of claims notified, by type, 2018-22
Table 5: New home registrations and completions, 2018-22
Table 6: Top 10 UK household insurers by GWP and market share, 2020-22
Table 7: UK household insurance market forecasts, 2022-27

Figure 1: UK household insurance market GWP slumped by 3.3% in 2022
Figure 2: Home insurance premiums have been on the rise since the large dip in Q1 2022
Figure 3: Combined insurance makes up 82.5% of total home insurance GWP in 2022
Figure 4: Roughly 50% of all renters have a home insurance product in place
Figure 5: The number of UK renters increased in 2022
Figure 6: Many have not purchased home insurance as it is too expensive
Figure 7: Uptake of contents-only insurance has fallen, whereas a quarter of renters have the wrong insurance
Figure 8: Overall cost of claims incurred grew by 6.2% in 2022
Figure 9: Number of claims notified increased by 2.6% in 2022
Figure 10: Rebuild costs are still growing, just at a slower pace in 2023
Figure 11: Consumers are reluctant to change their level of cover amid the cost-of-living crisis and high rebuild costs
Figure 12: New home registrations and completions continue growing in 2022, with a large increase in registrations
Figure 13: Mortgage approvals dropped off towards the end of 2022, in line with interest rates increasing
Figure 14: Younger consumers are more likely to be renting due to difficulty getting on the property ladder
Figure 15: Aviva retains its position as the leader in the household insurance market
Figure 16: Premiums in the household insurance market are expected to increase in 2023f
Figure 17: Younger consumers are far more likely to be willing to share smart home data with their insurer
Figure 18: Uptake of smart home devices in the UK, 2022
Figure 19: Big tech firms hold a strong position of trust among consumers if they were to sell home insurance
Figure 20: Forecasting methodology