UK Home Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

UK Home Insurance Market - Segmented by (Type of Home Insurance and By Channel of Distribution) - Growth, Trends, and Forecast (2019 - 2024)

Market Snapshot

Study Period:

2016 - 2026

Base Year:

2020

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Market Overview

As of 2017, there are 22.6 million homes in the UK, but 5 million households (more than 1 in 5) do not have home contents insurance. The average UK household contains worth in excess of GBP 35,000 – that’s more than the average salary of GBP 27,000. The total amount of net written premiums in the property insurance in UK is valued at EURO 7360 million in 2017, which is an increase of 8.33 % from 2017. The category has recorded a CAGR of -2.43% during (2014-2019) and it is expected to pick up the pace of growth during the forecasted period with a CAGR of 1.5% by 2024. In 2016 there were 9.3 million home insurance policies across the UK where customers had been loyal to their insurance provider for six years or more and 6.9 million policies where customers switched after a year.

 

Scope of the Report

The Home Insurance Market covers types of Insurance policies available in the current UK Insurance Scenario: Building/property Insurance, Contents Insurance, Buildings, and Contents Insurance, Renter's or Tenant's Insurance, and Strata/ Holiday home Insurance Along with the distribution channels operated in the industry. Furthermore, considering the growing online Insurance platforms in the country a detailed study presented on that separately.  

 

BY TYPE OF HOME INSURANCE
Building/ Property Insurance
Contents Insurance
Building & Content Insurance
Renter's or Tenant's Insuarance
Landlord's Insurance
Strata/ Holiday Home Insurance
BY CHANNEL OF DISTRIBUTION
Direct
Independent Advisers
Banks/Building societies
Utilities/Retailers/Affinity Groups
Company Agents
Online Channels

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Key Market Trends

​​​​​​​InsurTech Influences today's Insurance consumers.

Technological advancements have the potential opportunities to address the rising consumer desires and regulatory demands in the Insurance Industry. InsurTech is highly contributing to solving the complexities with it's wearable, automotive and smart home technology solutions through the various digital platforms. Insurers are increasing investments in innovation and emerging technologies in the distribution channels proving that they offer more than just traditional insurance coverage to policyholders.

Industry reports explore that UK InsurTechs saw over USD 1 billion of investment activity through 2018, up from USD 792 million in 2017. In line with overall FinTech investment activity, InsurTech was fuelled by the first half of the year with investment nose-diving in H2-2018. Between July and December 2018, just USD 63 million of investment activity took place, versus USD 406 million during the same period in 2017.

Purchasing household insurance policies online has become increasingly popular in the UK, and is the most used channel by the policy seekers. Industry sources reported that currently, more than 40% of sales are happening through online platforms.  Providers must have a strong online presence in order to ensure growth in the present market scenario. The most common pre-purchase activity is visiting a price comparison website, highlighting the importance of price for customers. As a result, it is essential that both premium prices and the cover provided are extremely competitive.

 

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Competitive Home Policies in the UK.

As the market has huge potential consumers, the Insurers are simultaneously offering competitive Insurance policies. 

Direct Line Home Insurance Plus - Unlimited buildings cover and up to GBP 100,000 of contents cover with a GBP 4,000 valuable single item limit. Accidental damage included as standard. It can cover GBP 50,000 for alternative accommodation and rent (under buildings cover), theft from outbuildings (GBP 5,000), contents outside (GBP 2,500) and up to GBP 1,000 per bicycle. The home emergency is included as standard up to GBP 500 for a call out and up to GBP 250 for a replacement boiler. 

John Lewis Finance Premier - Unlimited buildings, contents, and alternative accommodation cover. Accidental damage included as standard. GBP 3,000 valuable single item limit. Theft from outbuildings (GBP 5,000), contents in the garden (GBP 5,000) and up to GBP 1,000 per bicycle. The home emergency is included as standard up to GBP 1,500. 

M&S Bank Premier - Unlimited buildings, contents, and alternative accommodation cover. Accidental damage included as standard. GBP 15,000 valuable single item limit. Unlimited theft from outbuildings or contents in the garden and up to GBP 15,000 for bicycles away from home. The home emergency is an optional extra and can cover up to GBP 1,000 of repairs. 

 

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Competitive Landscape

The UK Home Insurance Market is highly competitive, with the presence of major international players. The UK Home Insurance Market presents opportunities for growth during the forecast period, which is expected to further drive market competition. With a few players holding a significant share, the UK Home Insurance Market has an observable level of consolidation.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Market

    2. 1.2 Market Definition

    3. 1.3 Executive Summary

  2. 2. RESEARCH METHODOLOGY

    1. 2.1 Study Deliverables

    2. 2.2 Study Assumptions

    3. 2.3 Analysis Methodology

    4. 2.4 Research Phases

  3. 3. MARKET INSIGHTS

    1. 3.1 UK Current Economic and Banking Industry Scenario

    2. 3.2 Impact of Government Regulations and Initiatives on the Insurance Industry

    3. 3.3 Impact of Global Insurance Market on UK Industry

    4. 3.4 Key Trends in UK Insurance Industry

    5. 3.5 Impact of UK Environmental Dynamics on the UK Home Insurance

    6. 3.6 Impact of InsurTech on the UK Inusrance Industry

    7. 3.7 Review and Commentary on UK General and Home Insurance Market Scenario

    8. 3.8 Review and Commentary on Impact of BREXIT on the UK Insurance Industry

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

    2. 4.2 Restraints

    3. 4.3 Opportunities

    4. 4.4 Porter's Five Forces Analysis

    5. 4.5 Industry Structure Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 BY TYPE OF HOME INSURANCE

      1. 5.1.1 Building/ Property Insurance

      2. 5.1.2 Contents Insurance

      3. 5.1.3 Building & Content Insurance

      4. 5.1.4 Renter's or Tenant's Insuarance

      5. 5.1.5 Landlord's Insurance

      6. 5.1.6 Strata/ Holiday Home Insurance

    2. 5.2 BY CHANNEL OF DISTRIBUTION

      1. 5.2.1 Direct

      2. 5.2.2 Independent Advisers

      3. 5.2.3 Banks/Building societies

      4. 5.2.4 Utilities/Retailers/Affinity Groups

      5. 5.2.5 Company Agents

      6. 5.2.6 Online Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Strategies Adopted by Major Players

  7. *List Not Exhaustive
  8. 7. COMPANY PROFILES

    1. 7.1 Admiral Group

    2. 7.2 Aviva

    3. 7.3 Direct Line Group

    4. 7.4 Ageas

    5. 7.5 Axa Insurance UK

    6. 7.6 Zurich

    7. 7.7 LV/Liverpool Victoria

    8. 7.8 AA Home Insurance

    9. 7.9 Churchill

    10. 7.10 Halifax*

  9. 8. INVESTMENT ANALYSIS

  10. 9. FUTURE OF GENERAL AND HOME INSURANCE MARKET IN UK

  11. 10. APPENDIX

    1. 10.1 UK General Insurance Key Statistics

    2. 10.2 Number of Active Home InsurancePolicies 2015-2018

    3. 10.3 Gross & Net Home Insurance Written Premiums 2015-2018

    4. 10.4 Gross Home Insurance Claims Incurred during 2015-2018

  12. 11. DISCLAIMER

** Subject to Availability

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