Market Trends of UK Home Insurance Industry
Building/Property Insurance is Dominating the United Kingdom Home Insurance Market
Property insurance coverage includes policies that protect the home from theft, fire, and other perils for tangible assets and equipment of businesses or residences. Property insurance also provides risk coverage to protect the house from all risks. Property insurance coverage in the United Kingdom typically excludes damage from events, tsunamis, floods, drain and sewer backups, seeping groundwater, standing water, and other sources.
Building/property insurance has registered significant growth in the United Kingdom. The United Kingdom has a high rate of property ownership, and rising property values have made homeowners seek comprehensive insurance coverage for their properties. Increasing awareness of the potential risks has prompted more homeowners to have insurance coverage.
Online Policies are Dominating the United Kingdom Home Insurance Market
Purchasing household insurance policies online has become increasingly popular in the United Kingdom and is the most used channel by policy seekers. One of the key drivers behind this trend is the growing demand for digital accessibility. This digital transformation allowed policyholders to manage their policies easily, make payments, and file claims electronically. These benefits made the online policies of the United Kingdom home insurance market register significant growth over the years. The most common pre-purchase activity of home insurance is visiting a price comparison website, highlighting the importance of price for customers. As a result, both premium prices and the cover provided must be highly competitive.
