UK Household Insurance Market - Trends, Capacity, Generation, Investment Trends, Regulations and Company Profiles
Soft market conditions endure in a UK household insurance market with high levels of competition and capacity, and a continuing shift in customer buying habits. Despite this, the market continues along a profitable path for as long as it can rely on relatively benign weather conditions.
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Key Findings
- UK household insurance gross written premium (GWP) fell by 3.8% in 2015, hampered by tough underwriting conditions in a competitive market. Home insurance premium rates are currently reported to be largely flat to slightly negative across the UK as a whole.
- In spite of winter 2015 storms, home insurance remains profitable, with a 94.6% combined operating ratio (COR) in 2015, compared to 93.4% in 2014. The sector has been propped up by several benign weather years and has benefited from reserve releases. However, concerns remain over pricing for severe weather events.
- The home insurance expense ratio fell in 2015 (-1.6 percentage points [pp]) as a result of a drop in commission ratio and efficiency improvements. However, at 40.6% it remains relatively high compared to motor, and has been adversely impacted in H1 2016 by the introduction of Flood Re.
- The rise of ‘Generation Rent’ presents a shifting landscape that is dampening overall market growth, and is presenting home insurers with a customer demographic that has different needs and preferences not necessarily catered to effectively by current services. Private renters now account for around 20% of dwellings, up from just over 10% a decade ago.
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Synopsis
Verdict Financial’s “UK Household Insurance: Market Dynamics and Opportunities” report provides an in-depth analysis of the UK household insurance market. It looks at market size and performance ratios as well as changes in premiums, claims, contextual and economic factors, regulations, and opportunities. It provides a thorough overview of the market along with future forecasts and analysis of emerging technologies and products.
Reasons To Buy
- Benchmark yourself against the rest of the market. Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Be prepared for how regulation will impact the household insurance market over the next few years.
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