UK Household Insurance 2010
Buy Now : Market Research
Introduction
This report includes information and commentary on the total market share and advertising spend of the key industry players in UK household insurance. There is analysis into consumer trends and the success of various distribution methods by demographic group. It also details the changes in the number of claims in household insurance and their total value as well as the premium prices of policies.
Scope
- Consumer research on buyer motivations, methods of arrangement and switching behavior based on an exclusive survey of nearly 4,400 consumers.
- Insight into the effects of the credit crunch, including the major changes to the competitor rankings and housing market.
- Data on the market share of the top brands and groups as well as an analysis of the marketing spend of the top brands.
- Forecasts of the future size of the market, its underwriting profit and the drivers that will affect the market going forward.
UK Household Insurance 2010
Highlights
There is a wide variety of distribution channels represented in the top 10 insurer chart below. For example, Tesco Personal Finance (now Tesco Bank) has a strong presence, demonstrating that even retail affinities can use their commercial presence and nous to successfully market general insurance.
In 2009, the average claim value increased 4.2% to £1,227 per claim and in correlation the gross claims costs in the UK rose 3.0% to £376m. However the number of theft-related insurance claims fell 1.2% to 306,000: this was expected to rise with the worsening financial situation in the UK and related increasing unemployment rate.
Though the market has been contracting since 2008, the insurers have adjusted their strategies and started to show growth again in 2010, and when the housing market returns to strength the bancassurers who sell much of their home insurance book on the back of mortgage arrangements, and the rest of the market, will start to see more dramatic growth.
Reasons to Purchase
- Assess the most effective distribution and marketing methods by demographic group and the potential of the new business market.
- Understand the trends in claims by volume and total value and how this impacts on the loss, expense combined operating ratios of the industry.
- Gain insight into the future direction of the sector, including market size and underwriting profitability and the major issues affecting the market.
