Consumers and General Insurance - UK - December 2016
“Sales of general insurance are well set to grow by volume because of the captive customer bases in car and home insurance. However, intense price competition could hold back growth in premiums. Looking ahead to 2017, the pending rise in IPT will further squeeze the profitability of policies. Despite these challenges, there are great opportunities for insurers, particularly in the improved use of data to improve both underwriting and the customer experience.”
– Rich Shepherd, Senior Financial Services Analyst
This report is looking at the following areas:
- The connected home offers new insurance opportunities
- Aggregators make cross-selling policies increasingly difficult
- Understanding of policies must be improved
Consumers hold insurance in a high regard, so the industry is expected to grow in the coming years. However, developments throughout 2016 have created challenges and opportunities that providers will have to face in 2017 and beyond. The FCA’s introduction of new transparency and engagement rules will be introduced in April 2017, while the third increase to premium tax will take effect from June 2017. Further ahead, Brexit has myriad potential consequences for the industry, while developments in smart technology are opening up new avenues for innovation in insurance.
This Report gives a high-level overview of the UK’s general insurance markets. This includes examining the size of the industry and its constituent categories, and analysis of the market share of the leading insurance underwriters. The Report also looks at company strategies, innovations, and advertising activity. Finally, Mintel’s exclusive consumer research examines levels of product ownership, how people research and buy general insurance, including whether those who have more than one policy shop at the same insurer or keep them separate, and consumer attitudes towards aspects of insurance such as data sharing and transparency.
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
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Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
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