Home Insurance - UK - November 2013
“The cost of a policy relative to the competition is the primary factor that determines whether or not a home insurance policyholder stays with their existing provider after shopping around. The good news for providers is that customers are generally willing to tolerate a slight increase in premiums. However, raising premiums too quickly or steeply will create an opportunity for another provider to steal away business.”
– George Zaborowski, Senior Analyst – Financial Services
Some questions answered in this report include:
- What’s behind the softening in home insurance premiums and will it last?
- How can contents insurance ownership among renters be expanded?
- Which channels give providers the best chance of a sale?
- What can providers do to reduce switching activity?
While the market has performed well during the past several years, the economic slowdown and weak housing market have held it back from its true potential. Pressure on household incomes has motivated many to cut back on spending wherever possible, and for some this may have resulted in trading down or cancelling existing cover. Meanwhile, with ownership levels directly linked to property ownership, the buildings insurance segment has been held back by the general lack of mortgage lending.
In this report Mintel conducts a broad investigation of the home insurance market. The detailed Market Size and Forecast section shows where the market has been and where it is likely headed, while the Channels to Market section explores trends in distribution. In addition to highlighting changes in market share, the sector’s major insurance companies are profiled. In the final sections of the report the reader is presented with analysis of Mintel’s exclusive consumer research, which provides insight into how consumers research and arrange policies, what key factors they look for in home insurance, as well as policy renewal and switching activity.
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.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
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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