2024
9
UK Consumers and General Insurance Market Report 2024
2024-02-29T17:06:22+00:00
REP2FD0D5A8_6566_46A7_B4F2_A3734C868A42
2195
171050
[{"name":"Insurance","url":"https:\/\/store.mintel.com\/industries\/finance\/financial-services\/insurance"}]
Report
en_GB
Rising costs have forced insurers to hike premiums and consumers to review their insurance, but GI has been mostly insulated by its largely essential nature. Saltanat Kuermannal, Financial Services…

UK Consumers and General Insurance Market Report 2024

£ 2,195 (Excl.Tax)

Report Summary

Stay ahead of the curve in the UK insurance industry with Mintel’s UK Consumers and General Insurance Market Report 2024. Featuring an analysis of market dynamics, what consumers want and why, and the latest innovation and marketing activity. The report provides the market intelligence you need to secure future growth in the insurance market.

Key Issues Covered in this Report

  • Market size and performance for the general insurance market.
  • Regulatory and legislative changes in the market.
  • Ownership and switching activity, by type of insurance product.
  • Recent claims experience, including satisfaction with experience.
  • Impact of the rising cost of living on ownership behaviours.
  • Attitudes towards general insurance.
  • Latest developments in innovation and marketing trends, including competitive strategies, launch activity and advertising, and brand research.

UK General Insurance Market Overview

  • General insurance remains resilient despite the cost-of-living crisis. The essential nature of general insurance has ensured that sales have held up despite consumer finances coming under strain. While 40% of policyholders have taken some steps to review their insurance, just 6% have cancelled a policy without buying replacement cover.
  • Lack of approachability is a threat to supporting vulnerable customers. Insurance customers are as likely to have reduced cover or cancelled add-ons as to have spoken to their insurer about financial difficulty. Brands need to work on their reputations for providing meaningful support for consumers, particularly vulnerable ones, to change this. By encouraging struggling customers to contact them first, insurers can prevent policyholders from making changes that could leave them more exposed to risk.

Purchase the full report for a complete overview of the UK general insurance market, including consumer insights and brand research into the key players in the industry.

Report Scope

This report is a consumer research-focused overview of the UK personal lines general insurance market. It covers wider trends that impact the market rather than offering a specific focus on individual sectors. Mintel defines general insurance as insurance that covers (non-life) risks for a limited period, typically one year.

For more detailed information on the main sectors within the personal lines market, take a look at the following reports:

Expert Analysis from a Financial Services Specialist

This report, written by Saltanat Kuermannal, a leading Financial Services analyst, delivers in-depth commentary and analysis to highlight current consumer trends in the UK general insurance market and add expert context to the numbers.

Rising costs have forced insurers to hike premiums and consumers to review their insurance, but GI has been mostly insulated by its largely essential nature.

Saltanat Kuermannal
Financial Services Analyst

Table of Contents

    • Key issues covered in this Report
  1. Executive Summary

    • Opportunities for general insurance
    • Market dynamics and outlook
    • Graph 1: gross written premium for domestic general insurance products, ABI members, 2016-23
    • Graph 2: gross claims incurred (personal lines), 2016-22
    • Graph 3: market segmentation for general insurance (personal lines), by gross written premium, 2016-22
    • What consumers want and why
    • Graph 4: general insurance product ownership, 2023
    • Graph 5: general insurance switchers who changed policy at last renewal due to finding a cheaper policy from another provider, by insurance type, 2023
    • Graph 6: satisfaction with claims experience – NET, by outcome of claim, 2023
    • Innovation and marketing
    • Graph 7: total above-the-line, online display and direct mail advertising expenditure on general insurance, 2018/19-2022/23
  2. Market Dynamics

    • Market size and performance
    • Graph 8: gross written premium for domestic general insurance products, ABI members, 2016-23
    • Graph 9: value of gross claims incurred in general insurance (personal lines), 2016-22
    • Graph 10: value of gross claims incurred in general insurance (personal lines), by segment, 2016-22
    • Market segmentation
    • Graph 11: market segmentation for general insurance (personal lines), by gross written premium, 2016-22
    • Channels to market
    • Graph 12: channels to market for general insurance (personal lines), by gross written premiums, 2021-22
    • Graph 13: use of comparison websites to compare/obtain quotes for insurance in the last 12 months, 2023
    • Macroeconomic factors
    • Graph 14: GDP, Q1 2021-Q4 2023
    • Graph 15: CPI inflation rate, 2021-23
    • Graph 16: the financial wellbeing index, 2016-23
    • Graph 17: the financial confidence index, 2016-23
    • Regulatory and legislative changes
  3. What Consumers Want and Why

    • General insurance product ownership
    • Graph 18: general insurance product ownership, 2023
    • Graph 19: general insurance ownership, repertoire analysis, 2023
    • Graph 20: insurance ownership, by financial situation – repertoire analysis, 2023
    • General insurance switching activity
    • Graph 21: insurance product switching activity, by policy ownership, 2023
    • Graph 22: reasons for switching insurer at last renewal, by policy type, 2023
    • Graph 23: reasons for switching insurer at last renewal (any policy type), by age, 2023
    • Claims experience
    • Graph 24: claims experience in the last two years, 2023
    • Graph 25: satisfaction with claims experience – NET, 2023
    • Impact of the cost-of-living crisis on general insurance
    • Graph 26: actions taken in the past two years due to rising costs, 2023
    • Graph 27: actions taken in the past two years due to rising costs, by age, 2023
    • Graph 28: adjustments to living costs, by gender and age, 2023
    • Graph 29: responses to the rising cost of living, by household income, 2023
    • Attitudes towards general insurance
    • Graph 30: attitudes towards general insurance, 2023
    • Graph 31: proportion of adults who trust insurers to pay out on claims and charge customers a fair price, for their policies by age, 2023
    • Graph 32: willingness to buy insurance from a technology company, 2022 vs 2023
  4. Innovation And Marketing Trends

    • Competitive strategies
    • Advertising and marketing activity
    • Graph 33: total above-the-line, online display and direct mail advertising expenditure on general insurance, 2018/19-2022/23
    • Graph 34: analysis of year-on-year changes in advertising expenditure, by insurance category, 2021/22-2022/23
  5. Brand Research

    • Graph 35: key brand metrics for selected general insurance brands, 2023
    • Graph 36: attitudes towards and usage of selected general insurance brands, 2023
    • Graph 37: brand personality in selected general insurance brands, 2023
    • Graph 38: attitudes towards selected general insurance brands, 2023
    • Graph 39: brand personality in selected general insurance brands, 2023
    • Graph 40: brand personality in selected general insurance brands, 2023
  6. Appendix

    • Report scope and definitions
    • Methodology

About the report

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.

Market

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.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

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.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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2024 Sample Consumer Cover

Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

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