UK Consumers and General Insurance 2023
Market Intelligence Reports - What's Included
- Interactive Databook
- Multiple Report Formats
- Access to Clients Portal
- Custom Presentation Tool
“The general insurance market faces a challenging year in 2023 as inflation continues to grip the UK economy and consumers continue to face a squeeze on household finances. While the essential nature of insurance means that cover cancellation is likely a last resort, consumers will look for ways to lower their cost of insurance or seek additional value from their policy.”
– Natasha Hayes, Senior Financial Services Analyst, January 2023
This Report looks at the following areas:
- Market size and performance for the general insurance market.
- Regulatory and legislative changes in the market.
- Recent brand activity, including launch activity, competitive strategies and advertising.
- Ownership and channels to purchase general insurance products.
- Policy management, both for straightforward changes and for claims.
- Attitudes towards general insurance, including purchasing.
Collapse All
-
Overview
- Key issues covered in this Report
- Products covered in this Report
-
Executive Summary
- The five-year outlook for general insurance
- Figure 1: Category outlook, 2023-27
- The market
- Domestic general insurance estimated to have grown in 2022
- Figure 2: Gross written premiums for general insurance (personal lines), 2016-22
- Motor insurance dominates the domestic general insurance market
- Figure 3: Market segmentation for general insurance (personal lines), by gross written premium, 2016-21
- Quarterly sales data shows more customers renewing in 2022
- Direct channels dominate distribution
- Figure 4: Channels to market for general insurance (personal lines), by gross written premiums, 2021
- Insurance markets are rocked by claims inflation
- GIPP rules came into effect at the start of 2022
- Companies and brands
- Tiered and low-cost cover options filter into the market
- Amazon opens new insurance store
- Lemonade enters UK market in partnership with Aviva
- Other insurance launches aim to offer consumers additional choice
- Advertising spend returns to pre-pandemic levels
- Figure 5: Total above-the line, online display and direct mail advertising expenditure on general insurance, 2017/18-2021/22
- The consumer
- Majority of consumers own some kind of insurance
- Figure 6: Insurance product ownership, 2021-22
- PCWs are most popular channel to market
- Figure 7: Method of arranging last general insurance policy, 2022
- Market competitiveness means consumers use multiple insurers
- Figure 8: Use of single or multiple insurance providers, 2022
- Communication preferences depend on nature of interaction
- Figure 9: Policy management preferences, 2022
- Gen Z and Millennials are most likely to use apps to manage policies
- Consumers try to balance price with level of cover at renewal
- Figure 10: Important factors when renewing an insurance policy, 2022
- Consumers are willing to buy insurance from tech firms
- Figure 11: Attitudes towards purchasing general insurance products, 2022
- Hassle of switching offers opportunities to promote retention
- Consumers need reasons to engage with insurers
- Figure 12: Attitudes towards general insurance, 2022
- The five-year outlook for general insurance
-
Issues and Insights
- Despite price rises, insurance remains an essential purchase
- Shopping around is an engrained consumer behaviour
- Opportunity for insurance apps to boost engagement
-
Market Size and Performance
- Despite economic decline, the general insurance market will be resilient
- Figure 13: Category outlook, 2023-27
- Domestic general insurance estimated to have grown in 2022
- Figure 14: Gross written premiums for general insurance (personal lines), 2016-22
- Learnings from the last income squeeze
- Despite economic decline, the general insurance market will be resilient
-
Market Segmentation
- Motor insurance dominates the domestic general insurance market…
- Figure 15: Market segmentation for general insurance (personal lines), by gross written premium, 2016-21
- Quarterly sales data shows more motor customers renewing in 2022
- Figure 16: Motor premium tracker – Number of policies sold, by type of customer, 2022
- Nearly 80% of property insurance sales are renewed policies
- Figure 17: Domestic property premium tracker – Number of policies sold, by type of customer, 2022
- Other lines of insurance have experienced growth, but below the rate of inflation
- Demand for health insurance boosted by NHS backlog
- Premiums continue to rise for pet insurance
- Motor insurance dominates the domestic general insurance market…
-
Channels to Market
- Direct channels dominate distribution
- Figure 18: Channels to market for general insurance (personal lines), by gross written premiums, 2021
- Price comparison sites also play an important role
- Figure 19: Financial services products researched using a price comparison site, 2022
- Direct channels dominate distribution
-
Market Drivers
- Inflation is the key concern for consumers and brands…
- …and a rise in energy prices leads to fall in financial wellbeing…
- Figure 20: Household financial wellbeing index, 2016-22
- …and confidence
- Figure 21: Household financial confidence index, 2016-22
- Insurance markets are rocked by claims inflation
- Figure 22: Total value of claims incurred for general insurance (personal lines), 2016-22
- Market factors will also impact specific insurance markets
- NHS waiting list boosts interest in health insurance
- The conflict in Ukraine puts pressure on the automotive industry
- Property transactions down 3% in October 2022
- Growth in pet ownership plateaued in 2022
-
Regulatory and Legislative Changes
- GIPP rules came into effect at the start of 2022
- FCA introduces new consumer duty rules
- Final policy statement on Solvency II reforms published
-
Competitive Strategies
- Aviva invests to help with crisis support
- Providers offer tiered cover to increase options for customers
- L&G partners with RedSTART to provide financial education
- LV= GI partners with Bristol University
-
Launch Activity and Innovation
- Amazon opens new insurance store
- Lemonade enters UK market in partnership with Aviva
- Insurtech Urban Jungle moves into car insurance space
- Revolut launches pet insurance product
- BGL and Covea launch Millennial motor product
- Aviva launches Aviva Zero for the environmentally conscious…
- …as well as its lowest cost car insurance product
-
Advertising and Marketing Activity
- Advertising spend returns to pre-pandemic levels
- Figure 23: Total above-the line, online display and direct mail advertising expenditure on general insurance, 2017/18-2021/22
- Above-the-line spend is dominated by car insurance
- Figure 24: Above-the line, online display and direct mail advertising expenditure on general insurance, by insurance category, 2021/22
- Direct Line launches Marvel TV campaign
- Figure 25: Total above-the line, online display and direct mail advertising expenditure on general insurance, by advertiser, 2017/18-2021/22
- Price comparison sites focus on general insurance advertising
- Nielsen Ad Intel coverage
- Advertising spend returns to pre-pandemic levels
-
General Insurance Product Ownership
- Nine of out ten have some kind of insurance
- Figure 26: Insurance product ownership, 2021-22
- One in four owns three types of insurance
- Figure 27: Insurance product ownership – Repertoire analysis, 2022
- Flexible policies could boost insurance uptake among lower earners
- Figure 28: Insurance product ownership – Repertoire analysis, by household income, 2022
- Nine of out ten have some kind of insurance
-
Channels to Purchase Insurance
- Pricing regulation is yet to dent confidence in PCWs
- Figure 29: Method of arranging last general insurance policy, 2022
- Under-35s are turning to insurance apps…
- …but telephone options should not be overlooked
- Market competitiveness means consumers use multiple insurers
- Figure 30: Use of single or multiple insurance providers, 2022
- Over-55s most likely to take out cover with different providers
- Figure 31: Use of single or multiple insurance providers, by age, 2022
- Pricing regulation is yet to dent confidence in PCWs
-
Insurance Policy Management
- Communication preferences depend on nature of interaction
- Figure 32: Policy management preferences, 2022
- Gen Z and Millennials are most likely to use apps to manage policies
- Figure 33: Preference towards apps for making straightforward changes to an insurance policy, by generation, 2022
- Claims process must focus on customer service
- Communication preferences depend on nature of interaction
-
Priorities at Renewal
- Consumers try to balance price with level of cover at renewal
- Figure 34: Important factors when renewing an insurance policy, 2022
- Retention will be a challenge in the current economic environment
- Sustainability credentials are important for a minority
- Consumers try to balance price with level of cover at renewal
-
Attitudes towards General Insurance
- Consumers are willing to buy insurance from tech firms
- Figure 35: attitudes towards purchasing general insurance products, 2022
- Hassle of switching offers opportunities to promote retention
- Figure 36: Attitudes towards switching insurance provider at renewal, by age, 2022
- Consumers need reasons to engage with insurers
- Figure 37: Attitudes towards general insurance, 2022
- Male Gen Zs are most likely to reduce insurance spend due to cost of living
- Figure 38: Consumers and general insurance – CHAID – Tree output, 2022
- Consumers are willing to buy insurance from tech firms
-
Appendix – Data Sources, Abbreviations and Supporting Information
- Abbreviations
- Consumer research methodology
- CHAID analysis methodology
- Figure 39: Consumers and general insurance – CHAID – Table output, October 2022
Why Choose Mintel?
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
Access high-quality market research with every purchase of Mintel’s consumer reports. Here’s what else is included in your report purchase:
- Multiple Report Formats: Mintel’s reports are available in PDF and PPT formats, and are delivered straight to your inbox, so you can easily share Mintel’s market intelligence.
- Access to Mintel’s Clients Portal: After your purchase is completed, you’ll receive an invitation to join Mintel’s Clients Portal, providing instant access to supplementary insights from Mintel’s industry experts.
- Interactive Databook: Mintel’s bespoke consumer data is presented as an interactive website, so you can deep dive into your chosen topic, explore demographics and download specific statistics.
- Custom Presentation Tool: Easily incorporate selected research data and analysis into a tailor-made presentation to win over clients and stakeholders.
Below is a generic PDF sample report. Understand what you are buying.
Please Note: All of the figures, graphs, and tables in this sample report have been redacted.
£ 2,195 (Excl.Tax)
- Instant access when you pay by credit card
- Add multiple reports to your cart to receive a discount
Is this report right for you?
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out morePopular Related Reports
UK Lifestyles of Millennials Consumer Report 2025
£ 2,195
Half of Millennials who don't currently have children don't want them in the future. Birth rates have been steadily declining over the past decade, and especially among women...
Find out moreUK Digital Lives of Consumers Report 2025
£ 2,195
73% of Gen Z have made 'meaningful connections' with people online, that they have never met in person. Coupled with consumer comfort in
Find out moreUK Gen Alpha’s Parents’ Attitudes towards Children’s Food and Drink Consumer Report 2025
£ 2,195
Some 62% of parents/grandparents of 0-15 year olds are happy to take nutritional advice for their child/grandchild from an AI. Use of this...
Find out moreUK TV Viewing Habits Consumer Report 2025
£ 2,195
Subscription streaming services and video-sharing platforms continue to challenge traditional broadcast TV, with live TV viewership steadily declining. Despite this shift, certain factors still draw UK viewers to...
Find out moreUK Attitudes towards the Evening Meal at Home Consumer Report 2025
£ 2,195
Making meals healthier remains the top reason for people to cook/part-cook evening meals. Widespread efforts to bring plant variety to evening meals suggest an opportunity for shortcut products...
Find out moreUK Attitudes towards Healthy Eating Consumer Report 2025
£ 2,195
The rapid churn of healthy eating trends – at least in the public discourse – makes trying to eat healthily less appealing for half of adults. This poses...
Find out moreTrusted by global industry leaders
We have such a great working relationship with Mintel on lots of different levels. As an insight partner, they have helped us to develop our business planning in specific categories as well as supporting our creative process but they’ve also been super helpful with facilitating our events in their inspirational offices near St Paul’s.
They’re an innovative company, with a client-focused team that always delivers.
Abby Carvosso, Group Managing Director, Bauer Media Group
There is no question that Mintel is the go-to resource for the best quality market research, but I did not think it was an affordable option for Abacus Marketing to consider. As a small marketing agency, we only work with a few new clients each year.
However, we have a very high-end consultative approach to our work, so we really do need a partner like Mintel to provide the big agency experience we are always aiming to deliver. Our clients come from an incredibly diverse range of industry sectors, so we obviously need access to market research reports from a very wide spectrum of marketplaces – and that is precisely what we got.
Stephen Taylor-Brown, Managing Director, Abacus
We use Mintel to inform our thinking and reinforce strategy. If you’re presenting new ideas, it’s essential they are underpinned by robust data and evidence, and clearly rooted in fact.
Mintel gives us all that. It’s a great brand and one that is trusted by clients.
Marie Stafford, European Director, The Innovation Group, VML
We utilize Mintel Reports, Trends and Comperemedia to mine for insights across the numerous business verticals that Epsilon serves, such as CPG, automotive, telecom, healthcare/pharma, retail and financial services.
By integrating Mintel insight into new business opportunities, we have been able to gain the competitive edge necessary to advance partnerships with global brands and key business players.
For our organization, it’s about depth and breadth. Having one without the other doesn’t enable success in our business.
Virginia Harvey, Secondary Research Manager, Epsilon
Mintel is really good for getting a handle on a particular category quickly. If we are working on a new business pitch in an area we don’t have much experience in, it’s a brilliant way to get up to speed with what’s going on, what’s changing and what the key trends are in any category.
It’s very rare now that anyone will plough through a 200-page report – that’s why the summaries are really useful. We know they are backed up by a lot of detail, so if you need to go into something in more depth you know the information will be all there for you.
Pauline Robson, Managing Partner, Mediacom
Is this report right for you?
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out more
