"Rising premium costs are challenging policyholders' ability to see the value of their cover. Targeted retention strategies are needed to reduce policy churn."
Saltanat Kuermannal - Financial Services Analyst
Home insurance GWP grew by an estimated 9.8% in 2024, as insurers sought to offset rising inflation and high claims costs. Despite this, ownership remains steady at 65%, while 92% of policyholders say they would worry if they went without insurance, highlighting the reassurance it offers.
As premiums rise, proving policy value becomes more crucial and challenging. 87% of those who switched insurers at their last renewal did so for cheaper policies, while 43% with home insurance believe their policies either lack value or are uncertain about their worth.
There are significant opportunities to enhance customer retention by clearly demonstrating the value of insurance policies and improving pricing transparency. Simplifying access to policy details, including selected or eligible add-ons, can help reduce confusion about cover held and boost customer satisfaction. Additionally, a more segmented approach can better address diverse customer needs. For instance, offering cyber protection add-ons tailored to higher tier policies targeting higher income households or integrating smart home features into insurance apps to appeal to tech-savvy policyholders. These strategies can create a more personalised and engaging experience, fostering stronger customer loyalty.
For the purposes of this Report, Mintel has used the following definitions:
This Report examines the UK market for domestic property insurance, which encompasses two main policy types: buildings and contents insurance. These can be bought separately or combined in one policy.
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