Stay ahead of the curve and future-proof your business with Mintel’s UK Home Insurance Market Report 2024. Our full report is packed with consumer-led market intelligence, the latest home insurance market research, trends, and consumer behaviours affecting your business. Get a 360° view of the home insurance including market size, market share and forecasted growth to help you align your business strategy with the needs of your audience.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
Topics Analysed in this Report
- The size of the domestic property insurance market by gross and net written premium.
- Forecast of gross written premiums over the next five years.
- Ownership of buildings and content insurance policies.
- Consumer experience of rising premiums.
- Plans at renewal, loyalty and shopping around in the home insurance market.
- Big tech and opportunities in the home insurance market.
- Consumer attitudes towards home insurance.
Home Insurance Market Overview
High inflation has driven up domestic property insurance premiums, placing additional financial strain on households. Mortgage holders in particular have been hit by rising interest rates alongside rising premiums. The difficult economic environment will see more customers opting out of auto-renewals and shopping around for better deals.
- Home insurance market size: £6.9 billion in home insurance gross written premiums in 2023.
- Home insurance market share: 37% of respondents are interested in home insurance products from Amazon.
Home Insurance Market Trends and Opportunities
Reward loyalty
Rising premiums have seen more policyholders shopping around at renewal and looking to price comparison sites for better deals. There is an opportunity to boost loyalty through strong customer service, including regular communication to ensure policies remain appropriate at a time when people’s circumstances may be changing.
- Home insurance market data: 64% of respondents plan to shop around before deciding to renew or switch.
Technological innovation
As ownership of smart home technology rises, insurers need to offer policies that reflect the added security benefits through lower premiums. Smart home technology can also help to provide evidence and speed up the claims process.
- Home insurance market trends: 15% of consumers plan to buy/upgrade their smart home technology in the year ahead.
Purchase our UK Home Insurance Market Report to receive a five-year forecast, consumer behaviour analysis, and recommendations for market opportunities. Readers of this report may also be interested in our UK Motor Insurance Market Report 2024, or our range of Finance Market Research.
Brands Featured in the Full Report
Aviva, Admiral, Barclays, Amazon, Sky, Lemonade, Sainsbury’s, Testo, Pikl and many more.
Expert Insights from a Mintel Analyst
This report, written by Adrian Reynolds, a leading research analyst, delivers in-depth commentary and analysis to highlight home insurance market trends and add expert context to the numbers.
Premium inflation has supported market growth but there remains a need to engage a generation of renters with contents cover.
Adrian Reynolds
Principal Analyst
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Executive Summary
- Opportunities for the home insurance market
- Market dynamics and outlook
- What consumers want and why
- Graph 1: ownership of home insurance, NETs, 2023
- Graph 2: plans for the year ahead, 2023
- Innovation and marketing
- Graph 3: total above-the-line, online display and direct mail advertising on home and motor insurance, 2019-23
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Market Dynamics
- Market size
- Graph 4: domestic property insurance market, by gross and net written premium, 2016-23
- Graph 5: average domestic property insurance premiums, at current prices, by policy type, 2017-22
- Market forecast
- Channels to market
- Graph 6: proportional distribution of gross domestic property premiums, by sales channel, 2017-22
- Claims incurred and underwriting result
- Graph 7: number of domestic property claims notified, 2016-23
- Graph 8: average value of a domestic property claim paid, 2016-23
- Graph 9: proportional distribution of gross domestic property claims incurred, by type of peril, 2017-23
- Market share
- Macro-economic factors
- Graph 10: GDP, 2021-23
- Graph 11: CPI and CPIH inflation, 2019-24
- Graph 12: financial wellbeing index, 2019-24
- Graph 13: financial confidence index, 2019-24
- Graph 14: consumer spending on the home, 2022-24
- Regulatory, social and environmental factors
- Graph 15: living situation, by age, 2023
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What Consumers Want and Why
- Ownership of home insurance products
- Graph 16: ownership of insurance products, 2023
- Graph 17: ownership of specialist home insurance, 2023
- Graph 18: home insurance ownership – NETs, 2023
- Home insurance premiums
- Graph 19: change in home insurance premiums at renewal, 2023
- Graph 20: change in home insurance premiums at renewal, by home insurance policy, 2023
- Auto-renewals
- Graph 21: opting out of home insurance auto-renewal, 2023
- Graph 22: ease of opting out of home insurance auto-renewal, 2023
- Expectations at next renewal
- Graph 23: expectations at next renewal, 2023
- Graph 24: expectations at next renewal, by type of policy held, 2023
- Graph 25: expected changes at next renewal, 2023
- Plans for the year ahead
- Graph 26: plans for the year ahead, 2023
- Graph 27: plans for the year ahead, by home insurance policy, 2023
- Big tech and home insurance
- Graph 28: interest in home insurance products from tech companies, 2023
- Graph 29: interest in home insurance products from tech companies, by age, 2023
- Graph 30: interest in buying home insurance from digital banks, 2023
- Attitudes towards home insurance
- Graph 31: attitudes towards home insurance, 2023
- Graph 32: interest in taking out new home insurance policies by app, by age, 2023
- Graph 33: interest in additional cover for cybercrime, by age, 2023
- Graph 34: interest in bundled insurance products, by age, 2023
- Graph 35: ownership of home insurance from main bank account provider, by age, 2023
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Innovation And Marketing Trends
- Competitive strategies and launch activity
- Advertising and marketing activity
- Graph 36: total above-the-line, online display and direct mail advertising on home and motor insurance, 2019-23
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Appendix
- Report scope and definitions
- Methodology
- Market forecast data and methodology
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