UK Home Insurance market report
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Providing the most comprehensive and up-to-date information and analysis of the Home Insurance market, and the behaviours, preferences and habits of the consumer.
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What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Covered in this report
This report examines the UK domestic home insurance market.
Buildings insurance – covers the structure of a home and any permanent fixtures and fittings such as fitted kitchen units and bathroom suites.
Contents insurance – covers the cost of replacing or repairing possessions if they are damaged, destroyed or stolen.
Policy add-ons – policyholders can add additional cover to their basic buildings insurance policy to include extras such as accidental damage, home emergency and legal expenses. They can also extend contents insurance to protect possessions when they take them outside their home.
Property insurance for commercial properties is excluded.
What you need to know
The home insurance market has struggled to achieve any real growth over the last few years, as competition between providers has put downward pressure on premiums. This will continue going forward, as comparison websites facilitate more purchases and ensure the onus remains on price.
However, new innovations offer a more positive outlook for the market. Uptake of smart home devices will give insurers new opportunities to develop their relationships with policyholders, by helping people to avoid situations in the home from which a claim may arise. Flexible cover solutions could also help broaden the appeal of home insurance, particularly among the rental market.
This report explores consumer attitudes towards home insurance. It looks at where people go for information and their trust in different sources. It also explores what consumers find most appealing in a home insurance policy, and their interest in different policy add-ons. It also explores ownership and interest in smart home devices, and the willingness to share data collected by these devices. Finally, it examines general attitudes towards home insurance, such as loyalty and switching.
Expert analysis from a specialist in the field
Written by Jessica Galletley, a leading analyst in the Financial Services sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Home insurers stand to benefit from adding value to their propositions, in a market where price competition remains a major challenge. Policy flexibility and tools to help people calculate the cover they need will appeal to new and existing customers, whilst the growing popularity of smart devices gives insurers an opportunity to move from offering protection to prevention.
Senior Financial Services Analyst
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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