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Household Insurance in the UK – Key Trends and Opportunities to 2020

By: Timetric
, Published: Jan-2017
, Product code: FS0147MR
Key Insights
  • This report provides a comprehensive analysis of the household insurance business in the UK:
    • It provides historical values for the UK household insurance industry for the report’s 2011–2015 review period.
    • It offers a detailed analysis of the key segments in the UK household insurance business, with market forecasts to 2020.
    • It covers parameters including written premium, claims, penetration and density.
    • It analyzes the various distribution channels in the UK household insurance business.
    • It profiles the top insurance companies in UK household insurance, and outlines the key regulations affecting them.

Companies mentioned in this product:

Lloyds Banking Group Plc (LBG) Direct Line Insurance Group Plc (Direct Line Group) Aviva Plc (Aviva) Royal & Sun Alliance Insurance Plc (Royal & Sun Alliance) Axa UK Plc (Axa UK) Zurich Insurance Plc (Zurich) Ace European Group Ltd (Ace European Group) Legal & General Group Plc (Legal & General) Ageas (UK) Ltd (Ageas) The National Farmers Union Mutual Insurance Society (NFU Mutual)
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Household Insurance Market Analysis
3.1 Market Background
3.2 Market Size
3.2.1 Penetration and density
3.2.2 Breakdown by policy type
3.3 Claims
3.3.1 Claims review
3.3.2 Claims outlook
3.4 Market Drivers
3.5 Market Outlook
3.6 Distribution Channels
3.6.1 Distribution outlook
4 Competitive Landscape
4.1 Profitability
4.1.1 Profitability outlook
4.2 Review – Company Performance in 2015
4.3 Household Insurance – SWOT Analysis
5 Porter’s Five Forces Analysis
5.1 Bargaining Power of Suppliers: Low
5.2 Bargaining Power of Buyers: Medium-to-High
5.3 Barriers to Entry: Low-to-Medium
5.4 Intensity of Rivalry: Medium-to-High
5.5 Threat of Substitution: Low-to-Medium
6 Deals and News
6.1 On-demand content insurance platform from Insurtech Trov
6.2 Aviva offers smart connected water leak detector LeakBot to policyholders
6.3 R&Q Insurance Acquires Business of AEGON Insurance
6.4 Allianz Extends Partnership with Broker Network
6.5 Legal & General to Withdraw from the ABI
6.6 FCA Investigates Add-On Practice in Non-Life Insurance
6.7 ABI Requests FCA to Provide Clarity on Insurance Renewals
7 Regulation and Compliance
7.1 Regulatory Changes
7.1.1 Referendum to leave the EU
7.1.2 The Insurance Act 2015
7.1.3 Enterprise Act 2016
7.1.4 The Consumer Rights Act 2015
7.1.5 Implementation of Solvency II regime
7.1.6 Changes to the insurance distribution regulations – Insurance Distribution Directive
7.1.7 Consumer Insurance (Disclosure and Representations) Act
8 Consumer Perspective
8.1 Policy Pricing
8.2 Consumers Prefer Renewal
8.3 Price-Comparison Aggregator Websites
9 Economic Backdrop
9.1 Real GDP growth
9.2 Demographics
9.3 Labor Market Conditions
9.4 Housing Market
9.5 Inflation and Interest Rates
10 Company Profiles
10.1 Lloyds Banking Group Plc – Company Overview
10.1.1 Lloyds Banking Group Plc – key facts
10.1.2 Lloyds Banking Group Plc – main products
10.1.3 Lloyds Banking Group Plc – main competitors
10.1.4 Lloyds Banking Group Plc – key employees
10.2 Direct Line Insurance Group Plc – Company Overview
10.2.1 Direct Line Insurance Group Plc – key facts
10.2.2 Direct Line Insurance Group Plc – main products
10.2.3 Direct Line Insurance Group Plc – main competitors
10.2.4 Direct Line Insurance Group Plc – key employees
10.3 Aviva Plc – Company Overview
10.3.1 Aviva Plc – key facts
10.3.2 Aviva Plc – main products
10.3.3 Aviva Plc – main competitors
10.3.4 Aviva Plc – key employees
10.4 Royal & Sun Alliance Insurance Plc – Company Overview
10.4.1 Royal & Sun Alliance Insurance Plc – key facts
10.4.2 Royal & Sun Alliance Insurance Plc – main products
10.4.3 Royal & Sun Alliance Insurance Plc – main competitors
10.4.4 Royal & Sun Alliance Insurance Plc – key employees
10.5 Axa UK Plc – Company Overview
10.5.1 Axa UK Plc – key facts
10.5.2 Axa UK Plc – main products
10.5.3 Axa UK Plc – main competitors
10.5.4 Axa UK Plc – key employees
10.6 Zurich Insurance Plc – Company Overview
10.6.1 Zurich Insurance Plc – key facts
10.6.2 Zurich Insurance Plc – main products
10.6.3 Zurich Insurance Plc – main competitors
10.6.4 Zurich Insurance Plc – key employees
10.7 Ace European Group Ltd – Company Overview
10.7.1 Ace European Group Ltd – key facts
10.7.2 Ace European Group Ltd – main products
10.7.3 Ace European Group Ltd – main competitors
10.7.4 Ace European Group Ltd – key employees
10.8 Legal & General Group Plc – Company Overview
10.8.1 Legal & General Group Plc – key facts
10.8.2 Legal & General Group Plc – main products
10.8.3 Legal & General Group Plc – main competitors
10.8.4 Legal & General Group Plc – key employees
10.9 Ageas (UK) Ltd – Company Overview
10.9.1 Ageas (UK) Ltd – key facts
10.9.2 Ageas (UK) Ltd – main products
10.9.3 Ageas (UK) Ltd – main competitors
10.9.4 Ageas (UK) Ltd – key employees
10.1 National Farmers Union Mutual Insurance Society – Company Overview
10.10.1 National Farmers Union Mutual Insurance Society – key facts
10.10.2 National Farmers Union Mutual Insurance Society – main products
10.10.3 National Farmers Union Mutual Insurance Society – main competitors
10.10.4 National Farmers Union Mutual Insurance Society – key employees
11 Statistics Review Period 2011–2015
12 Appendix
12.1 Methodology
12.2 Contact Us
12.3 About Timetric
12.4 Disclaimer
Tables and Figures
Table 1: Insurance Industry Definitions
Table 2: UK Household Insurance – Best Annual Performers, 2015
Table 3: UK Household Insurance – SWOT Analysis
Table 4: Lloyds Banking Group Plc – Key Facts
Table 5: Lloyds Banking Group Plc – Main Products
Table 6: Lloyds Banking Group Plc – Key Employees
Table 7: Direct Line Insurance Group Plc – Key Facts
Table 8: Direct Line Insurance Group Plc – Main Products
Table 9: Direct Line Insurance Group Plc – Key Employees
Table 10: Aviva Plc – Key Facts
Table 11: Aviva Plc – Main Products
Table 12: Aviva Plc – Key Employees
Table 13: Royal & Sun Alliance Insurance Plc – Key Facts
Table 14: Royal & Sun Alliance Insurance Plc – Main Products
Table 15: Royal & Sun Alliance Insurance Plc – Key Employees
Table 16: Axa UK Plc – Key Facts
Table 17: Axa UK Plc – Main Products
Table 18: Axa UK Plc – Key Employees
Table 19: Zurich Insurance Plc – Key Facts
Table 20: Zurich Insurance Plc – Main Products
Table 21: Zurich Insurance Plc – Key Employees
Table 22: Ace European Group Ltd – Key Facts
Table 23: Ace European Group Ltd – Main Products
Table 24: Ace European Group Ltd – Key Employees
Table 25: Legal & General Group Plc – Key Facts
Table 26: Legal & General Group Plc – Main Products
Table 27: Legal & General Group Plc – Key Employees
Table 28: Ageas (UK) Ltd – Key Facts
Table 29: Ageas (UK) Ltd – Main Products
Table 30: Ageas (UK) Ltd – Key Employees
Table 31: National Farmers Union Mutual Insurance Society – Key Facts
Table 32: National Farmers Union Mutual Insurance Society – Main Products
Table 33: National Farmers Union Mutual Insurance Society – Key Employees
Table 34: Household Insurance (GBP Thousand), 2011–2015

Figure 1: UK Household Insurance – Household Number and Average Household Size, 2000–2015
Figure 2: UK Household Insurance – Household Rebuilding, Repair and Maintenance Cost Index (%), 2006–2016
Figure 3: UK Household Insurance – Gross Written Premiums, 2007–2015
Figure 4: UK Household Insurance – Penetration Rate and Density, 2007–2015
Figure 5: UK Household Insurance – Net Claims Paid, 2009–2015
Figure 6: UK Household Insurance – Net Claims Paid and Claims Incurred, 2009–2015
Figure 7: UK Household Insurance – Claims by Type (Based on Value of Claims), 2012–2015
Figure 8: UK Household Insurance – GDP Per Capita Vs Household Disposable Income (GBP), 2004–2015,
Figure 9: UK Household Insurance – Average Weekly Earnings (GBP), 2004–2015,
Figure 10: UK Household Insurance – Number of Household Registrations By Region, 2011–2015
Figure 11: UK Household Insurance – Burglary Statistics, 2004–2015
Figure 12: UK Household Insurance – Natural Hazards Frequency and Economic Loss by Type of Hazard, 2000–2015
Figure 13: UK Household Insurance – Gross Written Premium Forecast, 2016–2020
Figure 14: UK Household Insurance – Commissions Paid By Insurers, 2007–2015
Figure 15: UK Household Insurance – Combined Operating Ratio, 2007–2015
Figure 16: UK Household Insurance – Net Earned Premium, Incurred Claims and Operating Expenses, 2007–2015
Figure 17: UK Household Insurance – Loss Ratio and Expenses Ratio, 2007–2015
Figure 18: UK Household Insurance – Gross Written Premium of Five Leading Insurers, 2009–2015
Figure 19: UK Household Insurance – Market Share, 2015
Figure 20: UK Household Insurance – Market Share by Tier, 2009–2015
Figure 21: UK Household Insurance – Porter’s Five Forces Analysis
Figure 22: UK Household Insurance – Regulatory Framework
Figure 23: UK Household Insurance – Average Insurance Price By Type of Policy (GBP), 2009–2015
Figure 24: UK Household Insurance – Shoparound Premium Price Trend by Type of Policy (GBP), 2009–2015
Figure 25: UK Household Insurance – Shoparound Premium Price Trend by Type of Policy (GBP), 2009–2015
Figure 26: UK Real GDP Growth (%), 2011–2020
Figure 27: UK Population by Age Group, 2011–2020
Figure 28: UK Unemployment and Redundancy Rate (%), 2003–2015
Figure 29: UK Average Weekly Earnings (GBP), 2006–2015
Figure 30: UK New Build Registration Volume, 2009–2015
Figure 31: UK Household Registration by Region (Thousands), 2011–2015
Figure 32: UK Average Household Prices by Region (GBP), 2011–2015
Figure 33: UK Annual House Price Change by Country (%), 2012–2016
Figure 34: UK New Build Registration by Type of House (Thousand), 2009–2015
Figure 35: UK Average Household Price by Type of Property (GBP), 2011–2015
Figure 36: UK Mortgage Lending Growth (%), 2006–2015
Figure 37: UK Mortgage Lending by Purpose (%), 2015
Figure 38: UK Consumer Price Inflation Headline and Housing (%), 2006–2015
Figure 39: UK Household Content Inflation (%), 2007–2015
Figure 40: UK Household Building Inflation (%), 2007–2015
Figure 41: UK Household Insurance – Bank of England, Bank Rate (%), 2003–2016
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Household Insurance in the UK – Key Trends and Opportunities to 2020
By: Timetric
Published: Jan 2017
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Summary

Timetric’s 'Household Insurance in the UK – Key Trends and Opportunities to 2020' report provides detailed analysis of the market trends, drivers and challenges in the UK household insurance business.

It provides key performance indicators such as written premium, penetration, density and claims during the review period (2011–2015).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the economy and demographics, and provides detailed information on the competitive landscape.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Synopsis

Timetric’s 'Household Insurance in the UK – Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into UK household insurance, including:
  • The UK household insurance business growth prospects by segment and category
  • A comprehensive overview of the UK household economy and demographics
  • The detailed competitive landscape in the UK household insurance market
  • The various distribution channels in the UK household insurance market
  • Details of regulatory policy applicable to the UK household insurance market
  • Analysis of natural and man-made hazards, and their effects on the UK household insurance market

This report provides a comprehensive analysis of the household insurance business in the UK:
  • It provides historical values for the UK household insurance industry for the report’s 2011–2015 review period.
  • It offers a detailed analysis of the key segments in the UK household insurance business, with market forecasts to 2020.
  • It covers parameters including written premium, claims, penetration and density.
  • It analyzes the various distribution channels in the UK household insurance business.
  • It profiles the top insurance companies in UK household insurance, and outlines the key regulations affecting them.

Reasons To Buy

  • Make strategic business decisions using in-depth historic data and forecast trends related to the UK household insurance business.
  • Gain an understanding of the UK household insurance business.
  • Learn about the performance of market drivers, distribution channels and market dynamics.
  • Explore key competitors in the category, and their performances.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the UK household insurance business.
  • Assess the competitive dynamics of the UK household insurance business.
  • Gain insights into key regulations governing the UK household insurance business, and their impact on companies and the market.

Key Highlights

  • After reaching its peak in 2011, the household insurance market registered a fourth consecutive decline in 2015.
  • Due to a weak housing market causing a softening of demand and fierce competition among insurers, the UK experienced downward premium pricing pressure during the review period.
  • Despite a weak economy and high flood-damage claims, household insurance remained profitable during the review period (2011–2015).
  • Underpinned by favorable economic and demographic factors, positive housing market trends and an increase in mortgage lending, the household insurance market is expected to post a forecast-period CAGR of 0.8%.

Quick Overview

Timetric’s 'Household Insurance in the UK – Key Trends and Opportunities to 2020' report provides detailed analysis of the market trends, drivers and challenges in the UK household insurance business.

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