UK Household Insurance Market Share, Key Trends, Emerging Opportunities, Strategies, Drivers, Outlook and Competitive Landscape
Transcription
UK Household Insurance Market Size, Share, Emerging Opportunities, Outlook and Competitive Landscape Summary Soft market conditions endure in a UK household insurance market with high levels of competition and capacity, and a continuing shift in customer buying habits. Despite this, the market continues along a profitable path for as long as it can rely on relatively benign weather conditions. Synopsis Verdict Financial's UK Household Insurance: Market Dynamics and Opportunities report provides an in-depth analysis of the UK household insurance market. It looks at market size and performance ratios as well as changes in premiums, claims, contextual and economic factors, regulations, and opportunities. It provides a thorough overview of the market along with future forecasts and analysis of emerging technologies and products. Read Complete Report with TOC @ http://www.radiantinsights.com/research/uk-household-insurance-marketdynamics-and-opportunities Key Findings - UK household insurance gross written premium (GWP) fell by 3.8% in 2015, hampered by tough underwriting conditions in a competitive market. Home insurance premium rates are currently reported to be largely flat to slightly negative across the UK as a whole. - In spite of winter 2015 storms, home insurance remains profitable, with a 94.6% combined operating ratio (COR) in 2015, compared to 93.4% in 2014. The sector has been propped up by several benign weather years and has benefited from reserve releases. However, concerns remain over pricing for severe weather events. - The home insurance expense ratio fell in 2015 (-1.6 percentage points [pp]) as a result of a drop in commission ratio and efficiency improvements. However, at 40.6% it remains relatively high compared to motor, and has been adversely impacted in H1 2016 by the introduction of Flood Re. - The rise of 'Generation Rent' presents a shifting landscape that is dampening overall market growth, and is presenting home insurers with a customer demographic that has different needs and preferences not necessarily catered to effectively by current services. Private renters now account for around 20% of dwellings, up from just over 10% a decade ago. Reasons To Buy - Benchmark yourself against the rest of the market. Ensure you remain competitive as new innovations and insurance models begin to enter the market. - Be prepared for how regulation will impact the household insurance market over the next few years. Buy a Sample Copy of This Report @ http://www.radiantinsights.com/research/uk-household-insurancemarket-dynamics-and-opportunities/request-sample Table of Content Executive Summary The UK household insurance market remains highly competitive Key findings Critical success factors Market Context A soft market and changing customer behavior led to a fall in GWP in 2015 Home insurance GWP fell by 3.8% in 2015 Premium rates return to flat or slightly negative following the Insurance Premium tax hike Changing customer behaviors are compounding the competitive nature of the market Competition remains fierce in the home insurance sector, preventing rate increases Combined policies continue to dominate, but home ownership trends are impacting GWP Home insurance remains profitable due to relatively benign weather The loss ratio rose in 2015 as a result of the soft market, but the COR remained below 100% The expense ratio fell in 2015 as a result of a lower commission ratio and a focus on efficiency Claims costs fell in 2015, although the average claims cost increased Gross incurred claims fell across all categories, except fire and escape of water Average claims cost increased, with the average winter storm claim significantly higher in 2015 Escape of water claims were the costliest peril in 2015, although technology may ultimately assist Flood Re affected H1 2016 results, but overall the impact is expected to be small Flood Re launched in April 2016 and is expected to benefit around 350,000 homes “over time” Flood Re costs have increased expense ratios for insurers in H1 2016 Overall, Flood Re impacts are expected to be relatively small Home insurance demand remained strong, but underlying dynamics are shifting New home registrations and completions increased, although numbers remain well below historic levels and requirements Mortgage approval rates rose by 4% in 2015, but have fallen in 2016 Read Complete Report with TOC @ http://www.radiantinsights.com/research/uk-household-insurance-marketdynamics-and-opportunities About Us: Radiant Insights Inc. is a platform for companies looking to meet their market research and business intelligence requirements. We assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. We have a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, our experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions. Contact Details: Michelle Thoras Corporate Sales Specialist, USA Radiant Insights, Inc 28 2nd Street, Suite 3036 San Francisco, CA 94105 United States Phone: 1-415-349-0054 Toll Free: 1-888-202-9519 Website: http://www.radiantinsights.com/ Email: [email protected] Visit our Blog: http://chemicalsandmaterialsri.blogspot.com
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