The detailed report, titled ” UK Household Insurance: Market Dynamics and Opportunities 2017,” covers the market in great details from a number of aspects. The report analyzes aspects such as performance ratios, market size, as well as developments in terms of number of claims, premiums, regulations, economic factors, and growth opportunities.
The report states that the UK household insurance market is exhibiting an intense level of competition but the high level of capacity of the market continues to shape the market. Despite this and the introduction of the new Flood Re levy in 2016, profitability of companies operating in the UK household insurance market has been maintained owing to relatively good weather conditions in the region.
The report states that the UK household insurance market has witnessed a contraction of 1.4% in terms of gross written performance (GWP) in 2016. However, there has been a significant reduction in claims performance over the past five years, denoting positive development of the market. Claims performance exhibited a negative CAGR of 11.4% over the period between 2012 and 2016 in the UK household insurance market. The report states that the UK household insurance market will rise to 6.8 bn GWP by the year 2021.
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The report states that a rise in premium rates for household insurance plans in the UK is unlikely in the near future. The report also states that the demand for home insurance will remain stagnant as generation rent continues to rise. The significant rise in generation rent over the past few years is presenting the market with a shifting dynamics that is likely to dampen the overall growth prospects of the UK household insurance market over the next few years. The report states that the negative economic repercussions of the Brexit deal could also adversely affect the overall development of the UK household insurance market in the next few years.
As millennials have a different set of preferences and priorities as compared to the previous generations, the rise of generation rent is likely to present before players in the market the need for new services that effectively cater to the new requirements. As such, segments such as gadget insurance has vast scope of development while catering to the millennial demographic in the UK. The report states that the area of smart home insurance is likely to witness a significant rate of development. It will thus become imperative for insurers to remain updated with the key changes occurring in the overall demographic and be ready to focus more on this business segment.
The report also presents insights regarding other trending topics in the UK household insurance market. The report states that the focus of consumers on the security of their personal data has increased, thus the need to integrate safety and security tools in operations and offerings, especially as the insurance industry in the UK steadily moves towards a completely digitized phase, has significantly increased in the recent past. The market is expected to witness the rise of a number of new retailers and startup companies in the near future. As a result, the level of competition in the UK household insurance market will remain intense.
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