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UK Household Insurance: Market Dynamics and Opportunities 2017

 



(MoneyNewsWire.Net, October 17, 2017 ) "UK Household Insurance: Market Dynamics and Opportunities 2017", 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, regulation, and opportunities. It provides a thorough overview of the market along with future forecasts and analysis of emerging technologies and products.

High levels of competition and capacity within the household insurance space continue to shape soft market conditions, with little change in rate being achieved apart from pushing through new insurance premium tax (IPT) increases. Despite this and the new Flood Re levy introduced in 2016, profitability has been maintained due to relatively benign weather conditions.

For more information about this report @ http://www.reportsweb.com/uk-household-insurance-market-dynamics-and-opportunities-2017

Scope

-UK household insurance gross written premium (GWP) contracted by 1.4% in 2016.
-Overall claims performance over the last five years tells a positive story, with the number of claims falling year on year between 2012 and 2016, achieving a negative CAGR of 11.4%.
-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.
-The next couple of years should see a shift in the development of smart home insurance, and it is therefore imperative insurers keep on top of this.
-With the Flood Re levy set each year and new regulations around pricing transparency, insurers need to ensure their pricing strategies are in line with the risks they face.

lRequest a sample copy @ http://www.reportsweb.com/inquiry&RW00011117832/sample

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.

Company Overview
EXECUTIVE SUMMARY 1
1.1. Market summary 1
1.2. Key findings 1
1.3. Critical success factors 1
2. MARKET CONTEXT 7
2.1. Introduction 7
2.2. Soft market conditions shaped 2016 7
2.2.1. UK household insurance GWP fell by 1.4% in 2016 7
2.2.2. High competition has kept rates low in the main product category 8
2.2.3. The requirement to notify customers of the previous year's premium is expected to encourage shopping around 12
2.2.4. Combined cover is still the dominant product 12
2.3. Profitability is being challenged by claims and inflation 13
2.3.1. Claims costs fell in 2016 but average claims costs are increasing in areas 13
2.3.2. Claims inflation is challenging profitability 16
2.3.3. Underwriting profitability increased to a five-year high 18
2.3.4. Flood Re affected results in 2016 19
2.4. Home insurance demand remained constant, but underlying dynamics are shifting 20
2.4.1. New home registrations and completions contracted slightly in 2016, although numbers remain well below requirements 20
2.4.2. Mortgage approval rates in 2016 remained level with 2015, but have fallen in 2017 22

Inquire for Report @ http://www.reportsweb.com/inquiry&RW00011117832/buying

ReportsWeb.com

Rajat Sahni

+1-646-491-9876

sales@reportsweb.com

Source: EmailWire.Com


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