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

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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.

Scope

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.

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%.

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.

Companies mentioned

Lloyds Banking Group Plc (LBG)

Direct Line Insurance Group Plc (Direct Line Group)

Aviva Plc (Aviva)

Royal & Sun Alliance Insurance Plc (Royal & Sun ...

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 ...

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

List of tables

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 ...

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

List of figures

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 ...

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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