New Market Study Published: UK Household Insurance 2012

Fast Market Research recommends "UK Household Insurance 2012" from Datamonitor, now available

by Bill Thompson

(WireNews+Co) - Boston, MA - 25 January 2013

GWP has grown in the household insurance market in the UK during 2011 to a five year high. This report will highlight the opportunities which still exist for providers in terms of untapped penetration across segments and product areas as well as highlighting the number of affinity brands pushing their way into the market.

Scope

- Benchmark your performance against the whole market by growth in GWP and profitability.
- Develop strategies for attacking gaps in the market.
- Compare market sentiment and reaction with your own in regards to new developments and legislation.
- Ensure your partnerships are with the leading affinity brands.

View Full Report Details (http://www.fastmr.com/prod/531048_uk_household_insurance_2012.aspx) (http://www.fastmr.com/prod/531048_uk_household_insurance_2012.aspx)

Report Highlights

Due to the mild weather during 2011 the market has achieved a reported year combined operating ratio (COR) of 89.1%, a drop of 9.7 percentage points on 2010.

Datamonitor's General Insurance Consumer Survey 2012 suggests that there are approximately three quarters of a million homeowners in England who do not have any type of home insurance. This represents over GBP235m in GWP, assuming each homeowner bought an average premium combined policy.

Reasons to Get this Report

- Which consumers offer the best opportunities for growth?
- What emerging threats are facing the market and how are insurers responding to these?
- Are consumers looking at price comparison sites to purchase cover?
- Which insurers and brands performed the best in 2011 and who are the ones to watch in 2012?

Partial Table of Contents:

OVERVIEW
- Catalyst
- Summary

EXECUTIVE SUMMARY
- The home insurance market grew by 3.6% in 2011

- GWP reached GBP7.8bn in 2011 as rates strengthened
- The reported year combined operating ratio is down due to fewer weather claims

- Weather claims costs down by 11%, but costs for 2011 still grew to GBP2.5bn

- Escape of water, theft, and fire claims costs all grew in 2011

- A total of 3.8 million households in England may not have any insurance cover

- Insurers may be missing out on GBP235m in premium from homeowners
- Social housing providers need to encourage tenants to take out insurance
- Private rental offers the biggest opportunity for insurers

- Banks are losing customers to the direct channels

- Banks drop 4.8 percentage points in market share

- Top 10 brands account for 45.8% of the market

- Saga achieved the biggest growth in market share

- Consumers are more cautious when purchasing home insurance

- Research into current prices is a major part of the buying process

- Ageas outperforms the market leaders and stays profitable

- Direct Line Group reduced GWP by 16.1% in 2011

- Next five years will be shaped by claims and housing growth

- Weather and escape of water claims will remain key issues for this market
- GWP will rise to GBP9.1bn by 2016

REVIEW OF 2011
- Introduction
- The home insurance market grew by 3.6% in 2011

- GWP reached GBP7.8bn in 2011 as rates strengthened
- The reported year COR is down due to fewer weather claims

- The increase in GWP is reflected in the change in average premiums

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