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The UK household insurance market is a highly competitive market. Insurers that can control their costs are able to deliver profitable books even in soft market conditions, with rates reducing or remaining flat. The number of insurers active in this market makes it hard to generate rate increases on top of the increase in insurance tax. However, pricing is generally at a level that is unable to sustain an unusual weather event such as the floods of 2007, so insurers need to be clever about the risks they take on.
- The top 10 insurers account for 73.6% of the market.
- Achieving growth with soft rates has been challenging for the top insurers.
- Lloyds Banking Group became the market leader in 2015, replacing Direct Line Group.
- Aviva has launched the Flood Re scheme for homeowners affected by floods.
Verdict Financial's "UK Household Insurance: Competitor Dynamics" report is one of a series of reports providing a high-level look into insurer activity during the last year within a product area, as well as benchmarking the leading insurers against each other. Each report looks at the top 10-20 players to see how they have performed, but also to see how they have changed their overall propositions.
Reasons To Buy
- Benchmark yourself against other players in the market.
- Adapt your proposition to gain competitor advantage.
- Direct Line Group
- Lloyds Banking Group
- NFU Mutual
- BNP Paribas
- The warranty Group