United Kingdom (UK) Household Insurance - Market Dynamics and Opportunities 2020

United Kingdom (UK) Household Insurance - Market Dynamics and Opportunities 2020

Table of Contents
1. EXECUTIVE SUMMARY
1.1. In 2019, the UK household market recorded its largest rise of the review period
1.2. Key findings
1.3. Critical success factors
2. MARKET DYNAMICS
2.1. Introduction
2.2. The market experienced growth in 2019
2.2.1. UK household GWP rose by 3.2% in 2019 - the largest rise in the last five years
2.2.2. Average premiums increased in 2019
2.2.3. Combined cover increased its share of the total market in 2019
2.2.4. The proportion of households renting decreased in 2019
2.3. Total claims dropped by 9% in 2019
2.3.1. Weather-related claims fell by more than half in 2019
2.3.2. Claims inflation is set to challenge profitability in the market in 2020
2.3.3. Flood Re remains a requirement
2.3.4. Reinsurance rate rises will increase pressure on premiums
2.4. The home insurance market has benefitted from an increase in underlying supply
2.4.1. New home registrations and completions were up in 2019
2.4.2. Mortgage approval rates were hit by COVID-19 in Q2 2020
2.4.3. There is considerable potential for growth from the rental market
3. COMPETITOR DYNAMICS
3.1. The top 10 providers increased their hold on the market
3.2. Aviva has continued to innovate
3.3. Direct Line expanded its digital initiatives
3.4. Insurtechs Hippo and Lemonade highlight new opportunities
4. THE MARKET GOING FORWARD
4.1. The market is expected to contract dramatically due to COVID-19
4.1.1. The economic impact of COVID-19 is forecast to negatively impact GWP
4.1.2. Government response measures could create a mini-boom for the market
4.1.3. The cost of claims will be volatile in the coming years
5. APPENDIX
5.1. Abbreviations and acronyms
5.2. Methodology
5.2.1. GlobalData's UK Insurance Consumer Surveys
5.2.2. UK Top 20 General Insurance Competitor Analytics
5.2.3. Forecasting methodology
5.3. Secondary sources
5.4. Further reading

List of Tables
Table 1: Household insurance GWP and annual growth rate, 2014-19
Table 2: Quarterly average premium rate movements, Q1 2014-Q1 2020
Table 3: Household gross claims incurred by type and number of claims notified, 2014-19
Table 4: New home registrations and completions, 2014-19
Table 5: Top 10 UK household insurers by market share, 2017-19

List of Figures
Figure 1: Household GWP experienced strong growth in 2019
Figure 2: Premium rates dropped in Q1 2020
Figure 3: Consumers continued to shift towards combined cover in 2019
Figure 4: Living arrangements remained fairly consistent in 2019 compared to 2017
Figure 5: Over half of private tenants are not covered by insurance
Figure 6: An increasing number of renters are purchasing unnecessary cover
Figure 7: A drop in weather claims contributed to a fall in the total cost of claims
Figure 8: The total number of claims fell in 2019
Figure 9: Growth in rebuild costs has spiked in 2020 due to the COVID-19 pandemic
Figure 10: The price indices became more stable in 2019
Figure 11: Registrations and completions have leveled off in recent years
Figure 12: Mortgage approval rates have continued to fluctuate
Figure 13: LV= was a new entrant to the top 10 in 2019
Figure 14: COVID-19 is expected to lead to a market contraction
Figure 15: Forecasting methodology

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