Home
Insurance - UK - November 2013
The cost of a policy relative to
the competition is the primary factor that determines whether or not a home
insurance policyholder stays with their existing provider after shopping around.
The good news for providers is that customers are generally willing to tolerate
a slight increase in premiums. However, raising premiums too quickly or steeply
will create an opportunity for another provider to steal away business.
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Table
of Content
Introduction
Abbreviations
Executive
Summary
The market
Steady rise in gross
written premiums set to resume
Figure 1: Gross written
domestic property insurance premiums – fan chart, 2008-18
Sector segmentation
Three-fifths of policies
sold via intermediaries and bancassurance
Market factors
Improvement in economic
performance and housing market
Home insurance premiums
have softened but remain susceptible to sudden rises
Figure 2: Average home
insurance market and shoparound* premiums (quarterly basis), October
2009-October 2013
Number of claims continues
to fall but average values have risen by 9% since 2007
Companies, brands and
innovation
Direct Line Group, LBG and
Aviva in a close battle for the top spot in the market
Figure 3: Top five domestic
property insurance parent groups, by GWP, 2012
Aviva and Direct Line are
the most trusted brands
Figure 4: Attitudes towards
and usage of brands in the home insurance sector, July 2013
Home insurance adspend down
by 21% in 2013
Provider innovations and
developments
The consumer
Three in four adults own a
home insurance product
Figure 5: Ownership of home
insurance and other types of general insurance, September 2013
More use price comparison
sites for researching than for purchasing
Figure 6: Channels used to
research and arrange a home insurance policy, September 2013
Most choose providers based
upon which can provide the cheapest quote
Figure 7: Important factors
when choosing a home insurance provider, September 2013
The vast proportion of
consumers prefer contents cover for all their belongings
Figure 8: Home insurance
policy preferences, September 2013
Three in 10 switched
providers at last renewal
Figure 9: Action taken at
last home insurance policy renewal, September 2013
Switching less likely if
customers feel they’re getting a fair deal
Figure 10: Reasons for
staying with existing provider after shopping around, September 2013
What we think
Issues
in the Market
What’s behind the softening
in home insurance premiums and will it last?
How can contents insurance
ownership among renters be expanded?
Which channels give
providers the best chance of a sale?
What can providers do to
reduce switching activity?
Trend
Application
When spending a little bit
more gets you a lot more
One provider is better than
many
The home insurance claims
process is going mobile
Market
Drivers
Key points
Signs of life in the
economy and housing market
Buildings and contents
premiums softening…
Figure 11: Average home
insurance market and shoparound* premiums (quarterly basis), October
2009-October 2013
but how long will this
last?
Contents policy pricing is
more consistent but demand is variable
Figure 12: RPI and consumer
durables index, 2000-12
Subsidised insurance for
high flood risk areas set to push up premiums
Number of claims continues
to fall
Figure 13: Total number of
domestic property claims and cost incurred, 2007-12
Weather-related claims
increase in 2012
Figure 14: Proportional
distribution of domestic property claims, by type of peril, 2009-H1 2013
St Jude’s storm will push
up weather related claims in H2 2013
Figure 15: Detected general
insurance fraud, by claims value, 2007-12
Fraud detection on the rise
Who’s
Innovating?
Key points
L&G joins ‘Bought by
Many’ to offer discount premiums to customers
L&G launches home
insurance for mid- and high-net-worth customers
British Gas enters the home
insurance market
Zurich launches app for
home insurance customers
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Market
Size and Forecast
Key points
Gross premiums stagnate in
2012
Figure 16: Gross and net
written premiums – domestic property insurance, 2002-13
A modest rise in gross
premiums expected for 2013
Sector split
Industry generates a 3.5%
underwriting profit in 2012…
Figure 17: Domestic
property insurance underwriting ratio, 2002-12
despite a 5% rise in net
claims costs
Figure 18: Gross and net
written premiums – domestic property insurance, 2007-12
Market forecast
Figure 19: Gross written
domestic property insurance premiums – fan chart, 2008-18
Figure 20: Forecast of
gross written premiums – domestic property insurance, 2008-18
Forecast methodology
Fan chart explanation
Market
Share
Key points
Direct Line Group the top
home insurance provider
Figure 21: Largest 15
parent groups active in the domestic property market, by GWP, 2012
AXA and L&G gain market
share in 2012
Figure 22: Top eight
domestic property insurance parent groups, by GWP, 2011-12
Latest
Reports:
Private
Medical Insurance - UK - November 2013: http://www.marketresearchreports.biz/analysis-details/private-medical-insurance-uk-november-2013
Providers must meet the twin
challenges of developing affordable propositions and managing spiralling
medical costs, in order to stop the decline in the number of subscribers.
Table
of Content
Introduction
Product definitions and
report coverage
Types of health cover
Abbreviations
Executive
Summary
The market
Standard model predicts
slow premium growth
Figure 1: Forecast of total
new PMI premiums, at current prices – fan chart, 2008-18
Size of the subscriber base
Figure 2: Number of PMI
subscribers and people covered, by sector, 2008-13
Claims costs and market
profitability
Market factors
Challenging economic
backdrop
NHS under financial
pressure
Intervention by the
Competition Commission
Alternative solutions
Company, brands and
innovation
Two brands dominate
Figure 3: Top five
providers’ market shares, based on subscription income, 2012
Product innovation
Brand reinforcement
Distribution trends
Figure 4: Share of PMI
sales, by distribution channel, 2009-12
The consumer
Penetration of PMI
Figure 5: Ownership of
health cover and protection products, October 2013
Customer views and claims
experience
Intentions to switch,
cancel or downgrade cover
Figure 6: Intentions
relating to downgrading/cancelling cover and switching providers, October 2013
Barriers to take-up
Figure 7: Reasons for not
having private health insurance (top eight), October 2013
Difficulties and delays
accessing NHS treatment
Figure 8: Experience of
difficulties or delays in accessing NHS care (top eight), October 2013
Concerns over the NHS’s
future
Potential market expansion
What we think
Issues
in the Market
What proportion of UK
adults have private health cover?
Why is demand falling?
Is policy switching set to
increase?
How can providers stop the
decline in penetration?
How can providers persuade
more SMEs to offer cover to their staff?
Trend
Applications
Trend: Let’s Make a Deal
Trend: Moral Brands
Futures: Generation Next
Market
Drivers
Key points
Rising cost pressures
prompt some PMI subscribers to consider downgrading their level of cover
Services sector sees
increase in profitability…
Figure 9: Net rate of
return of private non-financial corporations, 2003 Q1-2013 Q2
but new pension duties
could lead to companies cutting back on existing perks
Similarly, an ageing
workforce has extra cost implications
A high level of interest in
low-cost corporate PMI
Figure 10: Proportion of
employers offering selected benefits as core, March 2013
Rising medical costs
underpin strong PMI premium inflation
Figure 11: Average PMI
premium, by sector, 2003-12
Competition Commission’s
investigation into private healthcare services
People are living longer,
but not necessarily in good health
Health and lifestyle trends
Slowdown in NHS spending
puts greater financial pressure on NHS hospitals
Figure 12: NHS net
expenditure, 2008/09-2015/16
potentially leading to
longer waiting lists…
and more cancelled
operations
Activities of Kids and Teens - US - November 2013: http://www.marketresearchreports.biz/analysis-details/activities-of-kids-and-teens-us-november-2013
Compared to previous generations,
kids and teens increasingly live a sedentary lifestyle. These digital natives
are interconnected and tend to divide attentions across multiple platforms and
channels, prompting impatient behaviors, quick-fix mentality, and instant
gratification. Their loyalty is likely to mirror this trend, spreading thinly
across brands, and easily switched.
Table
of Content
Scope
and Themes
What
you need to know
Definition
Data sources
Consumer survey data
Abbreviations and terms
Abbreviations
Terms
Executive
Summary
Demographic trends
Kids and teens population
rises moderately
Figure 1: Population of
kids and teens aged 6-17 and total US, 2008-18
The diversity of today’s
kids and teens
Obesity high but
stabilizing?
Figure 2: Percentage of
obesity among high school students, by state, for selected year 2003 and 2011
The consumer
Online and mobile gaming
both popular among kids
Girls’ activity involves
social elements; boys prefer activities for adults/older kids
Convenience and uniqueness
cherished
Kids and teens don’t seek
to disappoint their parents.
Figure 3: Attitudes toward
favorite activities, by gender and age, August 2013
Family time for all
Figure 4: Attitudes toward
leisure time with family and paying for activities, by gender and age, August
2013
Almost half of kids and
teens like to spend time online rather than outside
Figure 5: Attitudes toward
leisure time, by gender and age, August 2013
Teens, mobile devices, and
their parents
Figure 6: Teens, parents, and
technology, by gender and age, August 2013
Healthy eating habits start
at home
Figure 7: Attitudes toward
healthy eating habits, by age, August 2013
Minority kids’ and teens’
activities
What we think
Issues
and Insights
Is there a “war on teens”
that is impacting leisure activities among teenagers?
The issues
The implications
Should companies address
childhood and teen obesity?
The issues
The implications
How can companies or brands
leverage the changing landscape of children’s activities in line with
advancements in digital technology?
The issues
The implications
Trend
Applications
Inspire Trend: FSTR HYPR
Inspire Trend: Make It Mine
Mintel Futures: Generation
Next
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