Tuesday, November 26, 2013

Home Insurance Market Analysis, Size, Share, Growth, Trends and Forecast Industry Research Report In UK - November 2013: Global Business Survey

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.

Table of Content



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

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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

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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


Product definitions and report coverage
Types of health cover

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?

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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
Data sources
Consumer survey data
Abbreviations and 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

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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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