UK Home Emergency Insurance and Home Services 2017
Home emergency (and home services) market is expected to have grown slightly in 2016, with market GWP reaching its second highest value in the last five years. Competition within the market is increasing gradually, as more providers seek to expand on the core products that center around boiler cover. However, the market - and the benchmark for propositions - remains dominated by British Gas. Technological advances are gradually providing opportunities for providers to develop policies that aim to prevent claims from occurring. This is a nascent segment, with only early adopters currently offering such policies. With these continuing developments the market is forecast to continue growing incrementally.
Home emergency market is forecasted to grow slightly year-on-year, with growth rates not expected to exceed 0.8% over the next five years. The major factors influencing the growth of the market are the increases in UK housing stock and the conversion of large properties in to multiple smaller properties.
Technology will gradually start to play a role within the home emergency market, with providers such as Neos leading the way. In order for technology to increase its prevalence in the home emergency market, the pricing of such devices is crucial as well as the broader benefits gained from usage of this tech being clear for customers to see.
Consumers’ purchasing behavior in the home emergency market differs significantly from the car insurance space, for example, with the most expensive and most encompassing policies seeing the highest level of sales. This is largely explained by the fact that consumers who have been attracted by the market are heavily invested in the upkeep of their properties.
The report UK Home Emergency Insurance and Home Services 2017, provides an in-depth analysis of the UK home emergency insurance market and home services market. Among the points discussed is the size of the market, the current and forecasted value of home emergency GWP, as well as the use of smart technology in the home.
Companies mentioned in this report: Aviva, Direct Line, Legal & General, LV=, Admiral, AXA, Halifax, More Th>n, Nationwide, Saga, Churchill, Tesco Bank, E-Sure, British Gas/Centrica, HomeServe, CORGI HomePlan, Domestic & General, Lloyds Bank, Google, Amazon, Samsung, Facebook, Scottish & Southern Energy, Npower, neos, roost.
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