Market Research Logo

UK Household Insurance: Competitor Dynamics

UK Household Insurance: Competitor Dynamics

Summary

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.

Key Findings

  • 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.
Synopsis



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.


Please Note: Due to the brevity and/or nature of the content posted, there is no table of contents available for this report.

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report