United Kingdom Household Insurance Market Report 2023: Aviva Leads the Way - Dynamics, Trends and Opportunities

DUBLIN, Nov. 29, 2023 /PRNewswire/ — The “United Kingdom (UK) Household Insurance Market Dynamics, Trends and Opportunities, 2023” report has been added to ResearchAndMarkets.com’s offering.

This report analyzes the UK household insurance market, looking at drivers of uptake across different demographics and dwelling types.

It discusses the claims landscape in 2022 as well as the housing market and upcoming regulatory changes within insurance. Incumbent competitors are analyzed and compared, as are newcomers and insurtechs within the space. Future impactors in the market (including climate change, smart home devices, and changing living arrangements) are also covered.

Gross written premiums (GWP) in the household insurance market to grow by 2.9% by the end of 2023, following its 3.3% decline to GBP5.97 billion in 2022. The 2022 decline was primarily caused by a 5.6% decrease in the total number of policies written across all three products.

The overall average premium price fell by 5.3% over the course of 2022, playing a role in the GWP decline. Combined, buildings-only, and contents-only insurance premiums decreased by 5.6%, 8.1%, and 8.4% respectively in 2022. Start generating passive income through real estate.

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Scope The UK household insurance market is expected to grow by 2.9% in 2023, following a 3.3% decline in 2022.

The average premium prices for combined, buildings-, and contents-only insurance decreased by 5.6%, 8.1%, and 8.4% respectively in 2022. Furthermore, the number of policies for all products fell, contributing towards the overall decline in GWP. Home insurance claims in the UK rose in 2022, with the cost of claims growing by 6.2% and the total number of claims reported increasing by 2.6%. A significant increase in weather-related and subsidence claims was the main factor behind the uptick in overall claims. […]

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By Donato