Industry Analysis & Industry Trends
Home insurance is an important segment of the General Insurance industry (IBISWorld report K65.120) in the United Kingdom, accounting for the second-largest share of premium income, behind only motor insurance. The industry generates income from two key sources: premium income and investment income. Premium income refers to net premium income.
The industry has been affected by poor conditions over the past five years. Household spending pressures and the low number of new properties coming on to the market decreased demand for home insurance. However, investment income grew, despite considerable volatility, and mitigated the fall in revenue. A surge in the number of people renting properties also increased demand for insurance from landlords... purchase to read more
Industry Report - Industry Locations Chapter
Insurers sell their products either directly or through a variety of distribution channels. The most prominent of these are brokers and agents. Distribution methods have changed significantly in recent years. Technological developments, such as the growth of the internet and mobile phones, have opened up new distribution channels, and insurers are increasingly developing multichannel strategies.
Direct sales are becoming more popular but brokers and agents still account for the majority of distribution. This means that the location of insurance carriers is largely irrelevant in the private sector.
IBISWorld estimates that London is home to 31% of industry establishments but is where 44.5% o.. purchase to read more