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Home Insurance in the UK: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Home Insurance Market Research Report | SIC UK0.021 | Oct 2016

Property protecting: New homes and more renters to improve demand in tough conditions

IBISWorld’s Home Insurance market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

Report Snapshot
Market Share of Companies
Aviva plc Aviva plc market share
AXA Insurance AXA Insurance market share
Direct Line Group Ltd Direct Line Group Ltd market share
Lloyds Banking Group Lloyds Banking Group market share
RSA Insurance Group RSA Insurance Group market share
Industry Statistics & Market Size
Revenue
£10bn
Annual Growth 12-17
-0.5%
Annual Growth 17-22
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Profit
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Employment
21,968
Businesses
432
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 Analysis Chapter

Difficult conditions have affected the industry over the past five years, including household spending pressures and the low number of new homes coming on to the market, which limited demand for insurance. However, investment income generally grew, despite year-on-year volatility, which supported the industry. The growing number of rented properties over the past five years and an increase in premium prices during the latter part of the period also mitigated adverse conditions to some extent. Industry revenue is estimated to decrease at a compound annual rate of 0.5% over the five years through 2016-17 to £10.3 billion. Premium and investment income are estimated to account for approximately 85.5% and 14.5% of industry revenue respectively in 2016-17.

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Industry ProductsRelated ReportsTable of Contents

What is the Home Insurance Industry?

Companies in this industry underwrite home insurance policies. This means they assume the risk for the insurance and decide the appropriate premium. These policies protect against loss of or damage to property and contents due to theft, fire and other causes.

Industry Products
Property insuranceContents insuranceCombined property and contentsSpecialist insurance
 
Industry Activities
Insuring propertyInsuring contentsProviding specialty property and contents insurance


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