Major Opportunities for Household Insurance Market in U.K. Leads To Growth Rate at CAGR of 0.8% by 2020

Published on : Jan 25, 2017

Albany, New York, January 25, 2017: A recent report by Timetric, focusing on the U.K. market has been added to the huge portfolio of Market Research Hub (MRH). This report is entitled as “Household Insurance in the U.K.- Key Trends and Opportunities to 2020” which provides details analysis of the market trends, drivers and challenges in the U.K. household insurance business. Also, details of regulatory policy which are applicable to the household insurance market and distribution channels; moreover, analysis of natural and man-made hazards and its effects on the household insurance market is also covered in the report.

Primarily, the report starts by defining the household insurance and its importance among consumers. It has been studied that, the U.K. is one of the most competitive places in the world to undertake insurance and the government is putting efforts to sustain and refine the U.K’s competitive edge and make it the world’s leading center for insurance. According to the key highlights, due to the weak housing market, there has been a fierce competition among insurers in U.K. During the review period of 2011 to 2015, even with a weak economy and high flood-damage claims, the market of household insurance remained profitable.

Household insurance is a great concept that protects your home in the event of a fire, water damage, roof caving and others mishaps. It has a lot of positive and valued features that makes it more crucial for families or an individual. Some of the most common forms of household insurance are:

  • Home insurances
  • Contents insurance
  • Tenant’s insurance
  • Landlord’s insurance
  • Strata insurance

Household insurance should not be seen as an unnecessary expense but rather an investment in the quality of life. Losing the contents of your home to a fire is probably one of the most stressful things that can happen to a person. In that case, investing in a suitable household insurance is the way to safeguard your property.

In the next section, the report studies that, owing to the positive housing market trends and an increase in mortgage lending, the U.K. market is estimated to grow at a CAGR of 0.8%.

Top companies who provides best services of household insurance are:

  • Ace European Group Ltd
  • Lloyds Banking Group Plc
  • Ageas (UK) Ltd
  • National Farmers Union Mutual Insurance Society Company
  • Aviva Plc
  • Direct Line Insurance Group Plc
  • Legal & General Group Plc
  • Royal & Sun Alliance Insurance Plc
  • Zurich Insurance Plc
  • Axa UK Plc

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At last, the report also profiles these key players in detail along with their main products, key facts, key employees and key competitors. SWOT analysis of the household insurance market to explain the factors and trends are also highlighted.

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