New York, Nov. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "United Kingdom (UK) Household Insurance - Market Dynamics and Opportunities 2020" - https://www.reportlinker.com/p05988417/?utm_source=GNW
It provides a thorough overview of the market along with future forecasts and analysis of emerging technologies and products.
Following a sharp decline in 2018, gross written premiums (GWP) increased in the household insurance market by 3.2% in 2019. Weather claims dropped significantly in 2019 relative to the previous year, lifting some of the burden on insurance providers. Premium rates rose modestly in 2019 before rising steeply in the second quarter of 2020, possibly linked to unexpected challenges caused by the COVID-19 pandemic. Due to the sharp decrease in mortgage approval rates for 2020, a surge in house rebuilding costs, and macroeconomic contraction, the household insurance market looks set for a very turbulent second half of 2020 and beyond.
- Premium rates rose slightly in 2019 and Q1 2020, before shooting up massively in Q2.
- Total claims were down significantly in 2019, primarily due to a reduction in weather-related claims.
- Penetration rates remain low for renters, with less than half of all tenants holding some form of home insurance.
- Market GWP is expected to decline steeply in 2020 and is projected to be around 7% smaller by 2024 when compared to 2019.
Reasons to Buy
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Be prepared for how regulation will impact the household insurance market over the next few years.
Read the full report: https://www.reportlinker.com/p05988417/?utm_source=GNW
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