United Kingdom (UK) Charity Insurance Market Dynamics, Trends, Opportunities and Future Market
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United Kingdom (UK) Charity Insurance Market Report Overview
The gross written premiums (GWP) in the non-profit insurance (including charities) in the United Kingdom (UK) was estimated at GBP1.04 billion in 2023. Voluntary organizations are essential in many different fields. Of these, social services make up the largest portion, accounting for almost one-fifth of the sector’s total size. The public provides nearly half of the voluntary sector’s income, with the government providing for nearly one third of it as well, explaining how the lack of consumer spending created a tough environment.
The UK charity insurance market report explores charities’ purchasing behaviors and preferences for insurance. New trends and innovations are highlighted, as well as the key factors that will influence the market to move forward are covered in this report.
Market Size (2023) | GBP1.04 billion |
Key Products | Public Liability Insurance
Employers’ Liability Insurance Property Insurance Professional Indemnity Insurance Cyber Insurance |
Key Purchasing Channel | Broker
Bank Direct Price Comparison Websites (PCWs) |
Key Purchasing Method | Bought Online
Auto-renewal Over the Phone Face-to-face/In person By Post |
Key Insurance Provider | Zurich
Aviva |
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UK Charity Insurance Market Segmentation by Products
Public liability insurance, employers’ liability insurance, property insurance, professional indemnity insurance, and cyber insurance are the key products in the UK charity insurance market. In 2023, public liability insurance led the market, followed by employers’ liability insurance and property insurance.
UK Charity Insurance Market Analysis by Products, 2023 (%)
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UK Charity Insurance Market Segmentation by Purchasing Channel
The majority of the NPOs (including charities) purchased their insurance in packages in 2023. Companies frequently combine insurance products such as liabilities and indemnities for more efficient coverage. In terms of the purchasing channel, the broker was the most preferred option, followed by bank, direct, and PCWs in 2023. The efficient distribution of commercial insurance depends on these brokers, which is why insurers must value broker relationships highly.
UK Charity Insurance Market Analysis by Purchasing Channel, 2023 (%)
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UK Charity Insurance Market Segmentation by Purchasing Method
The insurance purchasing method landscape has evolved in recent years with a shift toward online sales. The key insurance purchasing methods in the UK charity market are bought online, auto-renewal, over the phone, face-to-face/in person, and by post. In 2023, most of the insurance products in the UK charity insurance market were bought online. This increase can be ascribed to the impact of digitalization, which has enabled and simplified online product purchases.
UK Charity Insurance Market Analysis by Purchasing Method, 2023 (%)
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UK Charity Insurance Market – Competitive Landscape
The leading companies offering insurance products to the NPOs (including charities) in the UK are Zurich, Aviva, and AXA. In 2023, Zurich took the lead in the UK charity insurance market, followed by Aviva and AXA. The companies have been offering insurance products and services catering to the evolving demand from the consumers. Zurich, for example, offers a charity insurance product starting at GBP96 per year. This product has been designed to meet the unique needs of NPOs. The company also actively engages in philanthropy through its Community Trust, which strengthens its dedication to the non-profit sector.
UK Charity Insurance Market Analysis by Companies, 2023 (%)
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Scope
• The insurance market for NPOs is expected to have increased to GBP1.04 billion in 2023, growing by 6.6%.
• The market experienced shifts in 2023, as indicated by the rise in uptake of 11 out of 16 products. Professional indemnity experienced the greatest increase of 19.7 percentage points.
• Brokers are essential, facilitating 61.6% of insurance policies. Even though this percentage was marginally lower than in 2022, it still shows how important brokers are today. In 2023, 57.2% of policies were bought online, up from 34.1% in 2019. This increase can be ascribed to the impact of digitalization.
Key Highlights
- The insurance market for NPOs is expected to have increased to GBP1.04 billion in 2023, growing by 6.6%.
- The market experienced shifts in 2023, as indicated by the rise in uptake of 11 out of 16 products. Professional indemnity experienced the greatest increase of 19.7 percentage points.
- Brokers are essential, facilitating 61.6% of insurance policies. Even though this percentage was marginally lower than in 2022, it still shows how important brokers are today. In 2023, most policies were bought online as compared to those purchased in 2019. This increase can be ascribed to the impact of digitalization.
Reasons to Buy
- Identify the UK charity insurance market leaders.
- Understand the NPO landscape.
- Discover the purchasing journey of charities in the sector.
- Identify growth opportunities in the NPO space.
- Find out which value-added services are in demand.
Nationwide
Zurich
Aviva
AXA
Hiscox
Ecclesiastical
Zixty
Lemonade
Access Insurance
Endsleigh Insurance
Table of Contents
Frequently asked questions
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What was the total GWPs in the UK charity insurance market in 2023?
The gross written premiums (GWP) in the non-profit insurance (including charities) in the United Kingdom (UK) was estimated at GBP1.04 billion in 2023.
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Which was the leading product in the UK charity insurance market in 2023?
In 2023, public liability insurance led the market, followed by employers’ liability insurance and property insurance.
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Which was the most preferred purchasing method in the UK charity insurance market in 2023?
In 2023, most of the insurance products in the UK charity insurance market were bought online.
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Which was the dominant purchasing channel in the UK charity insurance market in 2023?
In terms of the purchasing channel, the broker was the most preferred option, followed by bank, direct, and PCWs in 2023.
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Which are the leading players offering insurance products in the UK charity insurance market?
The leading companies offering insurance products to the NPOs (including charities) in the UK are Zurich, Aviva, and AXA.
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