United Kingdom (UK) Extended Warranty Insurance Market Size, Trends, Competitor Dynamics and Opportunities
United Kingdom (UK) Extended Warranty Insurance Market Report Overview
The estimated UK extended warranty market reached 8.6 million policies in 2022. As restrictions related to the COVID-19 pandemic caused people to work from home, the value of electrical sales increased by more than 6% in 2021.
UK extended warranty insurance market research report analyzes the UK extended warranty insurance market, looking at drivers of uptake for both electrical and motor extended warranties. The report goes on to discuss the distribution landscape in 2022, as well as the claims landscape. Incumbent competitors are analyzed, along with their key partnerships. Future impactors on the market – including the cost-of-living crisis, smart home devices, and the changing working environment – are also examined.
| No of policies (2022) | 8.6 million policies |
| Key Extended Warranty Products | · White Goods
· Consumer Electronics · Motor · Small Appliances
|
| Key Distribution Channels | · Direct
· Retailer · Broker · Bank
|
| Key Purchase Methods | · Bought By Post
· Face To Face · Through The Retailers App · Online (Smartphone/Tablet) · Online (Pc/Laptop) · Telephone
|
| Key Electrical Retailers | · Currys
· Amazon · Argos, · John Lewis & Partners · Apple · AO · The Very Group · Tesco · Appliances Direct · Euronics |
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The UK Extended Warranty Insurance Market, Segmentation by Extended Warranty Products
The key extended warranty products in the UK extended warranty insurance market are white goods, consumer electronics, motor, and small appliances. White goods has the highest share in the UK extended warranty insurance market in 2022.
The UK Extended Warranty Insurance Market, by Extended Warranty Products (%)
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The UK Extended Warranty Insurance Market, Segmentation by Distribution Channels
The key distribution channels in the UK extended warranty insurance market are direct, retailer, broker, and bank. Together, the direct channel and the retail channel accounted for more than 86% of the distribution of extended warranty insurance in 2021. Traditionally it has been easier to sell policies through retailers as this is done at the POS, which means consumers do not need to search for the product and can have the importance of extended warranty explained to them. Yet the direct channel has managed to remain competitive. This could be a result of consumers looking for more affordable options that perhaps include more specialized cover suited to their needs, as well as the reputation of the insurer.
The UK Extended Warranty Insurance Market, by Distribution Channels (%)
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The UK Extended Warranty Insurance Market, Segmentation by Purchase Methods
The key purchase methods in the UK extended warranty insurance market are bought by post, face to face, through the retailers app, online (smartphone/tablet), online (PC/laptop), and telephone. Many consumers have turned to online purchasing methods for their insurance needs, with more than 49% of policies purchased through PCs, laptops, smartphones, tablets, or apps in 2022.
The UK Extended Warranty Insurance Market, by Purchase Methods (%)
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The UK Extended Warranty Insurance Market, Competitor Analysis
Currys, Amazon, Argos, John Lewis & Partners, Apple, AO, The Very Group, Tesco, Appliances Direct, and Euronics are some of the key electrical retailers in the UK extended warranty insurance market. Currys remained the top electricals retailer in the market with an 18.8% share of revenue in 2022.
Segments Covered in the Report
The UK Extended Warranty Insurance Market Outlook, by Extended Warranty Products
- White Goods
- Consumer Electronics
- Motor
- Small Appliances
The UK Extended Warranty Insurance Market Outlook, by Distribution Channel
- Direct
- Retailer
- Broker
- Bank
The UK Extended Warranty Insurance Market Outlook by Purchase Methods
- Bought By Post
- Face To Face
- Through The Retailers App
- Online (Smartphone/Tablet)
- Online (Pc/Laptop)
- Telephone
Scope
• In 2022e, the number of policies in the UK extended warranty market stood at 8.6 million for all products.
• GlobalData’s 2022 UK Insurance Consumer Survey found that 33%, 38.6%, 25%, and 20.7% of people filed an extended warranty claim for white goods, small appliances, consumer electronics, and motor respectively in 2022.
• Retailers are the most popular channel for electrical products, whereas individuals purchasing extended warranty for motor favor insurers. The majority of purchases are completed online via PC/laptop or smartphone/tablet.
Reasons to Buy
- Analyze growth drivers within the UK extended warranty market.
- Determine areas of concern for insurers and the wider market, including within the claims landscape.
- Recognize the impact of the cost-of-living crisis and inflation on the market.
- Discover the leading players with the extended warranty insurance segment.
- Examine future opportunities and challenges within this space.
Key Players
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The estimated UK extended warranty market reached 8.6 million policies in 2022.
White goods have the highest share in the UK extended warranty insurance market in 2022.
Together, the direct channel and the retail channel accounted for more than 86% of the distribution of extended warranty insurance in 2021.
The key purchase methods in the UK extended warranty insurance market are bought by post, face to face, through the retailers’ app, online (smartphone/tablet), online (PC/laptop), and telephone.
Currys, Amazon, Argos, John Lewis & Partners, Apple, AO, The Very Group, Tesco, Appliances Direct, and Euronics are some of the key electrical retailers in the UK extended warranty insurance market.
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