United Kingdom (UK) Household Insurance Distribution Dynamics and Future Market, 2023 Update

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United Kingdom (UK) Household Insurance Market Overview

The United Kingdom (UK) household insurance market research report offers insights into the household insurance scenario within the private insurance market and how it is influenced by upcoming regulatory changes and volatility in the economy. It also ascertains how newcomers and insurtechs are disrupting and driving innovation in the country’s insurance industry. The report enables clients to identify the effects of emerging technologies such as artificial intelligence and autonomous vehicles on the United Kingdom (UK) Household insurance space. Furthermore, the report’s outlook presents growth opportunities in the household insurance space as well as challenges faced by the insurance providers.

Channels •       Broker

•       PCW

•       Insurer

•       Bank

•       Affinity

•       Other

Leading Household Insurers •       Aviva

•       Admiral

•       AXA/AXA Assistance

•       Direct Line

•       LV=

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United Kingdom (UK) Household Insurance Market Dynamics

The growing demand for embedded insurance, extreme weather events, environmental, social, and governance, and generation rent are a few trends that are likely to impact the United Kingdom (UK) household insurance market.

Embedded home insurance has a great deal of room to grow in the upcoming years. Its progress will be closely tied with the development of smart home technology and related insurance products. Primarily, smart home appliances were created specifically to improve protection and security. However, the possibility that smart device manufacturers might start providing household insurance themselves will challenge the UK household insurance market growth during the forecast period.

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United Kingdom (UK) Household Insurance Market Segmentation by Channels

The preferred channels used by customers when purchasing contents-only in the United Kingdom (UK) household insurance market are broker, PCW, insurer, bank, affinity, and other. The insurer and PCW channels accounted for over 55% of contents-only purchases in 2023 followed by broker.

United Kingdom (UK) Household Insurance Market Analysis by Channels 2023 (%)

United Kingdom (UK) Household Insurance Market Analysis by Channels 2023 (%)

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United Kingdom (UK) Household Insurance Market - Competitive Landscape

A few of the leading private household insurers in the UK are:

  • Aviva
  • Admiral
  • AXA/AXA Assistance
  • Direct Line
  • LV=

In 2023, Aviva was the largest provider of household insurance in the UK. Aviva’s strategic bancassurance partnerships focus on core markets and environmental, social, and governance initiatives; as well as enhanced customer service with multi-channel distribution through MyAviva. For instance, in June 2022, Aviva renewed its bancassurance partnership with TSB Bank for household insurance until August 2028

United Kingdom (UK) Household Insurance Market Analysis by Leading Companies 2023 (%)

United Kingdom (UK) Household Insurance Market Analysis by Leading Companies 2023 (%)

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Segments Covered in the Report

United Kingdom (UK) Household Insurance Channels Outlook (Value, GBP Billion, 2023-2026)

  • Broker
  • PCW
  • Insurer
  • Bank
  • Affinity
  • Other

Scope

• The insurer channel was preferred among combined insurance customers, accounting for 35.6% of sales in 2023.

• According to GlobalData’s 2023 UK Insurance Consumer Survey, online via a PC/laptop is the most popular method of purchasing contents-only insurance across all distribution channels, except for brokers.

• Embedded home insurance has a great deal of room to grow in the upcoming years. Its progress will be closely tied with the development of smart home technology and related insurance products.

Reasons to Buy

This report will help you:

  • Understand consumer purchasing decisions and how these will influence the market over the next few years.
  • Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
  • Compare the Net Promoter Scores of key insurance providers.
  • Discover which providers lead the way in the private household insurance space and learn about new product innovations.
  • Adapt your distribution strategy to ensure it still meets customer purchasing behavior.

Aviva
Admiral
Direct Line
AXA
AXA Assistance
Saga
Nationwide
Barclays
Churchill
Sainsbury’s
Halifax
More Than
Asda
Amazon
Age UK
HSBC
LV=
Ageas
Allianz
Policy Expert
Tesco Bank
Hastings Direct
Ceta
Compare the Market
Confused.com
Go.Compare
MoneySuperMarket
John Lewis
NFU Mutual
First Direct
Google
Samsung
Meta
Sky
IKEA
Apple
Urban Jungle
Getsafe
Covea
Money Expert
I Compare 4U
Quotezone
Money Saving Expert

Table of Contents

Executive Summary

The Purchasing Journey

Providers and Switching

Channel View

Future Market

Appendix

Frequently asked questions

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