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 following are some of the key highlights of the United Kingdom household insurance distribution market:

  • In 2023, Aviva was the largest provider of household insurance in the UK.
  • The insurer channel was preferred among combined insurance customers in 2023.
  • Embedded home insurance has a great deal of room to grow in the upcoming years. Its progress will be closely tied to the development of smart home technology and related insurance products.

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.

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.

In May 2023, Sky launched a product that aims to disrupt the home insurance industry. Sky Protect smart house insurance is a new service that combines home insurance with smart home technologies. This package (which is underwritten by Zurich) includes smart home devices such as a video doorbell, indoor camera, leak detectors, motion sensors, and contact sensors. All these devices can be controlled via an app.

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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 others. The broker and bank channels saw their shares fall in 2023. This is likely due to the more limited reach of brokers and banks as compared to the other distribution channels in this space. Furthermore, rising inflation and price-sensitive consumers contribute to this.

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=

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

Key Highlights

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.

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.

Direct Line
AXA Assistance
More Than
Age UK
Policy Expert
Tesco Bank
Hastings Direct
Compare the Market
John Lewis
NFU Mutual
First Direct
Urban Jungle
Money Expert
I Compare 4U
Money Saving Expert

Table of Contents

Executive Summary

The Purchasing Journey

Providers and Switching

Channel View

Future Market


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