United Kingdom (UK) Private Landlord Insurance Market Analysis and Competitive Landscape

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United Kingdom (UK) Private Landlord Insurance Market Report Overview
The UK residential landlord insurance market gross written premium (GWP) in 2023 was estimated to be GBP911.7 million. The market has mainly been driven by the effects of higher inflation and supply chain disruptions driving up the cost of rebuilding property.  and will grow at a CAGR of more than 3% during 2023-2028. The growth is attributed to the effects of higher inflation and supply chain disruptions driving up the cost of rebuilding property. There has been a growing trend in the formation of limited companies to hold investment properties to reduce tax liabilities.

UK Private Landlord Insurance Market Analysis, 2023- 2028 (GBP Billion)

UK Private Landlord Insurance Market Analysis, 2023- 2028 (GBP Billion)

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The UK private landlord insurance market research report explores consumer purchasing behaviors for private landlord insurance in the country. The report provides valuable insights into the trends and innovations that will shape the UK private landlord market in the coming years.

Key Channels ·       Insurers

·       Broker

·       Bank

·       Price Comparison Website (PCW)

Key Companies ·       Direct Line

·       Admiral

·       Halifax

·       AXA

·       Policy Expert

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UK Private Landlord Insurance Market Dynamics

Increasing awareness of landlord insurance products is one of the key success factors of the UK private landlord insurance market. According to GlobalData 2023 UK Insurance Consumer Survey, more than 65% of landlords have the correct insurance in place. The remaining landlords either have standard home insurance policies or none at all. Therefore, initiatives to inform landlords of the benefits and necessity of insurance products may result in increased adoption in the market.

A growing trend in the UK private landlord insurance market is the formation of limited companies to hold investment properties to reduce tax liabilities. This is because financing new properties through BTL loans is becoming less popular among investors. Creating these entities has forced some landlords to convert their residential landlord insurance policies to commercial ones.

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UK Private Landlord Insurance Market Segmentation by Purchase Channels

The key purchase channels in the UK private landlord insurance market are insurers, brokers, PCW, banks, and others. In 2023, insurers dominated the UK private landlord insurance market. The increased popularity of insurers can be ascribed to improvements in online accessibility and the streamlining of policy structures, which have rendered them easier for landlords to understand.

UK Private Landlord Insurance Market Analysis by Purchase Channels, 2023 (%)

UK Private Landlord Insurance Market Analysis by Purchase Channels, 2023 (%)

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UK Private Landlord Insurance Market – Competitive Landscape

The key UK private landlord insurance market providers include Admiral, Direct Line, Halifax, AXA, and Policy Expert among others. In 2023, Direct Line led the private landlord insurance market.

Direct Line: The landlord insurance coverage from Direct Line includes several safety features designed to satisfy the various requirements of property owners. Buildings insurance, boiler cover, new-for-old contents insurance, public liability up to GBP2 million, and access to a 24-hour legal helpline for urgent assistance are all included in this coverage.

UK Private Landlord Insurance Market Analysis by Companies, 2023 (%)

UK Private Landlord Insurance Market Analysis by Companies, 2023 (%)

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Scope

  • This report estimates the size of the UK’s residential landlord insurance market.
  • The report explores how it has changed in recent years at a time when the buy-to-let sector has been hit by a swathe of regulatory changes.
  • The report discusses drivers of the buy-to-let and private residential markets, which can directly impact the private landlord insurance market. The report presents market size forecast data for 2028.

Reasons to Buy

  • Understand the current and future size of the UK private landlord insurance market and its drivers.
  • Discover the impact of recent legislation on the buy-to-let market and how this has affected the residential landlord insurance market.
  • Identify how the profile of landlords is changing to better understand their insurance needs.
  • Keep up to date with the latest trends and drivers affecting renters, landlords, and the insurance market.

Direct Line
AXA
Admiral
Halifax
Policy Expert
CIA Insurance
Wimdu
Onefinestay
Homestay
Airbnb
RSA
Aviva
Vrbo
Endsleigh
HomeLet
Countrywide
Aon

Table of Contents

  • 1. Executive Summary

    • 1.1. Market overview
    • 1.2. Key findings
    • 1.3. Critical success factors

  • 2. Residential Landlord Insurance and Private Residential Market Overview

    • 2.1. The residential landlord insurance market experienced strong growth
    • 2.2. Multiple private landlords have been switching to limited companies to hold their BTL investments
    • 2.3. Property prices have stagnated in 2023

  • 3. The Profile of Landlords

    • 3.1. The profile of landlords is changing

  • 4. Competitive Landscape and Product Distribution

    • 4.1. Key players and elements of cover
    • 4.2. Distribution dynamics

  • 5. The Market Going Forward

    • 5.1. The UK private landlord insurance market will record a slowdown in growth

  • 6. Appendix

    • 6.1. Abbreviations and acronyms
    • 6.2. Methodology
    • 6.3. Secondary sources
    • 6.4. Further reading

  • 7. About GlobalData
  • 8. Contact Us

Table

Table 1: Residential landlords can now only deduct finance costs based on a basic rate

Table 2: Private landlords pay a 3% surcharge on top of the standard SDLT rate

Table 3: Capital Gains Tax rates split by tax bracket in 2023

Figures

Figure 1: The private landlord insurance market’s GWP grew by 7.0% to GBP911.7 million in 2023

Figure 2: 34.6% of private landlords do not have adequate cover or have no insurance in place at all

Figure 3: 19% of households in the UK were private rented in 2021/22

Figure 4: The number of private rented households increased by 6.0% in 2022

Figure 5: The number of buy-to-let companies continued to increase in 2023

Figure 6: Landlords are not very optimistic about the renters bill that will give tenants more power

Figure 7: Average UK house prices have shrunk in 2023

Figure 8: Gross advances and new residential lending commitments have fallen in 2023

Figure 9: The proportion of BTL advances has slowly been falling in 2023, reaching 7% in Q4 2023

Figure 10: Private rental price growth has increased substantially since the start of 2021

Figure 11: Unaffordable house prices alongside saving for a deposit are the main reasons individuals rent

Figure 12: Demand for rental properties grows as available properties become scarce

Figure 13: Three quarters of landlords own either one or two investment properties

Figure 14: The proportion of accidental landlords increased by 5pp in 2023

Figure 15: The largest age group of landlords was 30–34-year-olds

Figure 16: The proportion of landlords aged between 25 and 44 has increased by 21.8pp from 2021 to 2023

Figure 17: More 25–44-year-olds go through the broker and bank channel than those aged 45+

Figure 18: Direct Line dominates the market with a share of 32.5%, followed by AXA with a share of 18.1%

Figure 19: 38.0% of policies are sold direct through the insurer

Figure 20: 24.8% of landlords purchased their policy online via a smartphone/tablet in 2023

Figure 21: The UK private landlord insurance market is forecasted to grow to GBP946.1 million by 2028

Figure 22: Forecasting methodology

Frequently asked questions

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