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)
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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 (%)
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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 (%)
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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.
AXA
Admiral
Halifax
Policy Expert
CIA Insurance
Wimdu
Onefinestay
Homestay
Airbnb
RSA
Aviva
Vrbo
Endsleigh
HomeLet
Countrywide
Aon
Table of Contents
Table
Figures
Frequently asked questions
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What was the UK residential landlord insurance market GWP size in 2023?
The UK residential landlord insurance market GWP size in 2023 was GBP911.7 million.
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What will be the growth rate of the UK residential landlord insurance market during the forecast period?
The UK residential landlord insurance market will grow at a CAGR of more than 3% during 2023-2028.
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Which was the leading purchase channel for the UK private landlord insurance market in 2023?
Insurers was the most preferred purchase channel for the UK private landlord insurance market in 2023.
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What are the key companies in the UK private landlord insurance market?
Admiral, Direct Line, Halifax, AXA, and Policy Expert are a few of the key companies in the UK private landlord insurance market.
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