United Kingdom (UK) Household Insurance Distribution Dynamics and Future Market, 2022 Update
UK Household Insurance Market Report Overview
Visiting a price comparison website (PCW) remained the most popular pre-purchase activity. The share of customers conducting pre-purchase research on PCW was the highest among customers across all three household insurance products in 2022.
The United Kingdom (UK) household insurance market research report explores how purchasing preferences have changed over time for contents, buildings, and combined household insurance cover. It discovers what is most influential to customers when purchasing a policy and reveals the most popular providers in the market. Furthermore, new trends and innovations are highlighted, as well as the key factors that will influence the household insurance market over the next few years.
UK Household Insurance Market Segmentation by Channels
The key channels in the UK household insurance market are insurers, price comparison sites (PCW), brokers, banks, and affinity, among others. Insurance purchased directly from an insurer declined in 2022 when compared to 2021. However, this channel remained the most favored channel by contents-only insurance customers, followed by PCWs. With the gradual resumption of activities and easing of national lockdowns in the UK, both the broker and bank channels increased their respective shares in 2022.
The buildings insurance space was led by the broker channel in 2022, followed by banks. In the UK, banks are increasingly customizing their insurance offerings, both to cater to individual needs through the targeted use of public and banking data and to strengthen banking customer relationships. On the contrary, the direct channel was most preferred among combined insurance customers.
UK Contents Insurance Market Analysis by Channels, 2022 (%)
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UK Household Insurance Market Segmentation by Methods
The key methods used for purchasing insurance policies in the UK household insurance market are online via a PC/laptop, online via a smartphone/tablet, phone, face to face, by post, and provider’s app, among others. Purchases through PC/laptop were the most preferred method across all channels in 2022. The prolonged social distancing and lockdown restrictions in 2021 made customers used to these online methods. Banks also improved their online bancassurance platforms to make them more accessible on mobile devices.
UK Contents Insurance Market Analysis by Methods, 2022 (%)
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UK Household Insurance Market – Competitive Landscape
The leading providers in the UK household insurance market are Admiral, Aviva, AXA/AXA Assistance, Barclays, Saga, LV=, Halifax, and Direct Line among others. In 2022, Aviva was the top provider among consumers across home buildings and combined insurance product lines, while Admiral was the largest provider of contents insurance.
Aviva: The provider proactively renewed its strategic bancassurance partnerships for home insurance and launched its brand on PCWs for home insurance as part of its multi-channel distribution strategy. Post divestments in 2021, the provider increased its financial stability and focused on core markets including the UK, Ireland, and Canada, supporting its growth in market share in 2022.
UK Contents Insurance Market Analysis by Providers, 2022 (%)
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UK Household Insurance Market Report Overview
|Key Channels||Insurer, Price Comparison Site (PCW), Broker, Bank, and Affinity|
|Key Methods||Online Via a PC/laptop, Online Via a Smartphone/Tablet, Phone, Face to Face, by Post, and Provider’s App|
|Leading Providers||Admiral, Aviva, AXA/AXA Assistance, Barclays, Saga, LV=, Halifax, and Direct Line|
UK Household Insurance Channels Outlook (2020-2022)
- Price Comparison Site (PCW)
UK Household Insurance Methods Outlook (2020-2022)
- Online Via a PC/laptop
- Online Via a Smartphone/Tablet
- Face to Face
- By Post
- Provider’s App
Reasons to Buy
- 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 household insurance space and learn about new product innovations.
- Adapt your distribution strategy to ensure it still meets customer purchasing behavior.
Legal & General
Money Saving Expert
Table of Contents
The Purchasing Journey
Providers and Switching
Frequently Asked Questions
The key channels in the UK household insurance market are insurers, price comparison sites (PCW), brokers, banks, and affinity, among others.
The key methods used for purchasing insurance policies in the UK household insurance market are online via a PC/laptop, online via a smartphone/tablet, phone, face to face, by post, and provider’s app, among others.
The leading providers in the UK household insurance market are Admiral, Aviva, AXA/AXA Assistance, Barclays, Saga, LV=, Halifax, and Direct Line, among others.
In 2022, Aviva was the top provider among consumers across home buildings and combined insurance product lines.
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