United Kingdom Home Insurance Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 5.30 Billion |
| Market Size (2029) | USD 5.88 Billion |
| CAGR (2024 - 2029) | 2.11 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
United Kingdom Home Insurance Market Analysis
The UK Home Insurance Market size is estimated at USD 5.30 billion in 2024, and is expected to reach USD 5.88 billion by 2029, growing at a CAGR of greater than 2.11% during the forecast period (2024-2029).
The increasing awareness of homeowners about the importance of protecting their properties has driven the growth of the United Kingdom home insurance market. According to the needs of homeowners, many insurance companies give a vast range of policies and customized coverages. Factors such as the increasing number of households and rising property values drive the demand for home insurance in the United Kingdom.
The customer rate of home insurance is increasing because the number of individuals and families that become homeowners is also growing. Many home insurance companies in the United Kingdom have an opportunity to increase their market share and income because of the growing search for insurance coverage by a large population of homeowners. The increasing awareness of the risks and threats to the property motivates homeowners to seek adequate protection through home insurance policies because a home is a valuable asset for many individuals. Home insurance provides homeowners with the satisfaction of financial protection against damage to the home, which increases the demand for the home insurance market in the United Kingdom.
In the United Kingdom, home insurance companies are increasingly accelerating technological advancements to enhance the customer experience and offer online insurance purchasing options and management capabilities. The growing trend of insurers providing customized coverage schemes for specific needs of homeowners, such as for high-value items, boosts the growth of the United Kingdom home insurance market.
United Kingdom Home Insurance Market Trends
Building/Property Insurance is Dominating the United Kingdom Home Insurance Market
Property insurance coverage includes policies that protect the home from theft, fire, and other perils for tangible assets and equipment of businesses or residences. Property insurance also provides risk coverage to protect the house from all risks. Property insurance coverage in the United Kingdom typically excludes damage from events, tsunamis, floods, drain and sewer backups, seeping groundwater, standing water, and other sources.
Building/property insurance has registered significant growth in the United Kingdom. The United Kingdom has a high rate of property ownership, and rising property values have made homeowners seek comprehensive insurance coverage for their properties. Increasing awareness of the potential risks has prompted more homeowners to have insurance coverage.
Online Policies are Dominating the United Kingdom Home Insurance Market
Purchasing household insurance policies online has become increasingly popular in the United Kingdom and is the most used channel by policy seekers. One of the key drivers behind this trend is the growing demand for digital accessibility. This digital transformation allowed policyholders to manage their policies easily, make payments, and file claims electronically. These benefits made the online policies of the United Kingdom home insurance market register significant growth over the years. The most common pre-purchase activity of home insurance is visiting a price comparison website, highlighting the importance of price for customers. As a result, both premium prices and the cover provided must be highly competitive.
United Kingdom Home Insurance Industry Overview
The United Kingdom Home Insurance Market is highly competitive, with the presence of major international players. The United Kingdom Home Insurance Market provides opportunities for companies to grow the market, further driving the market's competitiveness. With a few players holding a significant share, the United Kingdom home insurance market has an observable level of consolidation. Some major players operating in the market include Admiral Group, Aviva, Ageas, Direct Line Group, and Axa Insurance UK.
United Kingdom Home Insurance Market Leaders
-
Admiral Group
-
Aviva
-
Ageas
-
Direct Line Group
-
Axa Insurance UK
*Disclaimer: Major Players sorted in no particular order
United Kingdom Home Insurance Market News
- In July 2023: Aviva, the leading home insurer in the United Kingdom, signed a contract with Barclays United Kingdom to purchase its home insurance portfolio comprising 350,000 customers. This acquisition will further support the insurer’s ambitions to grow its retail insurance business in the United Kingdom.
- In May 2023: Amazon, the international e-commerce giant, partnered with prominent United Kingdom insurance providers, Ageas, Co-op, LV, and Policy Expert to streamline the home insurance purchase process.
UK Home Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
-
4.2 Market Drivers
- 4.2.1 Growth in Number of Households is Driving the Market
- 4.2.2 Wide Range Of Offers Provided By Insurers is Driving the Market
-
4.3 Market Restraints
- 4.3.1 Policies Excluding Coverage for Natural Disasters is Restraining the Market
- 4.3.2 Rising Claims Costs Impacting Insurer's Profitability
-
4.4 Market Opportunities
- 4.4.1 New Technological Developments will Create Opportunities to New Entrants
- 4.4.2 Digital Platforms For Convenient Policy Management And Customer Engagement
- 4.5 Insights on Government Regulations and Initiatives on the United Kingdom Home Insurance Market
- 4.6 Insights on Technological Advancements in the United Kingdom Home Insurance Market
-
4.7 Industry Attractiveness: Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Buyers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes
- 4.7.5 Intensity of Competitive Rivalry
- 4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
-
5.1 By Type
- 5.1.1 Building/ Property Insurance
- 5.1.2 Contents Insurance
- 5.1.3 Building & Content Insurance
- 5.1.4 Renter's or Tenant's Insuarance
- 5.1.5 Landlord's Insurance
- 5.1.6 Strata/ Holiday Home Insurance
-
5.2 By Distribution Channel
- 5.2.1 Direct
- 5.2.2 Independent Advisers
- 5.2.3 Banks/Building societies
- 5.2.4 Utilities/Retailers/Affinity Groups
- 5.2.5 Company Agents
- 5.2.6 Online Channels
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
-
6.2 Company Profiles
- 6.2.1 Admiral Group
- 6.2.2 Aviva
- 6.2.3 Direct Line Group
- 6.2.4 Ageas
- 6.2.5 Axa Insurance UK
- 6.2.6 Zurich
- 6.2.7 LV/Liverpool Victoria
- 6.2.8 AA Home Insurance
- 6.2.9 Churchill
- 6.2.10 Halifax*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
United Kingdom Home Insurance Industry Segmentation
Home insurance covers losses and damage to an owner's residence, furnishings, and other possessions and provides liability protection.
The United Kingdom home insurance market is segmented by type and by distribution channel. The market is segmented by type into building/property insurance, content insurance, building and content insurance, renter's or tenant's insurance, landlord's insurance, and strata/holiday home insurance. The market is segmented by distribution channel into direct, independent advisers, banks/building societies, utilities/retailers/affinity groups, company agents, and online channels. The report offers market size and forecasts for the United Kingdom home insurance market in value (USD) for all the above segments.
| By Type | Building/ Property Insurance |
| Contents Insurance | |
| Building & Content Insurance | |
| Renter's or Tenant's Insuarance | |
| Landlord's Insurance | |
| Strata/ Holiday Home Insurance | |
| By Distribution Channel | Direct |
| Independent Advisers | |
| Banks/Building societies | |
| Utilities/Retailers/Affinity Groups | |
| Company Agents | |
| Online Channels |
UK Home Insurance Market Research Faqs
How big is the UK Home Insurance Market?
The UK Home Insurance Market size is expected to reach USD 5.30 billion in 2024 and grow at a CAGR of greater than 2.11% to reach USD 5.88 billion by 2029.
What is the current UK Home Insurance Market size?
In 2024, the UK Home Insurance Market size is expected to reach USD 5.30 billion.
Who are the key players in UK Home Insurance Market?
Admiral Group, Aviva, Ageas, Direct Line Group and Axa Insurance UK are the major companies operating in the UK Home Insurance Market.
What years does this UK Home Insurance Market cover, and what was the market size in 2023?
In 2023, the UK Home Insurance Market size was estimated at USD 5.19 billion. The report covers the UK Home Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the UK Home Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the segments covered in the United Kingdom Home Insurance Market Report?
The segments covered in the United Kingdom Home Insurance Market Report are a) Type: building and property Insurance, Content Insurance, Building and Content Insurance, Renter's or Tenant's Insurance, Landlord's Insurance, Strata and Holiday Home Insurance b) Distribution Channel: direct, Independent Advisers, Banks, and building Societies, Utilities, retailers, and affinity Groups and Company Agents c) Claim Types: Fire, Theft and Accidental Damage
UK Home Insurance Industry Report
The UK household and home insurance market is subtly growing, adapting to demographic shifts and technological advancements. Market segmentation highlights diverse claim types with increases in weather-related, subsidence, and theft claims, potentially influenced by the cost-of-living crisis. There's a notable shift towards younger consumers, especially renters open to sharing smart home data, presenting new opportunities for insurers in an untapped demographic. Concurrently, the broader home insurance market benefits from heightened homeowner awareness about property protection, supported by rising property values and household numbers. Technological integration is revolutionizing customer experiences, with a significant trend towards online policy management and purchases, indicating a digital transformation in the sector. These trends depict a dynamic market environment where evolving consumer preferences and technological advancements are shaping the future of insurance in the UK. Home insurance companies in the UK are pivotal in driving these market dynamics, adapting to meet the changing needs of homeowners and renters alike. For detailed statistics, market share, size, and revenue growth insights, refer to mordor intelligence reports providing a comprehensive market forecast and historical overview. Get a sample of this industry analysis as a free report PDF download.
