High Net Worth Home Insurance Market Share, Size, Trends, Growth and Analysis

Summary

Wealthy individuals require specialist mid net worth (MNW) and high net worth (HNW) insurance policies that offer wider coverage, higher limits, and better service compared to standard products. This is due to the higher value of their assets, which may include multiple homes, luxury cars, yachts, antiques, jewelry, wine, and fine art. Home insurance is generally provided on a global all-risk cover basis, often with an element of legal protection and travel insurance to which motor insurance can be additionally added. The market is forecast to grow as the number of affluents in the UK increases. Insurers are trying to grow the market by expanding their customer base by increasing consumer awareness of specialist products, better targeting their products through partnerships, reducing underinsurance, and adapting their distribution strategies to consumer purchasing preferences

Browse Detail Report With TOC @

https://marketreportscenter.com/reports/276118/high

Brokers remain the main distribution channel, although MNW individuals are moving away from them in favor of purchasing directly and via banks online. The market is soft due to insurer overcapacity, which has driven down rates and profitability, although premiums are beginning to stabilize. Competition is also provided by insurers offering enhanced standard policies. Hiscox and Chubb account for the largest share of GWP; meanwhile the rest of the market is characterized by a range of specialist and composite insurers. In the future, technology will play a greater role in the market by improving insurer-broker-customer relationships and managing household risk.

Key Findings

- Hiscox and Chubb hold the largest share of the market.

- The market is low in profitability with an estimated COR of just under 100%.

- By 2020, the combined MNW and HNW market is forecast to be worth £1.3bn in GWP.

- MNW business is moving away from the broker channel.

Synopsis

Verdict Financial's...