United Kingdom (UK) Extended Warranty Insurance Market Size, Trends, Competitor Dynamics and Opportunities

United Kingdom (UK) Extended Warranty Insurance Market Size, Trends, Competitor Dynamics and Opportunities
Summary

This report analyzes the UK extended warranty insurance market, looking at drivers of uptake for both electrical and motor extended warranties. The report goes on to discuss the distribution landscape in 2022, as well as the claims landscape. Incumbent competitors are analyzed, along with their key partnerships. Future impactors on the market - including the cost-of-living crisis, smart home devices, and the changing working environment - are also examined.In 2022e, the total number of policies within the UK extended warranty insurance market reached 8.6 million. As restrictions related to the COVID-19 pandemic caused people to work from home, the value of electrical sales increased by 6.9% in 2021. Meanwhile, demand for extended warranty policies relating to motor increased as purchases of both used and new cars rose. Retailers account for the majority of electrical extended warranty business, with the convenience of purchasing at the point of sale (POS) the main driver. Insurers are the favored channel for motor policies.

ScopeIn 2022e, the number of policies in the UK extended warranty market stood at 8.6 million for all products.GlobalData’s 2022 UK Insurance Consumer Survey found that 33%, 38.6%, 25%, and 20.7% of people filed an extended warranty claim for white goods, small appliances, consumer electronics, and motor respectively in 2022.Retailers are the most popular channel for electrical products, whereas individuals purchasing extended warranty for motor favor insurers. The majority of purchases are completed online via PC/laptop or smartphone/tablet.Reasons to BuyAnalyze growth drivers within the UK extended warranty market.Determine areas of concern for insurers and the wider market, including within the claims landscape.Recognize the impact of the cost-of-living crisis and inflation on the market.Discover the leading players with the extended warranty insurance segment.Examine future opportunities and challenges within this space.