{"product_id":"united-kingdom-uk-home-insurance-mid-net-worth-and-high-net-worth-market-size-trends-competitor-dynamics-and-opportunities","title":"United Kingdom (UK) Home Insurance (Mid-Net-Worth and High-Net-Worth) Market Size, Trends, Competitor Dynamics and Opportunities","description":"\u003cp\u003eUnited Kingdom (UK) Home Insurance (Mid-Net-Worth and High-Net-Worth) Market Size, Trends, Competitor Dynamics and Opportunities\u003c\/p\u003e\n\n\u003cp\u003eSummary\u003c\/p\u003e\n\n\u003cp\u003eThis report provides an in-depth study into specialist home insurance products for wealthy individuals. It begins by defining the mid-net-worth (MNW) and high-net-worth (HNW) segments, followed by analysis of the historical growth in the number of these individuals and an estimate of market size. It outlines what a typical MNW and HNW home insurance product includes and how they are distributed. Key issues associated with the industry are addressed, in addition to highlighting key market players, their products, and the latest developments. It concludes with a five-year market forecast and explores how technology has the potential to shape the market in the future. The report draws on primary and secondary research, including GlobalData’s proprietary market estimates and forecasts.\u003c\/p\u003e\n\n\u003cp\u003eIn spite of pandemic-related turbulence and the economic headwinds of 2022, the overall number of high-net-worth (HNW) individuals in the UK has grown over the last few years. This increase has combined with hardening premiums to drive up UK HNW home insurance gross written premiums (GWP), as insurers have acted to combat strong inflationary pressures following a long period of soft rates. The competitor landscape is shifting, with long-established HNW insurers facing pressure from major composites and a number of other specialist providers targeting growth. Hard market conditions are expected to subside after 2023, thanks to a combination of easing inflationary pressures, increased competition, and the operational efficiencies of digitalization reducing rate pressure.\u003c\/p\u003e\n\n\u003cp\u003eScopeGlobalData estimates that the HNW home insurance market was worth GBP671 million in 2022, with strong growth driven by the rising number of HNW individuals and double-digit premium rate increases.There are more than 400,000 HNW individuals (with liquid assets in excess of $1 million) in the UK. Overall, the number of HNW individuals increased by an average of 3.9% a year between 2018 and 2022.Long-established HNW market leaders Hiscox and Chubb are facing competition from a range of insurers with ambitious growth aims. Aviva is expecting to become market leader with its recent acquisition of Azur.Personalized service remains vital, but seamless digital and physical interactions in other areas of HNW individuals’ lives will raise their expectations for their insurance providers to offer the same.Reasons to BuyUnderstand the current and forecast size and growth of the UK HNW home insurance market.Gain insight into emerging HNW market segments and the impact of changing HNW expectations on their insurance relationships.Understand the major players and shifting competitor dynamics in the UK HNW home insurance sector.Learn what forces will affect the future shape of the UK HNW home insurance market.\u003c\/p\u003e","brand":"Service Industries","offers":[{"title":"January, 2023 \/ 33 Pages \/ MCW16274069","offer_id":47709067444530,"sku":null,"price":4140.0,"currency_code":"USD","in_stock":true}],"url":"https:\/\/www.hardmanwell.com\/products\/united-kingdom-uk-home-insurance-mid-net-worth-and-high-net-worth-market-size-trends-competitor-dynamics-and-opportunities","provider":"HARDMAN AND WELL MANAGEMENT CONSULTANCIES L.L.C","version":"1.0","type":"link"}