Friday, May 13th, 2016 - WiseGuyReports

 

High Net Worth Home Insurance 2016

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. 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.

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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 “High Net Worth Home Insurance 2016” report provides an in-depth study into specialist home insurance products for wealthy individuals. It begins by defining MNW and HNW individuals, followed by analysis of the historical growth in the number of these people and an estimate of market size. The report 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 latest developments. The report concludes with a five-year market forecast and explores how technology has the potential to shape the market in the future.

Reasons To Buy 
• Adapt your distribution strategy to ensure it still meets the needs of clients.

• Ensure you successfully market your products and target potential clients.

• Benchmark yourself against other players in the market.

• Be prepared for how technology will impact the HNW home insurance market over the next few years.

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Table of Contents 

Executive Summary 
The MNW and HNW home insurance market has potential to grow 
Key findings 
Critical success factors 
The HNW Home Insurance Market 
Introduction 
There is no standard definition of MNW and HNW individuals 
Insurers define wealth differently to other financial services 
Classifying MNW and HNW individuals is vital for product development and targeting 
Home contents, rebuild cost, and premium price are used to classify home insurance 
Client risks within the MNW and HNW space are diverse 
Despite an incredibly diverse client market, products are undifferentiated 
Some insurers believe client segmentation is the way forward for product targeting 
The market for specialist household policies continues to grow 
The MNW and HNW home insurance market is estimated to be worth £1bn in GWP 
The number of affluents in the UK is growing 
Not all wealthy households will have a specialist home insurance policy 
The MNW and HNW home insurance market has potential to grow 
Increasing the number of customers and premium price will grow the market 
Identifying individuals in need of specialist home insurance is key to increasing penetration 
Hiscox is the only insurer with a high-profile MNW home advertising campaign 
Online channels could help identify customers who require specialist home insurance 
Insurers are looking to develop partnerships to access HNW individuals 
The market has softened due to overcapacity 
Rates are beginning to stabilize but market profitability is still critically low 
HNW individuals are loyal to their provider while MNW clients switch due to higher price sensitivity 
Enhanced standard home insurance products are additional competition to the market 
Underinsurance is a result of inadequate valuations and consumer attitudes to price 
Distribution

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Ph: +44 208 133 9349 (UK)

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Norah Trent
P: +44 208 133 9349
M: +1 646 845 9349
W: www.wiseguyreports.com/

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