High Net Worth Household Insurance Market Trends and Insights 2018

Posted on 2018-04-27 by Mark Hub in Financial // 0 Comments

Market Research HUB

Albany, US, 2018-Apr-27 — /EPR Network/ — An up-to-date research report has been disclosed by Market Research Hub highlighting the title “High Net Worth Household Insurance 2018“. This report provides an in-depth study into specialist home insurance products for wealthy individuals. 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.

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Within the UK household insurance market there is a segment dedicated to providing specialist policies for individuals whose above-average wealth would result in them being underinsured should they hold a standard, mass market policy. In response, providers have developed policies for both mid net worth (MNW) and high net worth (HNW) individuals that typically have wider coverage and higher limits than standard policies.

The number of HNW and MNW households in the UK is forecast to continue rising over the next five years. This, combined with average premiums which it is believed will hold constant or rise slightly, will allow the market GWP to continue its year-on-year growth. In order for providers to capitalize on this potential growth they must begin to adopt online platforms which can be utilized for the purchasing journey and claims process, as customer preferences have slowly started to change towards those found within the mass market.

Scope

– The dominant players in the specialist household insurance market remain Hiscox and Chubb.
– Consumer purchasing and research attitudes found within the mass market are beginning to trickle into the MNW market as individuals wealth grows and they continue to hold these attitudes.
– Specialist HNW and MNW insurers are regarded as providing some of the best insurance across the industry.

Reasons to buy

– Benchmark yourself against the rest of the market.
– Ensure you remain competitive as new innovations and insurance models begin to enter the market.
– Be prepared for how regulation will impact the household insurance market over the next few years.

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Table of Contents

EXECUTIVE SUMMARY 1
1.1. Market summary 1
1.2. Key findings 1
1.3. Critical success factors 1
2. THE HNW & MNW HOUSEHOLD INSURANCE MARKET 7
2.1. Introduction 7
2.2. What classifies an individual as MNW or HNW? 7
2.2.1. Insurers definition of MNW and HNW individuals 7
2.2.2. The value of contents insured and rebuild costs are used to classify individuals 7
2.2.3. The diversity of risks is far greater for MNW and HNW individuals 8
2.2.4. Underinsurance is a problem in the specialist home insurance market 9
2.3. Growth in the MNW and HNW home insurance market 9
2.3.1. The market has grown consistently over the previous five years 9
2.3.2. Further growth in the market is possible, with the key being MNW individuals 11
2.3.3. The number of policies written is steadily increasing 13
2.3.4. Product targeting and identifying customers is crucial to achieving higher growth 15
3. DISTRIBUTION 16
3.1. MNW individuals continue to shape the market 16
3.1.1. There is a growing shift towards the online marketplace for MNW home insurance 16
3.1.2. Brokers must incorporate technology 16
3.2. Service is the key to the HNW insurance market 17
3.2.1. Complex risks make brokers essential for HNW household insurance clients 17
3.2.2. HNW insurers remain among the best service providers 17
3.2.3. The HNW claims process is as streamlined as possible 19
3.3. Collaboration across industries could help unlock a new client base 19
3.3.1. Working with other financial services providers will allow for new clients to be sourced 19
4. COMPETITOR DYNAMICS 20
4.1. The largest players in the HNW and MNW space 20
4.1.1. Hiscoxs 506 and 606 policies target MNW and HNW individuals 20
4.1.2. Chubb offers three levels of household insurance 21
4.2. A number of other specialist providers also operate within the market 21
4.2.1. Cova offers two specialist policies designed for the MNW and HNW markets 21
4.2.2. Plum Underwriting includes home cyber insurance in its offerings 22
4.3. Mass market insurers are also present in the HNW and MNW market 22
4.3.1. Aviva Private Clients opens doors to the HNW segment 23
4.3.2. Zurich Private Clients caters for HNW individuals 23
4.3.3. AXAs acquisition of XL Group will help expand its HNW offering 23
4.3.4. AIG has a presence in the HNW market through its joint venture with Azur 24
5. THE MARKET GOING FORWARD 25
5.1. The market is set to continue growing over the coming years 25
5.1.1. The number of households in the UK requiring specialist policies looks set to increase 25
5.1.2. The total number of policies written is forecast to continue growing 26
5.1.3. GWP is forecasted to break the 1.1bn mark 28
5.1.4. Foreign individuals may provide a boost to market GWP 29
5.2. Technology will become integral to enhancing the cover offered 29
5.2.1. Smart devices will help reduce the cost of claims for insurers while giving customers peace of mind 29
5.2.2. Security systems will become increasingly complex 30
5.2.3. Cyber insurance is becoming a common element of HNW household insurance 30
5.3. The online world will become of increasing importance 31
……..

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