High Net Worth Home Insurance Market: MNW and HNW market is forecast to be worth £1.3bn in GWP by 2020

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High Net Worth Home Insurance 2016
Published on - 13 May, 2016 Number of pages
51 Single User Price 3450
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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.
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• 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.

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MNW business is moving away from the broker
channel. Synopsis MarketInteReports 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.
Click Here To Check Complete Report
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• 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.

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• 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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High Net Worth Home Insurance 2016
A detailed qualitative analysis of the factors
responsible for driving and restraining growth of
High Net Worth Home Insurance 2016 are provided
in the report.
Contact 1-302-684-6088 sales_at_marketintelreports.c
om www.marketintelreports.com
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Insurance the Market Report