High Net Worth Home Insurance Market Expected to Grow £1.3billion During the Forecast Period 2016-2020

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High Net Worth Home Insurance 2016
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• Published May 2016
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High Net Worth Home Insurance 2016

• 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.
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High Net Worth Home Insurance 2016

• 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.
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High Net Worth Home Insurance 2016

• 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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High Net Worth Home Insurance 2016

• 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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  m/contacts/discount.aspx?name542430 . 

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High Net Worth Home Insurance 2016

• Table of Contents
• Executive SummaryThe MNW and HNW home insurance
  market has potential to growKey
  findingsCritical success factorsThe HNW Home
  Insurance MarketIntroductionThere is no
  standard definition of MNW and HNW
  individualsInsurers define wealth differently to
  other financial servicesClassifying MNW and HNW
  individuals is vital for product development and
  targetingHome contents, rebuild cost, and
  premium price are used to classify home
  insuranceClient risks within the MNW and HNW
  space are diverseAnd More..
• Browse Full Report on Banking and Financial
  Services Market Research .

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