Landlord Insurance in the UK - Key Trends and Opportunities to 2017

The UK landlord insurance category is estimated to have generated GBP2.51 billion in gross written premiums in 2012, and accounted for 7.3% of the country’s non-life insurance segment. Landlord policies cover the financial risks related to renting out a residential or commercial property, including damage to buildings or contents, loss of rent and public liability.

Growth in the category was maintained during the recession and economic weakness during 2008–2011, as a sluggish housing market triggered an increase in properties occupied on a rental basis. This signaled the reversal of a post-war trend towards property ownership, with close to 35% of properties rented through private or social housing landlords in 2012. This marked a five percentage-point increase from 2000 alone.

In addition to the subdued economic backdrop fueling a shift towards rented accommodation, it is also likely to have increased demand for landlord insurance due to greater risk aversion, a larger number of homeowners choosing to rent out property rather than sell at reduced prices, unemployment stoking a rise in the number of tenants in rent arrears, pessimistic businesses reducing their commitment to long commercial leases, and a rise in adverse weather-related incidents.

Opportunities exist to develop the category during the forecast period. Insurer-led market surveys have found that customers are under-informed about the insurance cover required for landlords, with up to a quarter of residential landlords opting to purchase a standard home insurance policy. Switching policyholders to appropriate landlord insurance policies presents a large growth potential for premiums in the category. Looser credit conditions and an increase in buy-to-let lending suggest additional favorable forces.

The outlook for the availability of flood insurance is clouded by uncertainty. Following the shift from the Statement of Principles to the industry and government Flood Re proposal, it has been confirmed that affordable flooding insurance will only be guaranteed for resident homeowners. Consequently, insurance premiums for landlords of both residential and commercial property are expected to face significant upside pressure over the forecast period. Industry associations estimate that the number of properties affected could be as high as 1 million.

The report provides market analysis, information and insights into the UK landlord insurance business

• Provides a snapshot of the market size and segmentation
• It offers a comprehensive analysis of claims, drivers and market outlook
• It analyzes distribution channels
• It outlines deals, news and regulatory developments

Scope

This report provides market analysis, information and insights into the UK landlord insurance business

• It provides a snapshot of the market size
• It analyzes drivers and the outlook for the market
• It provides information on distribution channels
• It covers deals, news and regulatory developments

Reasons To Buy

• Gain an understanding of the UK landlord insurance market size
• Learn about the performance of market drivers and distribution channels
• Understand the competitive landscape in terms of performance, profitability and product innovation
• Find out more on key deals and recent developments in the market

Key Highlights

• The landlord insurance market is worth GBP2.5 billion
• Growth was sustained during the UK’s economic downturn
• Property market conditions were supportive of demand
• Momentum is set to continue
• Flood Re will add uncertainty for landlords

Spanning over 56 pages, 35 tables and 13 figures, “Landlord Insurance in the UK – Key Trends and Opportunities to 2017”  report covering  the Market Analysis, Competitive Landscape, Porter’s Five Forces Analysis, Deals, News, Regulation and Compliance, Macroeconomic Backdrop, Company Profiles, Appendix. The report covered 10 companies- Allianz Insurance Plc, Aviva Plc, Axa UK Plc, Catlin Insurance Company (UK) Ltd, Direct Line Insurance Group Plc, Ecclesiastical Insurance Office Plc, FM Insurance Company Ltd, QBE Insurance (Europe) Ltd, Royal & Sun Alliance Insurance Plc, Zurich Insurance Plc

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