The Number of Affluents Grows in the UK, States Verdict Retails in Its New Report Now Available at MarketPublishers.com30 May 2016 • by Natalie Aster
LONDON – Insurance policies offered to wealthy individuals offer higher limits, wider coverage and better services if compared to standard products.
Home insurance is mainly provided on a global all-risk cover basis, and it often includes an element of travel protection and legal protection.
This marketplace is set to continue growing, since the number of wealthy people in the UK continues to go up.
At present, insurance are making attempts to encourage market growth by expanding their customer base: they increase consumer awareness about products they have, reduce underinsurance, and more.
Brokers are still the major distribution channel. However, MNW individuals have initiated to prefer to purchase directly or via banks online.
The marketplace is soft given insurer overcapacity which has led to lower rates and profitability, while premiums are initiating to stabilize. Estimated COR is currently slightly under 100%.
The combined MNW and HNW marketplace is expected to hit the GBP 1.3 billion (in GWP) mark by 2020.
New research report “High Net Worth Home Insurance 2016” developed by Verdict Retail offers comprehensive examination of the specialist home insurance products offered to wealthy individuals. The study contains definitions of MNW and HNW individuals. It covers historical growth of the number of such individuals, besides giving an estimation of the market sizing.
The report sheds light on typical home insurance products offers to MNW and HNW individuals and discusses their distribution. The research study looks at key issues related to the marketplace and focuses on top players. It contains valuable data on the players’ products and latest developments.
The research report contains market forecasts and discloses a potential technologies have in this space.
More new studies by this publisher are available at Verdict Retail page.