United Kingdom (UK) Home Emergency Insurance and Home Services 2021

United Kingdom (UK) Home Emergency Insurance and Home Services 2021

Summary

This report provides an in-depth analysis of the UK home emergency insurance and home services markets. Topics discussed include both the current and forecasted market sizes; underlying market drivers including claims costs, COVID-19, and housing supply; and customer trends including policy types and demographic trends.

The home emergency market is expected to have contracted by 7.5% in 2021 to GBP1.06 billion in GWP, largely due to the economic fallout from COVID-19 and constrained household budgets reducing the demand for household insurance, which has limited the uptake of home emergency policies. The market is expected to become relatively stagnant in the future, similar to the home insurance market, with the market expected to generate GBP1.05 billion in premiums in 2025.

Scope

• British Gas still dominates the market in 2021.
• The popularity of standalone home emergency cover increased from 4.2% to 5.2% in 2021. This is likely to be driven by consumers opting for the cheaper home emergency cover over household insurance with home emergency included as standard.
• Leading household insurers are using their position in the market to upsell home emergency products, with Aviva being particularly strong as it utilizes its partnership with HomeServe.

• Discover how the UK home emergency insurance market is forecast to perform over the next four years.
• Assess your current market position relative to the market leaders.