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

Published: Feb, 2014 | Pages: 56 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
 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 

Summary
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.  
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  
Reason 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

 1 Executive Summary 
2 Introduction 
2.1 What is this Report About? 
2.2 Definitions 
2.3 Methodology 
3 Market Alysis 
3.1 Market Size 
3.2 Market Drivers
3.2.1 Residential property market dymics
3.2.2 Residential construction
3.2.3 Commercial construction
3.2.4 Commercial property market dymics
3.2.5 Recessiory backdrop
3.3 Claims
3.4 Market Outlook
3.5 Distribution
4 Competitive Landscape 
4.1 Participants
4.2 Product Innovation
4.3 Investment Returns
4.4 Landlord Insurance - SWOT Alysis
5 Porter's Five Forces Alysis 
5.1 Bargaining Power of Suppliers: Low 
5.2 Bargaining Power of Buyers: Medium 
5.3 Barriers to Entry: Medium
5.4 Intensity of Rivalry: Medium to High
5.5 Threat of Substitution: Medium 
6 Deals 
6.1 Brit Insurance Sells Simply Business Stake
6.2 Aviva Joins the PowerPlace Panel for Commercial Property
6.3 Specialist Rent Guarantee Product Launched
7 News 
7.1 Flood Re Exclusions Confirmed 
7.2 Finces Stretched After Christmas
7.3 Rental Sector Warrants Greater Investment
7.4 Decrease in Tents on Benefits
8 Regulation and Compliance 
8.1 Upcoming Regulations 
8.1.1 Commercial Rent Arrears Recovery (CRAR)
8.1.2 Flood Re
8.1.3 Review of the Riot (Damages) Act
8.1.4 Solvency II
9 Macroeconomic Backdrop 
9.1 Real GDP Growth 
9.2 Property Market Dymics 
9.3 Inflation
9.4 Interest Rates
9.5 Demographics
10 Company Profiles 
10.1 Allianz Insurance Plc - Company Overview 
10.1.1 Allianz Insurance Plc - key facts 
10.1.2 Allianz Insurance Plc - main products 
10.1.3 Allianz Insurance Plc - main competitors 
10.1.4 Allianz Insurance Plc - key employees 
10.2 Aviva Plc - Company Overview 
10.2.1 Aviva Plc - key facts
10.2.2 Aviva Plc - main products 
10.2.3 Aviva Plc - main competitors 
10.2.4 Aviva Plc - key employees 
10.3 Axa UK Plc - Company Overview 
10.3.1 Axa UK Plc - key facts
10.3.2 Axa UK Plc - main products 
10.3.3 Axa UK Plc - main competitors 
10.3.4 Axa UK Plc - key employees 
10.4 Catlin Insurance Company (UK) Ltd - Company Overview 
10.4.1 Catlin Insurance Company (UK) Ltd - key facts 
10.4.2 Catlin Insurance Company (UK) Ltd - main products 
10.4.3 Catlin Insurance Company (UK) Ltd - main competitors 
10.4.4 Catlin Insurance Company (UK) Ltd - key employees 
10.5 Direct Line Insurance Group Plc - Company Overview 
10.5.1 Direct Line Insurance Group Plc - key facts 
10.5.2 Direct Line Insurance Group Plc - main products 
10.5.3 Direct Line Insurance Group Plc - main competitors 
10.5.4 Direct Line Insurance Group Plc - key employees 
10.6 Ecclesiastical Insurance Office Plc - Company Overview 
10.6.1 Ecclesiastical Insurance Office Plc - key facts 
10.6.2 Ecclesiastical Insurance Office Plc - main products 
10.6.3 Ecclesiastical Insurance Office Plc - main competitors 
10.6.4 Ecclesiastical Insurance Office Plc - key employees 
10.7 FM Insurance Company Ltd - Company Overview 
10.7.1 FM Insurance Company Ltd - key facts 
10.7.2 FM Insurance Company Ltd - main products 
10.7.3 FM Insurance Company Ltd - main competitors 
10.7.4 FM Insurance Company Ltd - key employees 
10.8 QBE Insurance (Europe) Ltd - Company Overview 
10.8.1 QBE Insurance (Europe) Ltd - key facts 
10.8.2 QBE Insurance (Europe) Ltd - main products 
10.8.3 QBE Insurance (Europe) Ltd - main competitors 
10.8.4 QBE Insurance (Europe) Ltd - key employees 
10.9 Royal & Sun Alliance Insurance Plc - Company Overview 
10.9.1 Royal & Sun Alliance Insurance Plc - key facts 
10.9.2 Royal & Sun Alliance Insurance Plc - main products 
10.9.3 Royal & Sun Alliance Insurance Plc - main competitors 
10.9.4 Royal & Sun Alliance Insurance Plc - key employees 
10.10 Zurich Insurance Plc - Company Overview 
10.10.1 Zurich Insurance Plc - key facts 
10.10.2 Zurich Insurance Plc - main products 
10.10.3 Zurich Insurance Plc - main competitors 
10.10.4 Zurich Insurance Plc - key employees 
11 Appendix 
11.1 Methodology 
11.2 Contact Timetric 
11.3 About Timetric 
11.4 Timetric's Services 
11.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions 
Table 2: Table 2: UK Households Living in Privately Rented Properties (Millions), 2007-2012
Table 3: Landlord Insurance: Market Participants 
Table 4: UK Landlord Insurance - Market SWOT Alysis 
Table 5: Upcoming Regulatory Changes
Table 6: Allianz Insurance Plc, Key Facts 
Table 7: Allianz Insurance Plc, Main Products 
Table 8: Allianz Insurance Plc, Key Employees 
Table 9: Aviva Plc, Key Facts 
Table 10: Aviva Plc, Main Products 
Table 11: Aviva Plc, Key Employees
Table 12: Axa UK Plc, Key Facts
Table 13: Axa UK Plc, Main Products
Table 14: Axa UK Plc, Key Employees
Table 15: Catlin Insurance Company (UK) Ltd, Key Facts 
Table 16: Catlin Insurance Company (UK) Ltd, Main Products
Table 17: Catlin Insurance Company (UK) Ltd, Key Employees
Table 18: Direct Line Insurance Group Plc, Key Facts
Table 19: Direct Line Insurance Group Plc, Main Products 
Table 20: Direct Line Insurance Group Plc, Key Employees
Table 21: Ecclesiastical Insurance Office Plc, Key Facts
Table 22: Ecclesiastical Insurance Office Plc, Main Products
Table 23: Ecclesiastical Insurance Office Plc, Key Employees
Table 24: FM Insurance Company Ltd, Key Facts
Table 25: FM Insurance Company Ltd, Main Products
Table 26: FM Insurance Company Ltd, Key Employees
Table 27: QBE Insurance (Europe) Ltd, Key Facts
Table 28: QBE Insurance (Europe) Ltd, Main Products
Table 29: QBE Insurance (Europe) Ltd, Key Employees
Table 30: Royal & Sun Alliance Insurance Plc, Key Facts
Table 31: Royal & Sun Alliance Insurance Plc, Main Products
Table 32: Royal & Sun Alliance Insurance Plc, Key Employees
Table 33: Zurich Insurance Plc, Key Facts
Table 34: Zurich Insurance Plc, Main Products
Table 35: Zurich Insurance Plc, Key Employees