Summary
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 affluent in the UK increases.
Download Full Research Report on Market of High Net Worth Home Insurance @ http://www.radiantinsights.com/research/high-net-worth-home-insurance-2016
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.
Browse All Reports of This Category @ http://www.radiantinsights.com/catalog/financial-services
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.
Synopsis
“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.
Request a Free Sample Copy of this Report @ http://www.radiantinsights.com/research/high-net-worth-home-insurance-2016/request-sample
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.
Related Reports by Radiant Insights:
• Consumer Attitudes and Online Retail Dynamics in Argentina
• Books, News and Stationery Retailing in Argentina
http://www.radiantinsights.com/research/books-news-and-stationery-retailing-in-argentina-market
About Radiant Insights
Radiant Insights is a platform for companies looking to meet their Market research and business intelligence requirements. It assist and facilitate organizations and individuals procure Market research reports, helping them in the decision making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro Markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact
Company Name: Radiant Insights, Inc.
Contact Person: Michelle Thoras, Corporate Sales Specialist – USA
Email: sales@radiantinsights.com
Phone: (415) 349-0054, Toll Free: 1-888-202-9519
Address:28 2nd Street, Suite 3036
City: San Francisco
State: California
Country: United States
Website: http://www.radiantinsights.com/research/high-net-worth-home-insurance-2016