Aarkstore.com announce a new report through its vast collection of market research report :
UK Personal Insurance Distribution 2011
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This report provides an analysis of the distribution of personal insurance in the UK. It includes information on the advertising spend and market share of the key players and analyzes the effect of online aggregators in the personal lines sector. It also details notable deals made over the past year and explores the evolving balance between the various distribution channels.
Features and benefits
* Insight into the latest issues affecting the personal insurance market and the impact these are having on distribution.
* The latest data on the size of the personal insurance market and premium splits by distribution channel.
* Forecasts up to 2015 of the market share of different channels in the UK private insurance space.
* Detailed insight into consumers' attitudes toward price comparison websites and online arrangement.
Overall, 53.3% of respondents who purchased motor insurance policies did so over the Internet, an increase on the 50.7%
who used this channel in 2010. This highlights the increasing importance of the Internet in terms of the private lines
The most common reason that consumers use a particular price comparison site is having previously used its services for
In addition, 18.4% selected a particular price comparison site with the perception that it offers the cheapest price and fastest process, and 15.5% used price alone as a motivation.
In May 2011, it was announced that esure would be launched into the broker channel. It is hoped that this move will help esure to broaden its operations beyond the limitations of the direct channel, boosting its value ahead of the intended floatation of the company in 2014.
Your key questions answered
* How are consumers purchasing their insurance policies?
* What is the relationship between age and income in relation to insurance take-up and retention rates?
* What proportion of consumers use aggregators to search and purchase their household and car insurance?
Table of Contents :
Private motor and household insurance penetration has fallen over the last year
Older consumers are more likely to hold motor insurance
The market for home insurance has contracted slightly over the last year
High net worth consumers are the most likely to hold buildings and contents only policies
The Internet is used by the majority of consumers to arrange home or motor insurance policies
Direct insurers account for a growing share of the private motor and household insurance markets
Half of the private motor policies sold in 2010 were distributed through direct insurers
Despite the dominance of household insurance in the bancassurance channel, bank and building society motor insurance GWP sales rose to 7% in 2010
A significant proportion of consumers use price comparison sites purely for research
18% of consumers have not visited an aggregator site for household or motor insurance
PERSONAL INSURANCE DISTRIBUTION DYNAMICS