Number of home insurance products rockets
Tuesday, 19 July 2011 12:21 PM
The number of new products and providers available on the home insurance market has grown significantly in the last three years, according to research released today.
Financial research firm Defaqto said since 2008 there has been a 19 per cent growth in the number of standard buildings insurance policies available, up from 226 three years ago to 270 this year.
The number of providers offering these products has grown from 152 to 179 in the same period - an increase of 18 per cent.
In addition to this growth, Defaqto said there had been a 15 per cent growth in the number of home contents policies over the last three years, from 240 in 2008 to 276 currently.
Over the same period, the number of providers in this area has increased by 11 per cent - from 161 to 179.
In addition, a Defaqto survey of 2,500 consumers who are actively engaged in financial decision-making found that 85 per cent of people are comfortable with purchasing home insurance online.
Brian Brown, Defaqto’s Head of Consulting, said: “Providers in the general insurance sector are facing a number of significant challenges, including rapidly changing and crowded product markets.
“These challenges are exacerbated by consumers’ increasing comfort with buying general insurance products online, meaning that there are fewer opportunities for firms to have direct contact with their target market.”
Want to be the first to know when we break a story? Follow @AboutProperty on Twitter and subscribe to our free weekly newsletter.
