Dublin, May 15, 2024 (GLOBE NEWSWIRE) -- The "United Kingdom (UK) Private Landlord Insurance Market Analysis and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
We estimate that the gross written premium (GWP) for the residential landlord insurance market in the UK will be GBP911.7 million in 2023.
This report estimates the size of the UK's residential landlord insurance market and explores how it has changed in recent years at a time when the buy-to-let sector has been hit by a swathe of regulatory changes.
The report discusses drivers of the buy-to-let and private residential markets, which can directly impact the private landlord insurance market. The report presents market size forecast data to 2028.
This has mainly been driven by the effects of higher inflation and supply chain disruptions driving up the cost of rebuilding property. The landlord sector has been impacted by changes in regulations and tax laws since 2016, which has led to investing in property being less appealing financially than in the past. There has been a growing trend in the formation of limited companies to hold investment properties in an effort to reduce tax liabilities. In particular, our results show that 65.4% of private landlords keep the right kind of insurance to protect their rental properties, indicating that many may be underinsured.
Scope
- The residential landlord insurance market has reached an expected GBP911.7 million in GWP, a 7% increase in 2023.
- Direct Line dominates the landlord insurance market with a share of 32.5% in 2023.
- Underinsurance is prominent in the residential landlord insurance market. 65.4% of private landlords have the correct cover, while the remainder do not protect their investments adequately.
- 62.8% of private landlord insurance policies were obtained directly via insurers (38%) and through brokers (24.8%) in 2023.
Reasons to Buy
- Understand the current and future size of the UK private landlord insurance market and its drivers.
- Discover the impact of recent legislation on the buy-to-let market and how this has affected the residential landlord insurance market.
- Identify how the profile of landlords is changing in order to better understand their insurance needs.
- Keep up to date with the latest trends and drivers affecting renters, landlords, and the insurance market.
A selection of companies mentioned in this report includes
- Direct Line
- AXA
- Admiral
- Halifax
- Policy Expert
- CIA Insurance
- Wimdu
- Onefinestay
- Homestay
- Airbnb
- RSA
- Aviva
- Vrbo
- Endsleigh
- HomeLet
- Countrywide
- Aon
Key Topics Covered:
1. Executive Summary
- 1.1 Market overview
- 1.2 Key findings
- 1.3 Critical success factors
2. Residential Landlord Insurance and Private Residential Market Overview
- 2..1 The residential landlord insurance market experienced strong growth
- 2..2 Multiple private landlords have been switching to limited companies to hold their BTL investments
- 2..3 Property prices have stagnated in 2023
3. The Profile of Landlords
- 3..1 The profile of landlords is changing
4. Competitive Landscape and Product Distribution
- 4.1 Key players and elements of cover
- 4..2 Distribution dynamics
5. The Market Going Forward
- 5.1 The UK private landlord insurance market will record a slowdown in growth
6. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/l1eyl
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