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(MoneyNewsWire.Net, September 20, 2018 ) UK Private Landlord Insurance 2018
Summary
"UK Private Landlord Insurance 2018", report explores the buy-to-let and residential landlord sectors, and the factors affecting those with investments in these markets. The report discusses how insurers will fare following the introduction of new regulations and the tightening of rules, which is set to impact landlords, and in turn, their need for insurance cover. New regulation is highlighted, as well as key issues which insurers will need to consider and address over the next few years.
The profile of landlords has shifted in the last couple of years, following a raft of more stringent regulation. The housing crisis has led to pressure on the government to slow the rapid rise of buy-to-let (BTL) mortgages, particularly in 2016, and look to balance out the market by giving more relief to first-time buyers, at the expense of portfolio landlords. The recent changes focus on increasing the tax paid when purchasing multiple properties (stamp duty, for example), reducing tax relief, and introducing more stringent affordability checks, meaning landlords are being squeezed from all sides.
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Scope
-A recent influx of regulation has transformed the overall landlord market, making it harder for potential landlords to get credit and increasing taxes if they do.
-This has started to push single-property owners away from the market, with professional landlords taking over.
-Publisher estimates the size of the insurance market is £807.3m, reflecting steady growth since 2016 (£759.0m).
-Underinsurance remains the greatest opportunity for insurers, with over 30% of landlords not having specialist cover.
Reasons to buy
-Keep up-to-date with the latest developments occurring in the private landlord market.
-Become informed of the latest issues affecting customers and the subsequent impact on insurers.
-Be prepared for how regulation will influence the landlord space over the next few years.
-Understand the demographics of landlords and their insurance needs.
-Keep up-to-date with new regulation and taxes affecting the market.
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Companies Mentioned:
Airbnb
Aviva
AXA
Allianz
Hiscox
Direct Line
RSA
LV=
AXA
Zurich
SPCE
Table of Contents
1. EXECUTIVE SUMMARY 2
1.1. Summary 2
1.1.1. The demographics of the market are changing as regulation tightens 2
1.2. Key findings 2
1.3. Critical success factors 2
2. REGULATORY CHANGE IN THE BUY-TO-LET MARKET 6
3. THE RESIDENTIAL LANDLORD INSURANCE MARKET 21
3.1. The residential landlord insurance market is estimated to be worth over £807m in GWP 21
3.2. Insurers need to respond to an evolving profile of UK landlords 21
3.2.1. The government's response to the housing crisis is shifting the shape of the landlord market 21
3.2.2. One in four landlords are under the age of 35 22
3.2.3. The number of landlords is rising, led by casual or 'accidental' landlords 22
3.2.4. The gig economy is creating new landlords 23
3.3. Underinsurance remains prevalent 25
4. COMPETITORS 26
4.1. The key players 26
4.2. Direct Line 26
4.3. Lloyds Banking Group 27
4.4. Aviva 27
4.5. RSA 27
4.6. AXA 28
4.7. Key elements of cover 28
5.1. Landlord apps are mainly focused on management 29
5.1.1. SPCE aims to modernize student renting 30
5.1.2. AXA helps landlords stay on top of repairs 31
6. APPENDIX 32
6.1. Abbreviations and acronyms 32
6.2. Methodology 32
6.3. Bibliography 32
6.4. Further reading 33
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Rajat Sahni
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sales@reportsweb.com
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