How should the protection insurance industry respond to the changing dynamics of the UK housing market?
Protecting generation rent
24 Sep 2019
Report on renting and the UK protection insurance market.
A significant recent trend in the UK has been the gradual shift away from home ownership, towards renting. With a 61% growth in private renting households since 2007, increasingly, we are seeing the emergence of ‘generation rent’, but what does this mean for the protection insurance market?
Currently, the protection needs of renters are not well served by the industry. Given that homeownership is a more distant dream for many and renting is becoming the new norm for large sections of society, including families, there is a significant opportunity for the protection industry to evolve to meet the needs of this growing section of society and help drive product innovation and growth in the process.
Our report looks at the exciting opportunity to serve this expanding market, looking at the needs of renters, their concerns, and understanding the current dynamics of the rental sector. The report also examines what can be done through product innovation and distribution, to better meet the needs of this customer base and capitalise on the opportunity.
Download our report below to read our research, analysis and commentary in more depth.