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February 08, 2018

The Fastest Growing Home Insurance Brands Revealed

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Admiral has maintained its position as the fastest growing home insurance brand in the country, our latest figures reveal.


 

The Cardiff-based insurance giant grew its market share by 1.1% in the second half of 2017, buoyed by an advertising campaign targeting women and younger demographics. It has increased its rate of growth after gaining 0.9% between October 2016 and April 2017. 

 

Each year we ask tens of thousands of homeowners who they bought their insurance from before and after renewal. The latest figures – which we call momentum – show that the established market leaders have consolidated their gains; the top six growers are also the top six brands in terms of market share. Aviva remains the top dog, having grown its market share to 8.6% in the past six months. They are followed by LV=, Tesco, L&G and AXA. Admiral is now close behind.

 

Company Momentum Pre-Renewal Market Share Post-Renewal Market Share
Admiral 1.1% 2.7% 3.8%
Aviva 0.8% 7.8% 8.6%
LV= 0.7% 5.3% 6.0%
AXA 0.7% 3.2% 3.9%
L&G 0.6% 3.9% 4.5%
Tesco 0.6% 4.3% 4.9%
Policy Expert 0.6% 1.7% 2.2%
Quotemehappy 0.4% 0.5% 0.9%
Privilege 0.2% 1.4% 1.6%
British Gas 0.2% 0.3%

0.5%

 

Figures rounded, based on H2 2017

 

The composition of the Top 10 largest growers is identical, although there has been some shuffling in the rate of growth, with four brands – Admiral, Aviva, Policy Expert and Quote Me Happy – increasing their velocity year on year. 

 

The last time we commented on individual brand performance in the home market, the top 10 grabbed an additional 5.2% market share. The latest data shows this dominance is intensifying, with the group now generating collective growth of 5.9% – a jump of 0.7% in absolute terms. Looking at the 10 brands who have conceded the most ground, we see that 44% of their losses have been at the hands of the top 10 growers.

 

Underscoring this dominance, if we look at the rate of growth, we see the same names appearing. British Gas, which is underwritten by AXA, tops the list with a whopping 69% jump. However, there are three new faces on this list: In 3rd place is One Call, with Bank of Scotland and UIA also appearing in 5th and 7th place. The trio, however, are all growing from a very low base.

 

The top 10 is comprised of a mix of brands established and new, and remains dominated by direct players – although it should be noted that some of them are dependent on aggregators for driving new business.

We also see that many of these brands have propositions that either established or distinct from one another, including multi-cover or cross-selling discounts, fixed renewal premiums, or competitive pricing. The household names perform well across all channels in terms of acquisition; the biggest difference is their level of retention, a particular challenge in an inflationary market that saw premiums jump 8.3% in the 12 months to November. As a result, price is as integral as ever to consumers insurers purchasing decisions, though we are closely monitoring the impact of the FCA's renewal disclosure initiative, approaching its first anniversary.


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 *Unless stated, figures quoted are in absolute terms. 

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