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Brokers say home insurance market will be increasingly competitive in 2015

Press release: 19/02/2015

Increasing competition in the market is the biggest threat to the home insurance sector, according to new research by LV= Broker.

In a survey of brokers working in personal lines, half (51%) say the biggest threat to growth will be growing competition from other brokers and direct insurers in 2015. Home insurance premiums fell by around 5%[1] across the market in the past year as many insurers sought to grow their share of the market to make up for less profitable motor business.

The weather continues to be a concern for many brokers, with the floods and storms of 2014 still in recent memory. Almost a third (29%) of brokers identified adverse weather as the biggest threat to the sector, with a further one in ten (10%) citing the implementation of Flood Re as the key challenge.

LV= Broker has enhanced its ABC home insurance product as part of its strategy to grow in the home market. The underwriting footprint has also been increased to include more postcode areas and occupations and home contents insurance customers can now tailor the personal possessions cover to suit their individual needs. For instance, customers can now insure a single item away from the home, such as a watch or an iPad, instead of having to insure multiple items away from the home under the personal possessions cover.

The home insurance market is extremely competitive at the moment with rates having fallen over the last quarter. There is still a great opportunity for brokers to grow their book by providing advice and services to customers in what is a challenging and increasingly diverse market. We have enhanced our ABC home product to suit a wider range of customers, as part of our continued strategy to grow in this market.

Michael Lawrence, Personal Lines Director at LV= Broker

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Notes:

Research was carried out anonymously online with a panel of 177 brokers in December 2014.

  1. According to the ABI Quarterly Household Insurance Premium Tracker published January 2015.

For further information please contact:

Vanessa Chance, vanessa.chance@lv.com, 0208 256 6996 / 07947 380074


LV= Broker

LV= Broker is part of the LV= group of companies, and incorporates Highway Insurance and ABC Insurance. LV= is a trademark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies.

LV= employs 6,000 people and serves over 5.5 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trade unions.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.