A handful of traditional, specialist players have dominated the ultra-high net worth insurance market for many years. However, the prevailing trend of high competition in mass market personal lines has found its way into the premium product space. The behaviour and background of affluent people is changing as more overseas-born wealthy individuals choose to make the UK their home and more upwardly mobile people realise their aspirations.

The specialist insurers must adapt to these changes if they want to keep access to the full market, whether at the super-rich, broker-distributed level or for premium direct customers. Tiered products that segment the market based on wealth have the potential to introduce aspirational customers to more exclusive products and build brand through experience. The introduction of personal cyber and data insurance is set to provide real differentiation at the top, whereas personal, UK-based client support could help distinguish an insurer from its rivals in the mass affluent market.

This report investigates the way in which the UK population of wealthier individuals is changing and examines physical household wealth as a proxy for home and motor sums insured. The report also includes analysis of Mintel’s exclusive consumer data, which reveals product ownership and insurance management behaviour as well as attitudes towards insurance and providers.