Foreign individuals will bolster UK HNW home insurance growth

Foreign individuals will bolster UK HNW home insurance growth

The UK high net worth (HNW) household insurance market has been growing at a consistent but low rate, stymied in part by individuals failing to identify themselves as the target audience. Against these struggles, one key market for growth could be catering for foreign HNW individuals purchasing UK properties.

Despite the UK seeing a year-on-year increase in the number of individuals deemed HNW, growth in household insurance GWP for this segment has been consistent yet low. Growth mostly originates from the mid-net worth (MNW) segment, but as individuals’ wealth gradually increases their risk profile changes. As a result, specialist HNW policies become more appropriate and prevent underinsurance. But with the Brexit negotiations creating an uncertain economic environment, MNW individuals may see their wealth impacted, resulting in stifled growth in the HNW home insurance market.

Speaking to experts within HNW household insurance, a key niche that has been identified for potential future growth is foreign HNW individuals purchasing properties in the UK. With property in the UK (particularly London) typically seen as a safe investment, foreign HNW individuals may be inclined to purchase a property for investment purposes. In turn, they will require specialist HNW household insurance in order to reduce their risk.

Despite the level of business this market would bring being relatively small compared to the overall HNW household insurance space, it will enable providers and brokers to diversify their customer base and rely less on individuals whose wealth resides within the UK. The wealth of UK HNW and MNW individuals is often tied to the UK economy. Targeting customers whose wealth is independent of this would offer providers some level of protection should the wealth of the UK population begin to plateau due to economic conditions.

Sidebar contact form

Financing

We offer in-house expertise for mortgage, marine and aviation finance plus many other services. To discuss requirements,

By listing with us, you adhere to our Terms & Conditions – PLEASE READ BEFORE LISTING

Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

Million Plus is a trading style of Million Plus.com International Limited. All finance enquiries are referred to Million Plus Private Finance Limited (FCA No. 1006539), which is an appointed representative of TMG Direct Limited. TMG Direct Limited is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 786245) and is registered under the Data Protection Act 1988 (Registration No. ZA178200).

Million Plus.com International Limited is registered in Guernsey No. 66225. Registered Address: Office 4, Caslon Court, Pitronnerie Road, St Peter Port, GY1 2RW. Million Plus Private Finance Limited is registered in England and Wales No. 08503362. Registered Address: Azets Burnham Yard, Beaconsfield, Bucks, United Kingdom, HP9 2JH.

© 2025 MillionPlus.com Limited. All rights reserved. • Website & Marketing by RB Creative Digital
Compare
0