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Consumers drive tough home insurance market, experts say

Fri, 16 Jun 2006

Home insurance providers will struggle in a competitive market driven by consumer demand, according to Defaqto.

The financial service, which offers information on products such as mortgages, savings, personal loans, credit cards and home insurance, has published a report stating that home insurance prices are the most important factor for consumers.

Brian Brown, author of the report and Defaqto’s head of general insurance, said: "This is a tough market where success will require insurers to increasingly tailor their products to meet customer needs.

"Looking ahead, it is likely that the banks will be the big winners with their ability to cross-sell to existing customers.

"The use of web aggregators … means that individual insurers will have to work harder to attract and retain customers."

Premiums offered by the majority of home insurance companies have remained static over the past ten years and are likely to do so in the near future, says Defaqto.

Identified in the report are some 115 home insurance providers, all competing under their own brand, in addition to intermediaries selling other insurers’ policies.

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