United Kingdom (UK) Private Landlord Insurance Market Analysis and Competitive Landscape

1.1 Market Overview
1.2 Key findings
1.3 Critical success factors

2.1 The residential landlord insurance market experienced strong growth
2.2 Multiple private landlords have been switching to limited companies to hold their BTL investments
2.3 Property prices have stagnated in 2023

3.1 The profile of landlords is changing

4.1 Key players and elements of cover
4.2 Distribution dynamics

5.1 The UK private landlord insurance market will record a slowdown in growth

6.1 Abbreviations and acronyms
6.2 Methodology
6.3 Secondary sources
6.4 Further reading
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Table 1: Residential landlords can now only deduct finance costs based on a basic rate
Table 2: Private landlords pay a 3% surcharge on top of the standard SDLT rate
Table 3: Capital Gains Tax rates split by tax bracket in 2023

Figure 1: The private landlord insurance market’s GWP grew by 7.0% to GBP911.7 million in 2023
Figure 2: 34.6% of private landlords do not have adequate cover or have no insurance in place at all
Figure 3: 19% of households in the UK were private rented in 2021/22
Figure 4: The number of private rented households increased by 6.0% in 2022
Figure 5: The number of buy-to-let companies continued to increase in 2023
Figure 6: Landlords are not very optimistic about the renters bill that will give tenants more power
Figure 7: Average UK house prices have shrunk in 2023
Figure 8: Gross advances and new residential lending commitments have fallen in 2023
Figure 9: The proportion of BTL advances has slowly been falling in 2023, reaching 7% in Q4 2023
Figure 10: Private rental price growth has increased substantially since the start of 2021
Figure 11: Unaffordable house prices alongside saving for a deposit are the main reasons individuals rent
Figure 12: Demand for rental properties grows as available properties become scarce
Figure 13: Three quarters of landlords own either one or two investment properties
Figure 14: The proportion of accidental landlords increased by 5pp in 2023
Figure 15: The largest age group of landlords was 30-34-year-olds
Figure 16: The proportion of landlords aged between 25 and 44 has increased by 21.8pp from 2021 to 2023
Figure 17: More 25-44-year-olds go through the broker and bank channel than those aged 45+
Figure 18: Direct Line dominates the market with a share of 32.5%, followed by AXA with a share of 18.1%
Figure 19: 38.0% of policies are sold direct through the insurer
Figure 20: 24.8% of landlords purchased their policy online via a smartphone/tablet in 2023
Figure 21: The UK private landlord insurance market is forecasted to grow to GBP946.1 million by 2028
Figure 22: Forecasting methodology