The UK is one of the top five wealth markets in the world, both in terms of the number of affluent individuals and their liquid assets. As in many mature markets, growth has been muted in the troubled years following 2008, but a noticeable uptick in 2012 has boosted the market, and future growth is set to pick up more strongly from 2014.
Get to grips with the size of the affluent market in the UK, including mass affluent and HNW customers.
Analyze the key issues that affect the insurance market for the affluent, including home and motor insurance.
Understand how the affluent purchase insurance and which methods they are most likely to use.
Get to know the key customer segments through profiles of the affluent.
What is the size of the UK affluent market and how big is the opportunity for insurers and brokers?
What are the key affluent customer groups and how do their insurance and purchasing needs vary?
Which services do the UK affluent value the most?
How important is it to segment affluent customers in order to target them with the right proposition?
Which groups are the main providers of insurance products for the affluent?
Strong growth in the retail savings and investments market in 2013 means that the affluent population has reached a total of 12.4 million, equivalent to around 25.6% of the adult population.
As per Verdict Financials 2013 General Insurance Consumer Survey, 10.7% of respondents declared that their property was worth more than 500,000. This equates to 1.3 million individuals, calculated using the total number of affluent customers.
Retirees are the affluent segment most likely to have 375,000 and above in liquid assets, ahead of professionals.