If one week is in politics for a long time, one year in insurance may feel like eternity. The UK’s common market in 2024 was nothing but an event, fall, rearrangement and calibration in ways that hold insurers, brokers and toes analysts – from stabilizing home insurance to the deflation of motor bonuses, exits of The brand and aggressive pricing strategies last year has proved that nothing remains stationary in this industry.
With Consumer Intelligence ‘attention, here’s what happened in 2024 – and why those who know already have a look at what follows.
Home insurance: a year of stabilization and strategy
2024 began with housing insurance premiums still climbing, a hangover from 2023 inflation pressure. But by Q2, the market found firm foundations and competitive premiums began to stabilize – at least for some.
- Premium Trends: New Business Premiums for Combined Housing Insurance increased by 25% during the year, although this was a clear delay compared to 2023. Hastings shook the market in May with a bold price reduction, quickly increasing its competitive share and dethronement of Politics experts as the highest ranked home insurer.
- Market Differentiation: Multiple products continued their march in the industry, with insurers arranging multiple brands to capture main positions on the price comparison websites (PCWS). In particular, Aviv has learned this strategy.
- More than: more than worshiped from a new business in July after its acquisition by Admiral, displacing customer movement models. Until the output sent shock waves by pricing, other brands – a particularly direct line – can receive a competitive share among switches.
But the true story is the difference between buildings only for content only for content:
- Only buildings: Competitive premiums have increased sharply through Q1, tracking the common market
S - Content only: Prices were directed through Q1, but then they are constantly decreasing, especially in Q4 – signing more stability.
New participants in the market
- Lemonade debuts the market comparison (CTM) in July, bringing its digital data -oriented digital model to the United Kingdom. Although his cocktail remained limited, his competitive ranking was high when he appeared.
- Allianz launched a multi-stage online product in May, completing its performance through PCWS by October-No Administration fees for medium-term adjustments, a remarkable turn.
- The 1st Central expanded its print for home insurance by unfolding through PCWS throughout the year, though in particular without the multi-level approach observed in its motor products.
Car Insurance: Market in reverse gear
After a sharp increase in 2023, car insurance premiums fell in 2024 as inflation pressure on insurers was eased. But as always, the details tell a more interesting story.
- Premium decreases: While deflation of the entire market was a title, the youngest drivers (17-24) did not take advantage of the current challenges of availability and pricing. Meanwhile, drivers over 50 have seen the largest price reductions.
- Rank premiums 1: The sharp immersion in December coincided with the growth of competitive telematics offers, which suggested that the industry was rotating to attract pricing -sensitive customers.
Telematics: A tale of two strategies
- Several brands of telematics have hit the market in 2024, such as Tesco’s bank box and the withdrawal and reduction of options for younger drivers.
- Admiral’s Littlebox has grown in its competitiveness, proving that the black box is not dead – it just develops.
- Aviva Zero is cemented as the most competitive brand of non-Telematics, which appears as the leading new business brand of the group by the end of the year.
Return to Price Reduction Offers
- General practices for pricing at insurance prices (Gipp), introduced in 2022, were intended to limit pricing discrimination. But by Q4 2024, advertised price reduction offers returned to record levels, exceeding even the peaks before Gipp.
- November scored 50% more offers to reduce prices from the previous record, with multi -stage products playing a key role in competition for nourishing.
Strategic moves and rearrangement on the market
The year was not just about price movements – structural changes form a competitive landscape.
- The £ 3.7 billion in Aviva £ 3.7 billion in the Direct Line British pounds in December was the most significant shaking, waiting for regulatory approval. The deal is ready to strengthen Aviv’s print, especially at Motor, where Direct Line’s client base complements the traditionally width market range of Aviva.
- Brand exit and repositioning: More than withdrawing withdrawals changes home insurance, while several markers markers came out in December as part of a wider strategic reorganization between home and car insurance.
Meanwhile, the dominance of PCWS in the home and car insurance remained unshakable. Insurers continued to focus on the arrangement of brands at the top of the search results, with Hastings leading the fee in home insurance and AVIVA making similar movements in Motor.
What does all this mean?
If 2023 was about rapid inflation, 2024 was for calibration – stabilization in home insurance, competitive adjustments to the motor and strategic movements of the brand that form the future.
More importantly, this year, events emphasize a clear reality: the market understanding is not just about tracking prices – it’s to know what really moves shifts below the surface.
For those who know, one thing is for sure: if you want to find out what happens afterwards, you need the right insights.
And that’s where the intelligence of users comes.
(We will leave the recommendations for our customers. But if you need to know how to navigate in 2025, you know who to ask.)