AXA has become a top-5 home insurance brand, the latest market share figures from Consumer Intelligence show.
Consumer Intelligence asks 24,000 consumers about their insurance renewals each year and tracks which providers customers are moving from and to.
Aviva held onto the top spot with 8.7% of all home insurance customers buying an Aviva policy between April and November 2022. It also increased its lead over next-placed LV= and Direct Line by gaining 0.9% of the market during the period.
|Market Share||Apr-22 Nov-22|
|Market share gains||Apr-22 to Nov-22|
Policy Expert, which introduced Bronze, Silver and Gold product tiers in April, was a joint top grower. It grew its customer count by 30.5% to gain 0.9% of the total policies in force. It benefitted from the highest retention rate in the period with 87% of customers going on to renew. Price paid a large part in those decisions with 44% of shoppers offered a lower premium after shopping around and others deciding the savings on offer from shopping around weren’t worth the effort of switching providers.
|Top brands for retention||Apr-22 to Nov-22|
The figures are the first published which examine market share movements since the dual pricing ban. They also show a change in strategy amongst multi-brand groups. Sheilas’ Wheels became more competitively priced for home insurance than Esure, growing its customer base by 40%, while Privilege recorded the best growth for Direct Line Group.
Shopping around rates remained fairly constant at 72% with 47% of those going on to change providers. With more product tiers, brands and challenger brands entering the market, there is plenty to play for.