United Kingdom: acquistion costs of general insurers 2018
In 2018, home insurers spent the most on the acquisition of premiums, totalling at more than 1.23 billion British pounds. Price comparison websites spent much less in home insurance acquisition costs, at 15 million British pounds. That same year, they were also the market segment with highest operating profit margin on the general insurance market in the UK.
General insurance refers to non-life insurance types such as motor and home insurance. Home insurance provides protection against risks to property, such as water and leakage damage, fire and explosion, theft and other, whereas motor insurance offers financial protection in case of property or persons damage caused by the owner or driver of the vehicle. Acquisition cost refers to the commission, advertising and marketing costs that the company incurs in order to acquire a premium.
General insurance refers to non-life insurance types such as motor and home insurance. Home insurance provides protection against risks to property, such as water and leakage damage, fire and explosion, theft and other, whereas motor insurance offers financial protection in case of property or persons damage caused by the owner or driver of the vehicle. Acquisition cost refers to the commission, advertising and marketing costs that the company incurs in order to acquire a premium.
