DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
MARKET CONTEXT 2
Introduction 2
Wedding insurance protects a couple's investment 2
Wedding insurance protects a couple's investment 2
Credit cards can also be used to protect purchases for a wedding 4
Wedding insurance is a small but lucrative market 4
The market is worth approximately £4m 4
Wedding insurance is a lucrative business 4
The economic downturn has led to a slightly higher claims frequency 4
The market is becoming more competitive 5
Increasing penetration is the best way to expand the market 5
Interviewees claim that wedding insurance has benefited from the recession 5
The average cost of weddings is expected to stabilize 5
Penetration needs to increase 5
Wedding insurance is mainly distributed online 6
Online is the main distribution platform 6
Wedding insurance is also sold as an add-on policy to travel insurance 7
CONSUMER INSIGHTS 8
Introduction 8
Wedding insurance offers peace of mind 8
Weddings are a significant investment for young couples 8
The downturn has prompted more couples to protect their wedding 8
Raising product penetration remains a challenge for wedding insurance providers 9
Price comparison sites make shopping around easier 9
The economy will put the breaks on wedding costs 10
People are getting married later 10
The economic climate will dampen the average wedding cost 11
Ecclesiastical Insurance's 'wedding budget planner' is a clever marketing tool 11
Editorial marketing is the most common marketing strategy 11
Ecclesiastical Insurance provides a 'wedding budget planner' 12
COMPETITIVE DYNAMICS 13
Introduction 13
There are a just a handful of underwriters 13
Only six underwriters are predominant in the market 13
Wedding insurance costs between £20 and £355 13
Providers target consumers with multi-tiered policies 14
Major wedding insurance providers offer multi-tier policies 14
Many add-on policies are sold alongside standard wedding insurance 15
Ecclesiastical Insurance's 'mix and match' option offers greater flexibility 16
FUTURE DECODED 18
Introduction 18
Social trends are likely to limit wedding insurance market growth 18
The number of marriages is expected to decline moderately out to 2014 18
The average cost of a wedding is expected to stabilize 18
The wedding insurance market will continue to grow 19
Rising penetration rates of wedding insurance will lead to market growth 19
APPENDIX 21
Definitions 21
Premium income measures 21
Earned premiums 21
Gross Premium 21
Net Premium 21
Written premiums 21
Other definitions 21
Channel 21
Direct insurer/writer 21
Brokers 21
Bancassurers 21
Brandassurers 22
Platform 22
Further reading 22
Ask the analyst 22
Datamonitor consulting 22
Disclaimer 22
List of Tables
Table 1: Corporate partnerships and prices, 2010 13
Table 2: Wedding insurance product range, by provider, 2010 (£) 15
Table 3: Add-ons offered by provider 16
Table 4: The UK wedding insurance market forecast under three scenarios 2010f-14f 20
List of Figures
Figure 1: The number of marriages is falling 6
Figure 2: Wedding insurance is advertised on the John Lewis gift list website 7
Figure 3: Wedding insurance looks after almost every aspect of a wedding 8
Figure 4: Wedding Insurance Comparison compares six brands 10
Figure 5: Most people now get married between the ages of 25 and 34 11
Figure 6: Ecclesiastical Insurance's 'wedding budget planner' 12
Figure 7: All the providers offer a multi-tier range 14
Figure 8: Ecclesiastical Insurance's 'mix and match' option offers greater flexibility 17
Figure 9: Number of marriages per year in UK, 1979-2013f 18
Figure 10: The UK wedding insurance market could reach £6m in GWP in 2014 19
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