News


03

Feb 2021

New Motor Insurance Report

Motor Insurance Market Declines by 8% because of COVID-19 In 2019, IRN Research estimate the motor insurance market generated gross written premiums (GWP) of just over £14 billion, a rise of around 2% over 2018.  Given the impact of COVID-19 on the market, IRN expect GWP to decline by 8% in 2020.  Key factors behind this decline were premium rebates given to customers by some...

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15

Dec 2020

Estate and End of Life Planning

25% of consumers take estate planning actions Only 25% of consumers have undertaken any of the actions normally associated with estate planning, like making gifts to loved one, gifting a home to children etc. This is less than the 35% which have made a will: for almost half of consumers estate planning is associated only with making a will. Consumers who have taken any estate...

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10

Dec 2020

3rd Annual Edition of Wills and Probate Consumer Research Report Published

CLEAR CONSUMER INTEREST IN VIRTUAL CONSULTATIONS, DIGITAL PROBATE APPLICATIONS, AND ONLINE COURT PROCEEDINGS Will writing is still an activity which most individuals fail to prioritise. It becomes of greater importance as consumers get older, and/or build up assets and this is reflected in our latest survey: as in previous years it is the older age groups – 55 and over – where will ownership is...

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02

Dec 2020

New Home Insurance Market Data Report Launched

Home Insurance Market 2019/20 have been turbulent years for home insurance in terms of claims, significant mergers and divestments and changed underwriting capacity. IRN Research estimates that home insurance gross written premiums (GWP) will reach around £7 billion in 2020, a rise of 2% compared with 2019. Predicting future premiums growth is very difficult at the moment given the uncertainties about when the effects of...

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02

Dec 2020

1.6 million funeral plans in force

Funeral Planning At the end of 2020, IRN Research expect there to be almost 1.6 million funeral plans in force (i.e. not drawn down). While the number has continued to rise in recent years, there has been a notable slowdown in growth in recent years.  In 2020, IRN Research estimate that almost 160,000 new funeral plans will be sold. The number of new sales has...

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23

Nov 2020

Wills, Probate & Trusts Market Report 2020 published

The UK Wills, Probate & Trusts Market Report 2020 is the 7th edition of an annual research report from IRN Research. Here are some selected findings: Market value growth in the wills, trusts and probate market is estimated to increase by 3.2% in 2020 compared to 2019. The pandemic, along with price pressures, have weakened wills sales but the probate market remains relatively strong. IRN Research’s consumer...

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28

Oct 2020

Clinical Negligence Market Worth Around £1 billion

Law firms earn around £1 billion from clinical negligence cases In 2019/20, IRN estimate law firms earned revenue of around £1 billion from CN cases.  However, once the cost of running cases where no damages were awarded on a no win, no fee bases are factored in, net revenue to law firms drops to below £800 million. Across the four nations of the UK, IRN...

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19

Oct 2020

New Personal Injury Consumer Research Report Published

UK Personal Injury Consumer Research Report 2020 CONSUMER WILLINGNESS TO SUBMIT A CLAIM ONLINE INCREASING BUT MORE CAUTION ON ONLINE REHABILITATION AND COURT HEARINGS      The latest consumer research findings from IRN Research show that half of the personal injury (PI) cases covered by the research would fall under the £5,000 small claims limit. Many consumers would be concerned about dealing with these cases...

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23

Sep 2020

Are financial advisors missing out on 1.2 million clients?

21% of Savers and Investors take some form of financial advice  Most Savers and Investors (72%) adopt the DIY approach to saving and investing, i.e. they manage all of their saving and investments totally themselves.  21% of Savers and Investors take some form of professional guidance and/or advice, of which  17% adopt the mixed or hybrid approach, combining self-management of some of their savings and...

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21

Sep 2020

Latest Personal Injury Market Report – More Uncertainty for the Sector

Personal Injury Market Trends Report 2020 The planned small claims reforms have been hanging over the market for months and changes to the timing of these reforms continues to create uncertainty in the sector. These reforms have now been put back again to April 2021 and, if this date is finally the one, then there will be more pressure on a market that is already...

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