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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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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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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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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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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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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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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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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One-in-five savers and investors have wealth of £75,000 and above 20% of consumers who own any savings or investment products in the UK are considered wealthy, that is they have a minimum of £75,000 held in investment or saving products. Most of the Wealthy (80%) have saving and investment wealth of £100,000 or more. These findings come from the IRN Research report Wealthy Savers and...
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COVID-19 hits Savers and Investors 45% of consumers who own savings and investment products have been negatively impacted by the COVID-19 pandemic, with the value of their money held in savings and investment products declining. Not surprisingly, given the impact of the crisis on stock market values worldwide, individuals who have money held in investment products like stocks and shares (labelled Investors) have felt its...
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