Let’s reflect on 2024 and prepare to head into the next year.

On the whole, 2024 was very much a turbulent time for the insurance industries in the UK.

From rising premiums to referrals becoming a focal point for insurers, advisers and consumers alike, we have seen a lot of change in a heightened market.

Additionally, house prices have seen a climb, which may paint a clear picture for how 2025 may play out.

Throughout 2024 and prior to this calendar year, insurance premiums across several industries have seen a stark increase in price. This is no different in the home insurance market.

With strenuous factors like cost of labour and materials, as well as claims costing insurers more to pay out, premiums are causing headaches throughout the UK.

The start of the year was overshadowed by a record amount of money paid by insurers in storm claims instances, which in turn caused insurers to raise their premiums.

On top of this, we saw providers leaving the home insurance market, limiting product choices for many panels, and thus increasing prices.

Therefore, advisers have experienced strains on their businesses, having to persuade their clients to part with their hard-earned money.

Mortgage Rates & Industry Mindsets

Upon reflection, mortgage rates initially settled in April after a turbulent period, but clients were still dealing with a significant increase in the cost of living. With hindsight, we know now mortgage rates have started to creep up again.

Following a year’s anniversary of Consumer Duty, and regulatory viewpoints taking centre-stage, we highlighted the importance of advisers meeting the financial needs of their clients.

Read the full thought leadership piece from our Sales Director, Carl Oakes, here.

Consumer Duty – One Year On

At the end of August, the Financial Conduct Authority (FCA) published their latest report on how General Insurance (GI) firms are matching up to the product governance requirements.

The FCA found that many of the firms included in the review fell short of the standards that the regulator expects. You can read our full breakdown here.

LearningLab Expansion

In March, we released the enhanced version of LearningLab, with new and improved education pathways.

Advisers can experience learning methods like manageable micro-courses, interesting eBooks, useful fact sheets, helpful video tutorials, and insightful market update interviews through this new hub.

All of this, of course, is free for those looking to learn more about topics such as compliance, General Insurance, home insurance processes and customer satisfaction. Visit our LearningLab today and start your learning journey.

Reflecting on Integrations & Partnerships

Throughout 2024, Source have focused on expanding their footprint into new markets with exciting opportunities.

Partnering and integrating with several businesses to provide quality home insurance protection for a range of clients, we’re pleased to be broadening our horizons – increasing the exposure of home protection to as many people as possible.

DEFAQTO

Source achieved a five-star DEFAQTO rating for their common-worded policy product, solidifying their status as an intermediary that provides their customers with the best outcomes and quality products.

References

^[1]*Sandison, E. (2023) Rebuild cost gap still widening, with social care at risk – November 2023, RebuildCostAssessment.com. Available at: https://www.rebuildcostassessment.com/post/rebuild-cost-gap-still-widening-with-social-care-at-risk (Accessed 26 March 2024).