The UK is the only country in the world that does not offer home insurance coverage to elderly citizens, according to a new study
Geico has updated its travel insurance research from last year to look at the latest trends in the UK.
The report, released on Wednesday, shows that home insurance is still one of the most popular types of home insurance policies in the country, with nearly a quarter of all Britons aged 65 and over buying the policy in 2018.
In 2018, nearly 7,000 elderly Britons were on the policy, while only 4,000 were covered in 2018, down from 10,000 in 2017.
Of those aged 65 or over, nearly two thirds of those who bought the policy purchased it in the past five years, and the vast majority of those aged over 75 bought it in 2017, according the report.
The UK’s insurance companies are also seeing a marked increase in the number of policies being purchased by older Britons, with the average age of a policy sold in 2018 up by nearly two years.
For example, Geico Home Insurance saw its average annual increase in terms of policies sold in the last five years from 7.9% in 2018 to 11.1% in 2019, compared to 7.5% for the same period last year.
However, the average annual rise in the age of policyholders is also significantly lower than the rate of growth of the overall UK population, with an average of 3.2% in 2020 compared to 6.3% for all people aged 65-plus.