Table of Contents
Key Insights
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- Is the industry ready for the implementation of new regulations?
- Are businesses purchasing enough insurance cover? Is it a threat to market development?
- Where are the areas that B2B insurers can look to exploit and expand market opportunities?
- Can the London Market adapt to challenges and help maintain the UK’s current international performance?
Introduction
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- Definitions
- Methodology
- Abbreviations
- Market positioning
UK Economy
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- Key points
- Overview
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- Figure 10: UK GDP, 2004-2015
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- Figure 11: Quarters after GDP Peak, 1979, 1990 and 2008
- Inflation
- Interest rates
- House prices
- Consumer spending
- Manufacturing
- Business investment
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- Figure 12: UK GFCF 2003-15
- Imports
- Exports
Market Factors
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- Key points
- Rise in insurance premium tax could dampen market growth
- Outcome of forthcoming EU referendum will affect UK industry’s global position
- Regulation
- The Marine Insurance Act 1906
- The Insurance Act 2015
- The Enterprise Bill 2015
- EU regulations
- Solvency II
- The Insurance Distribution Directive (IDD)
- Prudential Regulation Authority
Market Size and Market Segmentation
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- Key points
- Market size
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- Figure 13: The UK Market for Commercial Insurance, in Gross Written Premiums, 2011-2015
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- Figure 14: The UK Market for Commercial Insurance, in Gross Written Premiums, 2011-2015
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- Figure 15: The World’s 10 Largest Commercial Insurance Markets, 2010 and 2014
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- Figure 16: The World’s 10 Largest Commercial Insurance Markets, 2010 and 2014
- Market segmentation
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- Figure 17: UK Commercial Insurance Market, in GWP, by Insurance Type, 2011-2015
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- Figure 18: UK Commercial Insurance Market, in GWP, by Insurance Type, 2011 and 2015
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- Figure 19: UK Commercial Lines General Insurance, by Distribution Channels, 2010-2014
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- Figure 20: UK Commercial Lines General Insurance, by Distribution Channels, 2010-2014
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- Figure 21: Real Growth of Direct Premiums Written in Major Non-Life Insurance Markets, by Country and Region, 2012-2015
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- Figure 22: Real Growth of Direct Premiums Written in Major Non-Life Insurance Markets, by Country, 2012-2015
Market Trends
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- Key points
- Motor
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- Figure 23: UK Commercial Motor Insurance Market Size, by Premiums, Outgoing Payments and Underwriting Result, 2010-2014
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- Figure 24: UK Commercial Motor Insurance Market Size, by Premiums, 2010-2014
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- Figure 25: UK Commercial Motor Insurance Market Segmentation, by Motor Insurance Type in GWP, 2010-2014
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- Figure 26: Segmentation of UK Commercial Motor Insurance, by Motor Insurance Type in GWP, 2010-2014
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- Figure 27: UK Commercial Motor Insurance Market Operating Ratios, 2010-2014
- Property
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- Figure 28: UK Commercial Property Insurance Market Size, by Premiums, Outgoing Payments and Underwriting Result, 2010-2014
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- Figure 29: UK Commercial Property Insurance Market Size, by Premiums, 2010-2014
- Figure 30: UK Commercial Property Insurance Market Segmentation, by type in GWP, 2010-2014
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- Figure 31: Segmentation of UK Commercial Property Insurance, by Type in GWP, 2010 and 2014
- Figure 32: UK Commercial Property Insurance Market Operating Ratios, 2010-2014
- Liability
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- Figure 33: UK Liability Insurance Market Size, by Premiums, Outgoing Payments and Underwriting Result, 2010-2014
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- Figure 34: UK Liability Insurance Market Size, by Premiums, 2010-2014
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- Figure 35: UK Liability Insurance Market Segmentation, by Liability Insurance Type in GWP, 2010-2014
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- Figure 36: Segmentation of UK Liability Insurance Market, by Type in GWP, 2010 and 2014
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- Figure 37: UK Liability Insurance Market Operating Ratios, Total and by Liability Insurance Type 2010-2014
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- Figure 38: 10 Largest Commercial Liability Insurance Markets, by Premiums and Share of Non-Life Premiums, 2013
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- Figure 39: 10 Largest Commercial Liability Insurance Markets, by Premiums and Share of Non-Life Premiums, 2013
- Private medical insurance
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- Figure 40: UK Corporate PMI Market Size, by Gross Earned Premiums, 2010-2014
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- Figure 41: UK Corporate PMI Market Size, by Gross Earned Premiums and Average Annual Premium per Subscriber, 2010-2014
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- Figure 42: UK PMI Healthcare Trust Market Size, by Number of Subscribers and Number of People Covered, 2010-2014
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- Figure 43: UK PMI Healthcare Trust Market Size, by Number of Subscribers and Number of People Covered, 2010-2014
- Figure 44: UK Corporate PMI Claims Paid and Gross Margin Development, 2010-2014
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- Figure 45: UK Corporate PMI Claims Paid and Gross Margin Development, 2010-2014
- Marine, Aviation and Transit (MAT)
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- Figure 46: UK MAT Insurance Market Size, by Premiums, Outgoing Payments and Underwriting Result, 2010-2014
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- Figure 47: UK MAT Insurance Market Size, by Premiums, 2010-2014
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- Figure 48: UK Marine Insurance Market Size, by Premiums, Outgoing Payments and Underwriting Result, 2010-2014
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- Figure 49: UK Aviation Insurance Market Size, by Premiums, Outgoing Payments and Underwriting Result, 2010-2014
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- Figure 50: UK Transport Insurance Market Size, by Premiums, Outgoing Payments and Underwriting Result, 2010-2014
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- Figure 51: UK MAT General Insurance, by Distribution Channels, 2010-2014
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- Figure 52: UK MAT General Insurance, by Distribution Channels, 2010-2014
- Trade credit
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- Figure 53: UK Trade Credit Insurance Market Size, by Premiums and Share of Commercial Pecuniary Loss Market, 2010-2014
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- Figure 54: UK Trade Credit Insurance Market Size, by GWP and Share of Commercial Pecuniary Loss Market, 2010-2014
- Figure 55: UK Trade Credit Insurance Market, by Number of Policies and Insured Turnover Amount, 2010-2014
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- Figure 56: UK Trade Credit Insurance Market, by Number of Policies and Insured Turnover Amount, 2010-2014
- Figure 57: UK Trade Credit Insurance, by Number of Claims and Gross Payments, 2010-2014
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- Figure 58: UK Trade Credit Insurance Market Share of Premiums, by Market Segment, Customer Size and Insured Turnover and by Distribution Channels, 2010-2014
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- Figure 59: Share of Trade Credit Premiums, by Segmentation, 2010 and 2014
Industry Structure
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- Key points
- Industry development
- Expanding business environment leading to development of new and innovative products made available to customers
- Industry starting to react to cyber security threat
- Consolidation continues in soft market with movement in M&A activity
- Brokers’ position in the industry may need to adapt amid changing market environment
- 2015 saw an increase in the number of businesses and outlets operating in the industry
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- Figure 60: Analysis of the Changes in the Structure of the Non-Life Insurance Industry, 2011-2015
- Structure by employment
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- Figure 61: Analysis of the Employment Structure of the Non-Life Insurance Industry, 2014 and 2015
- Structure by turnover
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- Figure 62: Analysis of the Financial Structure of the Non-life Insurance Industry, 2014 and 2015
Company Profiles
Ageas
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- Figure 63: Financial Analysis of Ageas Insurance Limited, 2010-2014
- Company outlook
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AIG Europe Limited (formerly Chartis Europe Limited)
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- Figure 64: Financial Analysis of AIG Europe Limited, 2010-2014
- Company outlook
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Allianz
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- Figure 65: Financial Analysis of Allianz Holdings, 2010-2014
- Company outlook
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Aviva
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- Figure 66: Financial Analysis of Aviva plc, 2010-2014
- Company outlook
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AXA Insurance
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- Figure 67: Financial Analysis of AXA Insurance plc, 2010-2014
- Company outlook
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LV Insurance
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- Figure 68: Financial Analysis of Liverpool Victoria Insurance Company Limited, 2010-2014
- Company outlook
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QBE Insurance (Europe)
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- Figure 69: Financial Analysis of QBE Insurance (Europe), 2010-2014
- Company outlook
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RSA Group
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- Figure 70: Financial Analysis of RSA Group, 2010-2014
- Company outlook
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- Figure 71: Profiled Companies’ Combined GWP, 2010-2014
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Forecast
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- Key points
- Market size and segmentation
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- Figure 72: The UK Market Forecast for Commercial Insurance, in Gross Written Premiums, 2016-2020
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- Figure 73: UK Market Forecast for Commercial Insurance, in GWP, 2016-2020
- Figure 74: The UK Market Forecast for Commercial Insurance, by Type, 2016-2020
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- Figure 75: The UK Market Forecast for Commercial Insurance, by Type, 2016-2020
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- Figure 76: Forecast Real Growth of Direct Premiums Written in Major Non-Life Insurance Markets, by Country and Region, 2016-2017
- Industry
- Growing use of technology in the industry aims to attract more customers by providing more suitable products and reducing fraudulent claims
- Cyber threats continuing to emerge as a serious threat to businesses, with B2B insurers still adapting to this new market
- Increasing regulation likely to impact industry performance
- Industry needs to act to ensure that businesses do not remain under-insured
Further Sources and Contacts
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- Trade associations
- Trade magazines
- Trade exhibitions
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