Table of Contents
Executive Summary
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- Market size
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- Figure 1: The UK market for commercial insurance, in gross written premiums, 2012-16, (£ million)
- Figure 2: UK commercial insurance market, in GWP, by insurance type, 2012 and 2016, (% share of overall market)
- Market trends
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- Figure 3: UK commercial lines general insurance, by distribution channels, 2011-15, (% of total)
- Figure 4: Real growth of direct premiums written in major non-life insurance markets, by country, 2012-16, (%)
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- Figure 5: UK commercial property insurance market size, by premiums, 2011-15, (£ million)
- Figure 6: UK liability insurance market size, by premiums, 2011-15, (£ million)
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- Figure 7: UK MAT insurance market size, by premiums, 2011-15, (£ million)
- Market factors
- The global position of the UK and London could be challenged by Brexit
- Third IPT rise in less than two years bemoaned by industry
- Broker commission transparency representing a challenge to industry reputation
- Companies
- Forecast
- Low, but stable, growth expected in the market
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- Figure 8: UK market forecast for commercial insurance, in GWP, 2017-21, (£ million)
- Growing use of technology must be embraced by traditional insurers to retain market share
- What we think
Key Insights
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- What could Brexit mean for the industry?
- Do traditional insurers need to embrace the growing use of technology to retain market share?
- What are the industry’s growth prospects looking forward?
Introduction
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- Definitions
- Methodology
- Abbreviations
- Market positioning
UK Economy
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- Key points
- Overview
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- Figure 9: UK GDP, 2006-16, (% quarterly growth and GDP in £ billion)
- Figure 10: UK output, by industry, 2008-16, (index 2013 = 100)
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- Figure 11: Quarters after GDP peak, 1979, 1990 and 2008, (number of quarters and GDP as % of pre-downturn peak)
- Inflation
- Interest rates
- House prices
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- Figure 12: UK house price changes, 2006-16, (12-month % change)
- Consumer spending
- Manufacturing
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- Figure 13: UK manufacturing, 2014-16, (Index, 2013 = 100)
- Business investment
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- Figure 14: UK GFCF 2005-15, (£ million)
- Imports
- Exports
Market Factors
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- Key points
- The global position of the UK and London could be challenged by Brexit
- Third IPT rise in less than two years bemoaned by industry
- Broker commission transparency represents a challenge to industry reputation
- Regulation
- The Marine Insurance Act 1906
- The Insurance Act
- The Enterprise Bill/Enterprise Act
- The Third Parties (Rights Against Insurers) Act
- 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
- Stable growth in commercial insurance GWP
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- Figure 15: The UK market for commercial insurance, in gross written premiums, 2012-16, (£ million)
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- Figure 16: The UK market for commercial insurance, in gross written premiums, 2012-16, (£ million)
- US retains position as largest commercial insurance market
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- Figure 17: The world’s 10 largest commercial insurance markets, 2010 and 2015, (in $ billion and % share of non-life market and GDP, respectively)
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- Figure 18: The world’s 10 largest commercial insurance markets, 2015, ($ billion and % share)
- Market segmentation
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- Figure 19: UK commercial insurance market, in GWP, by insurance type, 2012-16, (£ million)
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- Figure 20: UK commercial insurance market, in GWP, by insurance type, 2012 and 2016, (% share of overall market)
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- Figure 21: UK commercial lines general insurance, by distribution channels, 2011-15, (% of total)
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- Figure 22: UK commercial lines general insurance, by distribution channels, 2011-15, (% of total)
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- Figure 23: Real growth of direct premiums written in major non-life insurance markets, by country and region, 2012-16, (%)
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- Figure 24: Real growth of direct premiums written in major non-life insurance markets, by country, 2012-16, five-year average growth rate, (%)
Market Trends
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- Key points
- Motor
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- Figure 25: UK commercial motor insurance market size, by premiums, outgoing payments and underwriting result, 2011-15, (£ million)
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- Figure 26: UK commercial motor insurance market size, by premiums, 2011-15, (£ million)
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- Figure 27: UK commercial motor insurance market segmentation, by motor insurance type in GWP, 2011-15, (£ million)
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- Figure 28: Segmentation of UK commercial motor insurance, by motor insurance type in GWP, 2011 and 2015, (% share)
- Figure 29: UK commercial motor insurance market operating ratios, 2011-15, (%)
- Property
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- Figure 30: UK commercial property insurance market size, by premiums, outgoing payments and underwriting result, 2011-15, (£ million)
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- Figure 31: UK commercial property insurance market size, by premiums, 2011-15, (£ million)
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- Figure 32: UK commercial property insurance market segmentation, by type of cover, in GWP, 2011-2015, (£ million)
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- Figure 33: Segmentation of UK commercial property insurance, by type in GWP, 2011 and 2015, (% share)
- Figure 34: UK commercial property insurance market operating ratios, 2011-15, (%)
- Liability
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- Figure 35: UK liability insurance market size, by premiums, outgoing payments and underwriting result, 2011-15, (£ million)
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- Figure 36: UK liability insurance market size, by premiums, 2011-15, (£ million)
- Figure 37: UK liability insurance market segmentation, by liability insurance type in GWP, 2011-15, (£ million)
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- Figure 38: Segmentation of UK liability insurance market, by type in GWP, 2011 and 2015, (% share)
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- Figure 39: UK liability insurance market operating ratios, total and by liability insurance type 2011-15, (%)
- Private Medical Insurance
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- Figure 40: UK corporate PMI market size, by gross earned premiums, 2011-15, (premiums in £ million, average in £)
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- Figure 41: UK corporate PMI market size, by gross earned premiums and average annual premium per subscriber, 2011-15, (£ million and average in £)
- Figure 42: UK corporate PMI claims paid and gross margin development, 2011-15, (premiums and claims in £ million and margins in %)
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- Figure 43: UK corporate PMI claims paid and gross margin development, 2011-15, (premiums and claims in £ million and margins in %)
- Marine, Aviation and Transit (MAT)
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- Figure 44: UK MAT insurance market size, by premiums, outgoing payments and underwriting result, 2011-15, (£ million)
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- Figure 45: UK MAT insurance market size, by premiums, 2011-15, (£ million)
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- Figure 46: UK marine insurance market size, by premiums, outgoing payments and underwriting result, 2011-15, (£ million)
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- Figure 47: UK aviation insurance market size, by premiums, outgoing payments and underwriting result, 2011-15, (£ million)
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- Figure 48: UK transport insurance market size, by premiums, outgoing payments and underwriting result, 2011-15, (£ million)
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- Figure 49: UK MAT general insurance, by distribution channels, 2011-15, (% of total)
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- Figure 50: UK MAT general insurance, by distribution channels, 2011-15, (% of total)
- Trade credit
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- Figure 51: UK trade credit insurance market size, by premiums and share of commercial pecuniary loss market, 2011-15, (£ million and %)
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- Figure 52: UK trade credit insurance market size, by gwp and share of commercial pecuniary loss market, 2011-15, (£ million and %)
- Figure 53: UK trade credit insurance market, by number of policies and insured turnover amount, 2011-15, (in units and £ million)
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- Figure 54: UK trade credit insurance market, by number of policies and insured turnover amount, 2011-15, (in units and £ million)
- Figure 55: UK trade credit insurance, by number of claims and gross payments, 2011-15, (Claim number in units and gross payments in £000)
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- Figure 56: UK trade credit insurance market share of premiums, by market segment, customer size and insured turnover and by distribution channels, 2011-15, (%)
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- Figure 57: Share of trade credit premiums, by segmentation, 2011 and 2015, (%)
Industry Structure
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- Key points
- Industry development
- Changes made to organisational structures to maintain market share...
- ...with industry M&A stagnating after a period of consolidation
- 2016 saw an increase in the number of businesses operating in the industry, but a reduction in outlets
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- Figure 58: Analysis of the changes in the structure of the non-life insurance industry, 2012-16, (number of outlets and businesses)
- Structure by employment
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- Figure 59: Analysis of the employment structure of the non-life insurance industry, 2015 and 2016, (number of employees and outlets)
- Structure by turnover
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- Figure 60: Analysis of the financial structure of the non-life insurance industry, 2015 and 2016, (£000 and number of businesses)
Company Profiles
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- Figure 61: Profiled companies’ combined GWP, 2011-15, (£ million)
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Ageas
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- Figure 62: Financial analysis of ageas insurance limited, 2011-15, (£ million)
- Company strategy
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AIG Europe Limited (formerly Chartis Europe Limited)
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- Figure 63: Financial analysis of AIG Europe Limited, 2011-2015, (£ Million)
- Company strategy
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Allianz
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- Figure 64: Financial analysis of Allianz Holdings, 2011-2015, (£ Million)
- Company strategy
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Aviva
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- Figure 65: Financial analysis of Aviva plc, 2011-15, (£ million)
- Company strategy
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AXA Insurance
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- Figure 66: Financial analysis of AXA Insurance plc, 2011-15, (£ million)
- Company strategy
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LV Insurance
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- Figure 67: Financial analysis of Liverpool Victoria Insurance Company Limited, 2011-15, (£ million)
- Company strategy
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QBE Insurance (Europe)
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- Figure 68: Financial analysis of QBE Insurance (Europe), 2011-15, (£ million)
- Company strategy
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RSA Group
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- Figure 69: Financial analysis of RSA Group, 2011-15, (£ million)
- Company strategy
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Forecast
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- Key points
- Market size and segmentation
- Low, but stable, growth expected in the market
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- Figure 70: UK market forecast for commercial insurance, in gross written premiums, 2017-21, (£ million)
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- Figure 71: UK market forecast for commercial insurance, in GWP, 2017-21, (£ million)
- Liability insurance accounts for the largest proportion of the market
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- Figure 72: The UK market forecast for commercial insurance, by type, 2017-21, (£ million)
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- Figure 73: The UK market forecast for commercial insurance, by type, 2017-21, (% share)
- Industry
- Insurers look to target emerging markets to boost stagnant income from domestic market
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- Figure 74: Forecast real growth of direct premiums written in major non-life insurance markets, by country and region, 2017-18, (%)
- Brexit will lead to structural changes in the industry, but will also provide opportunities
- Insurers adjusting to cyber attack threat
- SME under-insurance remains a strong market priority
Further Sources and Contacts
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- Trade associations
- Association of Insurance and Risk Managers (Airmic)
- Association of British Insurers (ABI)
- British Insurance Brokers’ Association (BIBA)
- Chartered Insurance Institute (CII)
- Financial Conduct Authority (FCA)
- International Underwriting Association of London (IUA)
- London & International Insurance Brokers’ Association (LIIBA)
- Trade magazines
- Continuity Insurance & Risk (Bimonthly)
- Insurance Age (Monthly)
- Insurance People (Monthly)
- Insurance Times (Fortnightly)
- Post Magazine & Insurance Week (Weekly)
- The Insurance Insider (Monthly)
- Trade exhibitions
- BIBA 2017
- Digital Insurance World 2017
- E-Trade Excellence 2017
- Motor Insurance World 2017
- The Motor Insurance Summit
- UK Broker Summit 2016
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