B2B INSURANCE - UK - JANUARY 2018

B2B INSURANCE - UK - JANUARY 2018

Jan 2018 Mintel InsuranceN/A Price :
$ 1344
With most insurance premiums rising, businesses are seeking alternatives to the traditional products on offer. Insurers need to adapt existing operating models to meet this demand otherwise new entrants to the industry, who could benefit from quickly adapting to policyholders needs, will overtake insurers in the same way that technology-led firms have overtaken incumbents in a number of other industries
Table of contents
EXECUTIVE SUMMARY
Market size
Figure 1: The UK market for commercial insurance, in gross written premiums, 2013-17, ( million)
Figure 2: UK commercial insurance market, in GWP, by insurance type, 2013 and 2017, (% share of overall market)
Market trends
Figure 3: UK commercial lines general insurance, by distribution channels, 2012-16, (% of total)
Figure 4: Real growth of direct premiums written in major non-life insurance markets, by country, 2012-16, five-year average growth rate, (%)
Figure 5: UK commercial property insurance market size, by premiums, 2012-16, ( million)
Market factors
Insurers seek opportunities from a post-Brexit environment, but remain alert on potential operational changes
High IPT rate could be affecting uptake levels after a fourth rise in three years
Companies
Forecast
Market growth expected to be driven by the uncertain business environment and the emergence of new players
Figure 6: UK market forecast for commercial insurance, in gwp, 2018-22, ( million)
What we think
KEY INSIGHTS
How is investment into new technology processes affecting industry operations?
How can changes to the way B2B claims are paid improve efficiency and customer relationships?
INTRODUCTION
Definitions
Methodology
Abbreviations
Market positioning
UK ECONOMY
Key points
Overview
Figure 7: Forecast GDP development 2017-21, (% annual growth)
Figure 8: UK GDP quarterly development, 2007-17, (% quarterly growth and gdp in billion)
Inflation
Interest rates
House prices
Figure 9: UK house price changes, 2006-17, (12 month % change)
Consumer spending
Manufacturing
Figure 10: UK manufacturing, 2014-17, (Index, 2013 = 100)
Business investment
Figure 11: UK GFCF, 2007-17, ( million, chained volume measures, seasonally adjusted)
Imports
Exports
MARKET FACTORS
Key points
Insurers seek opportunities from a post-Brexit environment, but remain alert on potential operational changes
Despite a slight rise in the base interest rate, insurers profits are still under pressure and affecting premiums
High IPT rate could be affecting uptake levels after fourth rise in three years
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
The IFRS 17
MARKET SIZE AND MARKET SEGMENTATION
Key points
Market size
Slow growth improvements seen in commercial insurance GWP since 2015
Figure 12: The UK market for commercial insurance, in gross written premiums, 2013-17, ( million)
Figure 13: The UK market for commercial insurance, in gross written premiums, 2013-17, ( million)
US retains position as largest commercial insurance market
Figure 14: The worlds 10 largest commercial insurance markets, 2010 and 2016, (in $ billion and % share of non-life market and GDP, respectively)
Figure 15: The worlds 10 largest commercial insurance markets, 2016, ($ billion and % share)
London Market Resilience Tests
Market segmentation
Figure 16: UK commercial insurance market, in GWP, by insurance type, 2013-17, ( million)
Figure 17: UK commercial insurance market, in GWP, by insurance type, 2013 and 2017, (% share of overall market)
Figure 18: UK commercial lines general insurance, by distribution channels, 2012-16, (% of total)
Figure 19: UK commercial lines general insurance, by distribution channels, 2012-16, (% of total)
Figure 20: Real growth of direct premiums written in major non-life insurance markets, by country and region, 2012-16, (%)
Figure 21: Real growth of direct premiums written in major non-life insurance markets, by country, 2012-16, five-year average growth rate, (%)
MARKET TRENDS
Key points
Motor
Figure 22: UK commercial motor insurance market size, by premiums, outgoing payments and underwriting result, 2012-16, ( million)
Figure 23: UK commercial motor insurance market size, by premiums, 2012-16, ( million)
Figure 24: UK commercial motor insurance market segmentation, by motor insurance type in GWP, 2012-16, ( million)
Figure 25: Segmentation of UK commercial motor insurance, by motor insurance type in gwp, 2012 and 2016, (% share)
Table 26: UK commercial motor insurance market operating ratios, 2012-16, (%)
Property
Figure 27: UK commercial property insurance market size, by premiums, outgoing payments and underwriting result, 2012-16, ( million)
Figure 28: UK commercial property insurance market size, by premiums, 2012-16, ( million)
Figure 29: UK commercial property insurance market segmentation, by type of cover, in gwp, 2012-16, ( million)
Figure 30: Segmentation of UK commercial property insurance, by type in gwp, 2012 and 2016, (% share)
Figure 31: UK commercial property insurance market operating ratios, 2012-16, (%)
Liability
Figure 32: UK liability insurance market size, by premiums, outgoing payments and underwriting result, 2012-16, ( million)
Figure 33: UK liability insurance market size, by premiums, 2012-16, ( million)
Figure 34: UK liability insurance market segmentation, by liability insurance type in gwp, 2012-16, ( million)
Figure 35: Segmentation of UK liability insurance market, by type in GWP, 2012 and 2016, (% share)
Figure 36: UK liability insurance market operating ratios, total and by liability insurance type 2012-16, (%)
Private Medical Insurance
Figure 37: UK corporate PMI market size, by gross earned premiums, 2012-16, (premiums in million, average in )
Figure 38: UK corporate PMI market size, by gross earned premiums and average annual premium per subscriber, 2012-16, ( million and average in )
Figure 39: UK corporate PMI claims paid and gross margin development, 2012-16, (premiums and claims in million and margins in %)
Figure 40: UK corporate PMI claims paid and gross margin development, 2012-16, (premiums and claims in million and margins in %)
Marine, Aviation and Transit (MAT)
Figure 41: UK MAT insurance market size, by premiums, outgoing payments and underwriting result, 2012-16, ( million)
Figure 42: UK MAT insurance market size, by premiums, 2012-16, ( million)
Figure 43: UK marine insurance market size, by premiums, outgoing payments and underwriting result, 2012-16, ( million)
Figure 44: UK aviation insurance market size, by premiums, outgoing payments and underwriting result, 2012-16, ( million)
Figure 45: UK transport insurance market size, by premiums, outgoing payments and underwriting result, 2012-16, ( million)
Figure 46: UK MAT general insurance, by distribution channels, 2012-16, (% of total)
Figure 47: UK MAT general insurance, by distribution channels, 2012-16, (% of total)
Trade credit
Figure 48: UK trade credit insurance market size, by premiums and share of commercial pecuniary loss market, 2012-16, ( million and %)
Figure 49: UK trade credit insurance market size, by GWP and share of commercial pecuniary loss market, 2012-16, ( million and %)
Figure 50: UK trade credit insurance market, by number of policies and insured turnover amount, 2012-16, (in units and million)
Figure 51: UK trade credit insurance market, by number of policies and insured turnover amount, 2012-16, (in units and million)
Figure 52: UK trade credit insurance, by number of claims and gross payments, 2012-16, (claim number in units and gross payments in 000)
Figure 53: UK trade credit insurance market share of premiums, by market segment, customer size and insured turnover and by distribution channels, 2012-16, (%)
Figure 54: Share of trade credit premiums, by segmentation, 2012 and 2016, (%)
INDUSTRY STRUCTURE
Key points
Industry development
Digital transformation and the rise of insurtech occurring in the industry
New wave of industry consolidation
FCA launches study into the wholesale insurance brokers market
The number of businesses operating in the industry increased in 2017, but there was slightly lower growth in number of outlets
Figure 55: Analysis of the changes in the structure of the non-life insurance industry, 2013-17, (number of outlets and businesses)
Structure by employment
Figure 56: Analysis of the employment structure of the non-life insurance industry, 2016 and 17, (number of employees and outlets)
Structure by turnover
Figure 57: Analysis of the financial structure of the non-life insurance industry, 2016 and 2017, (000 and number of businesses)
COMPANY PROFILES
AGEAS
Figure 58: Financial analysis of Ageas insurance limited, 2012-16, ( million)
Company strategy
AIG EUROPE LIMITED (FORMERLY CHARTIS EUROPE LIMITED)
Figure 59: Financial analysis of AIG Europe limited, 2012-16, ( million)
Company strategy
ALLIANZ
Figure 60: Financial analysis of Allianz Holdings, 2012-16, ( million)
Company strategy
AVIVA
Figure 61: Financial analysis of Aviva plc, 2012-16, ( million)
Company strategy
AXA INSURANCE
Figure 62: Financial analysis of AXA Insurance UK, 2012-16, ( million)
Company strategy
HISCOX
Figure 63: Financial analysis of Hiscox, 2012-16, ( million)
Company strategy
LV INSURANCE
Figure 64: Financial analysis of Liverpool Victoria Insurance Company Limited, 2012-16, ( million)
Company strategy
QBE INSURANCE (EUROPE)
Figure 65: Financial analysis of QBE Insurance (Europe), 2012-16, ( million)
Company strategy
RSA GROUP
Figure 66: Financial analysis of RSA Group, 2012-16, ( million)
Company strategy
Figure 67: Profiled companies combined GWP, 2012-16, ( million)
FORECAST
Key points
Market size and segmentation
Market growth expected to be driven by the uncertain business environment and the emergence of new players
Figure 68: The UK market forecast for commercial insurance, in gross written premiums, 2018-22, ( million)
Figure 69: UK market forecast for commercial insurance, in GWP, 2018-22, ( million)
Property insurance accounts for the largest proportion of the market
Figure 70: The UK market forecast for commercial insurance, by type, 2018-22, ( million)
Figure 71: The UK market forecast for commercial insurance, by type, 2018-22, (% share)
Industry
London Market must rise to meet threat posed by competition
Industry remains hopeful of a further change to the Ogden Rate
Recent global cyber attacks have driven demand for cyber insurance
FURTHER SOURCES AND CONTACTS
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 Times (Monthly)
Post Magazine & Insurance Week (Weekly)
The Insurance Insider (Monthly)
Trade exhibitions
BIBA 2018
Digital Insurance World 2018
Cyber Insurer & Broker Assembly 2018
Insurance Innovators Motor 2018
UK Broker Summit 2018

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