B2B Insurance - UK - February 2015
“The B2B insurance market is going through a transitional period. The expected introduction of the Solvency II framework from 2016 has led to insurers already adjusting their risk management structure to give themselves the best chance of avoiding any financial repercussions from not achieving the required risk profile level. The rise of cyber threats to businesses, which can lead to high financial and productivity losses, has presented a great opportunity to the market as more and more companies seek protection from such events. The digitisation of the market will also have an impact on the development of the industry.”
– Lewis Cone, Research Analyst
This report will explore the following key issues:
- What are the key determinants driving the B2B insurance industry?
- Was the market affected by the financial crisis and how has it recovered since? Has there been any structural changes as a consequence?
- How has the government influenced and shaped the development of the sector?
- What are the key issues the UK industry needs to address to maintain its global commercial position in an ever-competitive market?
- What does the future hold for the UK’s B2B insurance industry?
The upcoming year will be pivotal for most B2B insurers as they strive to make sure that they are fully compliant with Solvency II regulations by the time of its implementation in January 2016. The extent of digitisation and the adoption rate of big data analytics into the industry will play a role in determining the success in meeting the proposed components of the framework. By following the stringent new regulations, some insurers may find that the capital reserves they put aside for certain B2B lines may be so vast that they are no longer commercially viable, which could lead to several companies exiting specific markets. Since the majority of B2B insurance deals are collected via brokers, this creates an opportunity for the broker market to justify its importance to the sector and display its expertise as a service provider. Brokers will have to persuade insurers that they should reconsider providing business lines previously written off as unprofitable - since they may be able to deliver above average returns. Business-to-business insurance, or B2B insurance, describes the buying and selling of commercial insurance between an insurer and a business. This excludes ‘personal lines’ insurance policies that are tailored towards private individuals and, instead, includes ‘commercial lines’ policies.
The following types of insurance, and their respective commercial aspects, make up a large segment of the B2B insurance market and are quantified in this report:
- Private Medical Insurance (PMI)
- Marine, Aviation and Transport (MAT)
- Trade Credit
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