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B2B Insurance - UK - January 2016

“The risk landscape for businesses is substantially changing. While businesses are less concerned about the impact of traditional industrial risks, they are becoming increasingly worried about the impact of other disruptive events, fierce competition in their markets, and cyber security incidents. Insurance companies must ensure they provide the most suitable cover and offer customers the best possible service.”
– Lewis Cone, B2B Analyst

This report will explore the following key issues regarding the B2B insurance industry in the UK:

  • 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 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:

  • Property
  • Motor
  • Liability
  • Private Medical Insurance (PMI)
  • Marine, Aviation and Transport (MAT)
  • Trade Credit

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Table of contents

  1. Executive Summary

      • Market size
        • Figure 1: The UK Market for Commercial Insurance, in Gross Written Premiums, 2011-2015
        • Figure 2: UK Commercial Insurance Market, in GWP, by Insurance Type, 2011 and 2015
      • Market trends
        • Figure 3: UK Commercial Lines General Insurance, by Distribution Channels, 2010-2014
        • Figure 4: Real Growth of Direct Premiums Written in Major Non-Life Insurance Markets, by Country, 2012-2015
        • Figure 5: UK Commercial Property Insurance Market Size, by Premiums, 2010-2014
        • Figure 6: UK Liability Insurance Market Size, by Premiums, 2010-2014
        • Figure 7: UK PMI Healthcare Trust Market Size, by Number of Subscribers and Number of People Covered, 2010-2014
        • Figure 8: UK MAT Insurance Market Size, by Premiums, 2010-2014
      • Market factors
        • Rise in insurance premium tax could dampen market growth
          • Outcome of forthcoming EU referendum will affect UK industry’s global position
            • The current macroeconomic environment has challenged the performance of B2B insurers
              • The introduction of the Insurance Act 2015 and Solvency II this year will change the operational structure of the industry
                • Companies
                  • Forecast
                    • Commercial GWP anticipated to experience stable growth to 2020
                      • Figure 9: UK Market Forecast for Commercial Insurance, in GWP, 2016-2020
                    • Industry needs to act to ensure that businesses do not remain under-insured
                      • What we think
                      • Key Insights

                          • 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

                                    • Definitions
                                      • Methodology
                                        • Abbreviations
                                          • Market positioning
                                          • UK Economy

                                            • Key points
                                              • Overview
                                                • Figure 10: UK GDP, 2004-2015
                                                • Figure 11: Quarters after GDP Peak, 1979, 1990 and 2008
                                              • Inflation
                                                • Interest rates
                                                  • House prices
                                                    • Consumer spending
                                                      • Manufacturing
                                                        • Business investment
                                                          • Figure 12: UK GFCF 2003-15
                                                        • Imports
                                                          • Exports
                                                          • Market Factors

                                                            • 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

                                                                                  • Key points
                                                                                    • Market size
                                                                                        • Figure 13: The UK Market for Commercial Insurance, in Gross Written Premiums, 2011-2015
                                                                                        • Figure 14: The UK Market for Commercial Insurance, in Gross Written Premiums, 2011-2015
                                                                                        • Figure 15: The World’s 10 Largest Commercial Insurance Markets, 2010 and 2014
                                                                                        • Figure 16: The World’s 10 Largest Commercial Insurance Markets, 2010 and 2014
                                                                                      • Market segmentation
                                                                                          • Figure 17: UK Commercial Insurance Market, in GWP, by Insurance Type, 2011-2015
                                                                                          • Figure 18: UK Commercial Insurance Market, in GWP, by Insurance Type, 2011 and 2015
                                                                                          • Figure 19: UK Commercial Lines General Insurance, by Distribution Channels, 2010-2014
                                                                                          • Figure 20: UK Commercial Lines General Insurance, by Distribution Channels, 2010-2014
                                                                                          • Figure 21: Real Growth of Direct Premiums Written in Major Non-Life Insurance Markets, by Country and Region, 2012-2015
                                                                                          • Figure 22: Real Growth of Direct Premiums Written in Major Non-Life Insurance Markets, by Country, 2012-2015
                                                                                      • Market Trends

                                                                                        • Key points
                                                                                          • Motor
                                                                                              • Figure 23: UK Commercial Motor Insurance Market Size, by Premiums, Outgoing Payments and Underwriting Result, 2010-2014
                                                                                              • Figure 24: UK Commercial Motor Insurance Market Size, by Premiums, 2010-2014
                                                                                              • Figure 25: UK Commercial Motor Insurance Market Segmentation, by Motor Insurance Type in GWP, 2010-2014
                                                                                              • Figure 26: Segmentation of UK Commercial Motor Insurance, by Motor Insurance Type in GWP, 2010-2014
                                                                                              • Figure 27: UK Commercial Motor Insurance Market Operating Ratios, 2010-2014
                                                                                            • Property
                                                                                                • Figure 28: UK Commercial Property Insurance Market Size, by Premiums, Outgoing Payments and Underwriting Result, 2010-2014
                                                                                                • 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
                                                                                                • 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
                                                                                                  • Figure 33: UK Liability Insurance Market Size, by Premiums, Outgoing Payments and Underwriting Result, 2010-2014
                                                                                                  • Figure 34: UK Liability Insurance Market Size, by Premiums, 2010-2014
                                                                                                  • Figure 35: UK Liability Insurance Market Segmentation, by Liability Insurance Type in GWP, 2010-2014
                                                                                                  • Figure 36: Segmentation of UK Liability Insurance Market, by Type in GWP, 2010 and 2014
                                                                                                  • Figure 37: UK Liability Insurance Market Operating Ratios, Total and by Liability Insurance Type 2010-2014
                                                                                                  • Figure 38: 10 Largest Commercial Liability Insurance Markets, by Premiums and Share of Non-Life Premiums, 2013
                                                                                                  • Figure 39: 10 Largest Commercial Liability Insurance Markets, by Premiums and Share of Non-Life Premiums, 2013
                                                                                                • Private medical insurance
                                                                                                    • Figure 40: UK Corporate PMI Market Size, by Gross Earned Premiums, 2010-2014
                                                                                                    • Figure 41: UK Corporate PMI Market Size, by Gross Earned Premiums and Average Annual Premium per Subscriber, 2010-2014
                                                                                                    • Figure 42: UK PMI Healthcare Trust Market Size, by Number of Subscribers and Number of People Covered, 2010-2014
                                                                                                    • 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
                                                                                                    • Figure 45: UK Corporate PMI Claims Paid and Gross Margin Development, 2010-2014
                                                                                                  • Marine, Aviation and Transit (MAT)
                                                                                                      • Figure 46: UK MAT Insurance Market Size, by Premiums, Outgoing Payments and Underwriting Result, 2010-2014
                                                                                                      • Figure 47: UK MAT Insurance Market Size, by Premiums, 2010-2014
                                                                                                      • Figure 48: UK Marine Insurance Market Size, by Premiums, Outgoing Payments and Underwriting Result, 2010-2014
                                                                                                      • Figure 49: UK Aviation Insurance Market Size, by Premiums, Outgoing Payments and Underwriting Result, 2010-2014
                                                                                                      • Figure 50: UK Transport Insurance Market Size, by Premiums, Outgoing Payments and Underwriting Result, 2010-2014
                                                                                                      • Figure 51: UK MAT General Insurance, by Distribution Channels, 2010-2014
                                                                                                      • Figure 52: UK MAT General Insurance, by Distribution Channels, 2010-2014
                                                                                                    • Trade credit
                                                                                                        • Figure 53: UK Trade Credit Insurance Market Size, by Premiums and Share of Commercial Pecuniary Loss Market, 2010-2014
                                                                                                        • 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
                                                                                                        • 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
                                                                                                        • Figure 58: UK Trade Credit Insurance Market Share of Premiums, by Market Segment, Customer Size and Insured Turnover and by Distribution Channels, 2010-2014
                                                                                                        • Figure 59: Share of Trade Credit Premiums, by Segmentation, 2010 and 2014
                                                                                                    • Industry Structure

                                                                                                      • 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
                                                                                                                    • Figure 60: Analysis of the Changes in the Structure of the Non-Life Insurance Industry, 2011-2015
                                                                                                                  • Structure by employment
                                                                                                                    • Figure 61: Analysis of the Employment Structure of the Non-Life Insurance Industry, 2014 and 2015
                                                                                                                  • Structure by turnover
                                                                                                                    • Figure 62: Analysis of the Financial Structure of the Non-life Insurance Industry, 2014 and 2015
                                                                                                                • Company Profiles

                                                                                                                  • Ageas

                                                                                                                        • Figure 63: Financial Analysis of Ageas Insurance Limited, 2010-2014
                                                                                                                      • Company outlook
                                                                                                                      • AIG Europe Limited (formerly Chartis Europe Limited)

                                                                                                                            • Figure 64: Financial Analysis of AIG Europe Limited, 2010-2014
                                                                                                                          • Company outlook
                                                                                                                          • Allianz

                                                                                                                                • Figure 65: Financial Analysis of Allianz Holdings, 2010-2014
                                                                                                                              • Company outlook
                                                                                                                              • Aviva

                                                                                                                                    • Figure 66: Financial Analysis of Aviva plc, 2010-2014
                                                                                                                                  • Company outlook
                                                                                                                                  • AXA Insurance

                                                                                                                                        • Figure 67: Financial Analysis of AXA Insurance plc, 2010-2014
                                                                                                                                      • Company outlook
                                                                                                                                      • LV Insurance

                                                                                                                                            • Figure 68: Financial Analysis of Liverpool Victoria Insurance Company Limited, 2010-2014
                                                                                                                                          • Company outlook
                                                                                                                                          • QBE Insurance (Europe)

                                                                                                                                                • Figure 69: Financial Analysis of QBE Insurance (Europe), 2010-2014
                                                                                                                                              • Company outlook
                                                                                                                                              • RSA Group

                                                                                                                                                    • Figure 70: Financial Analysis of RSA Group, 2010-2014
                                                                                                                                                  • Company outlook
                                                                                                                                                    • Figure 71: Profiled Companies’ Combined GWP, 2010-2014
                                                                                                                                                • Forecast

                                                                                                                                                  • Key points
                                                                                                                                                    • Market size and segmentation
                                                                                                                                                        • Figure 72: The UK Market Forecast for Commercial Insurance, in Gross Written Premiums, 2016-2020
                                                                                                                                                        • 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
                                                                                                                                                        • Figure 75: The UK Market Forecast for Commercial Insurance, by Type, 2016-2020
                                                                                                                                                        • 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

                                                                                                                                                                • Trade associations
                                                                                                                                                                  • Trade magazines
                                                                                                                                                                    • Trade exhibitions

                                                                                                                                                                    Companies Covered

                                                                                                                                                                    To learn more about the companies covered in this report please contact us.

                                                                                                                                                                    B2B Insurance - UK - January 2016

                                                                                                                                                                    US $1,333.00 (Excl.Tax)