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B2B Insurance - UK - January 2017

“The rapid introduction of new technologies, such as telematics, and the growing importance of data and analytics, have demonstrated to insurance companies just how quickly the market can be disrupted by new ideas or non-traditional competitors. As insurers seek to build partnerships and alliances in the ‘insurtech’ sector, they must be willing to explore multiple strategies and opportunities.”

– Lewis Cone, B2B Analyst

This report looks at the following issues:

  • What are the key determinants driving the B2B insurance industry?
  • How has the lead-up to Brexit already impacted the market?
  • 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?

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Table of contents

  1. Executive Summary

      • Market size
        • 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
        • 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, (%)
        • 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)
        • 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
                    • 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

                        • 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

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

                                        • Key points
                                          • Overview
                                            • Figure 9: UK GDP, 2006-16, (% quarterly growth and GDP in £ billion)
                                            • Figure 10: UK output, by industry, 2008-16, (index 2013 = 100)
                                            • 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
                                                • Figure 12: UK house price changes, 2006-16, (12-month % change)
                                              • Consumer spending
                                                • Manufacturing
                                                  • Figure 13: UK manufacturing, 2014-16, (Index, 2013 = 100)
                                                • Business investment
                                                  • Figure 14: UK GFCF 2005-15, (£ million)
                                                • Imports
                                                  • Exports
                                                  • Market Factors

                                                    • 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

                                                                              • Key points
                                                                                • Market size
                                                                                  • Stable growth in commercial insurance GWP
                                                                                    • Figure 15: The UK market for commercial insurance, in gross written premiums, 2012-16, (£ million)
                                                                                    • Figure 16: The UK market for commercial insurance, in gross written premiums, 2012-16, (£ million)
                                                                                  • US retains position as largest commercial insurance market
                                                                                    • Figure 17: The world’s 10 largest commercial insurance markets, 2010 and 2015, (in $ billion and % share of non-life market and GDP, respectively)
                                                                                    • Figure 18: The world’s 10 largest commercial insurance markets, 2015, ($ billion and % share)
                                                                                  • Market segmentation
                                                                                      • Figure 19: UK commercial insurance market, in GWP, by insurance type, 2012-16, (£ million)
                                                                                      • Figure 20: UK commercial insurance market, in GWP, by insurance type, 2012 and 2016, (% share of overall market)
                                                                                      • Figure 21: UK commercial lines general insurance, by distribution channels, 2011-15, (% of total)
                                                                                      • Figure 22: UK commercial lines general insurance, by distribution channels, 2011-15, (% of total)
                                                                                      • Figure 23: Real growth of direct premiums written in major non-life insurance markets, by country and region, 2012-16, (%)
                                                                                      • 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

                                                                                    • Key points
                                                                                      • Motor
                                                                                          • Figure 25: UK commercial motor insurance market size, by premiums, outgoing payments and underwriting result, 2011-15, (£ million)
                                                                                          • Figure 26: UK commercial motor insurance market size, by premiums, 2011-15, (£ million)
                                                                                          • Figure 27: UK commercial motor insurance market segmentation, by motor insurance type in GWP, 2011-15, (£ million)
                                                                                          • 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
                                                                                            • Figure 30: UK commercial property insurance market size, by premiums, outgoing payments and underwriting result, 2011-15, (£ million)
                                                                                            • Figure 31: UK commercial property insurance market size, by premiums, 2011-15, (£ million)
                                                                                            • Figure 32: UK commercial property insurance market segmentation, by type of cover, in GWP, 2011-2015, (£ million)
                                                                                            • 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
                                                                                              • Figure 35: UK liability insurance market size, by premiums, outgoing payments and underwriting result, 2011-15, (£ million)
                                                                                              • 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)
                                                                                              • Figure 38: Segmentation of UK liability insurance market, by type in GWP, 2011 and 2015, (% share)
                                                                                              • Figure 39: UK liability insurance market operating ratios, total and by liability insurance type 2011-15, (%)
                                                                                            • Private Medical Insurance
                                                                                                • Figure 40: UK corporate PMI market size, by gross earned premiums, 2011-15, (premiums in £ million, average in £)
                                                                                                • 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 %)
                                                                                                • 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)
                                                                                                  • Figure 44: UK MAT insurance market size, by premiums, outgoing payments and underwriting result, 2011-15, (£ million)
                                                                                                  • Figure 45: UK MAT insurance market size, by premiums, 2011-15, (£ million)
                                                                                                  • Figure 46: UK marine insurance market size, by premiums, outgoing payments and underwriting result, 2011-15, (£ million)
                                                                                                  • Figure 47: UK aviation insurance market size, by premiums, outgoing payments and underwriting result, 2011-15, (£ million)
                                                                                                  • Figure 48: UK transport insurance market size, by premiums, outgoing payments and underwriting result, 2011-15, (£ million)
                                                                                                  • Figure 49: UK MAT general insurance, by distribution channels, 2011-15, (% of total)
                                                                                                  • Figure 50: UK MAT general insurance, by distribution channels, 2011-15, (% of total)
                                                                                                • Trade credit
                                                                                                    • Figure 51: UK trade credit insurance market size, by premiums and share of commercial pecuniary loss market, 2011-15, (£ million and %)
                                                                                                    • 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)
                                                                                                    • 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)
                                                                                                    • Figure 56: UK trade credit insurance market share of premiums, by market segment, customer size and insured turnover and by distribution channels, 2011-15, (%)
                                                                                                    • Figure 57: Share of trade credit premiums, by segmentation, 2011 and 2015, (%)
                                                                                                • Industry Structure

                                                                                                  • 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
                                                                                                            • 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
                                                                                                            • Figure 59: Analysis of the employment structure of the non-life insurance industry, 2015 and 2016, (number of employees and outlets)
                                                                                                          • Structure by turnover
                                                                                                            • Figure 60: Analysis of the financial structure of the non-life insurance industry, 2015 and 2016, (£000 and number of businesses)
                                                                                                        • Company Profiles

                                                                                                            • Figure 61: Profiled companies’ combined GWP, 2011-15, (£ million)
                                                                                                        • Ageas

                                                                                                              • Figure 62: Financial analysis of ageas insurance limited, 2011-15, (£ million)
                                                                                                            • Company strategy
                                                                                                            • AIG Europe Limited (formerly Chartis Europe Limited)

                                                                                                                  • Figure 63: Financial analysis of AIG Europe Limited, 2011-2015, (£ Million)
                                                                                                                • Company strategy
                                                                                                                • Allianz

                                                                                                                      • Figure 64: Financial analysis of Allianz Holdings, 2011-2015, (£ Million)
                                                                                                                    • Company strategy
                                                                                                                    • Aviva

                                                                                                                          • Figure 65: Financial analysis of Aviva plc, 2011-15, (£ million)
                                                                                                                        • Company strategy
                                                                                                                        • AXA Insurance

                                                                                                                              • Figure 66: Financial analysis of AXA Insurance plc, 2011-15, (£ million)
                                                                                                                            • Company strategy
                                                                                                                            • LV Insurance

                                                                                                                                  • Figure 67: Financial analysis of Liverpool Victoria Insurance Company Limited, 2011-15, (£ million)
                                                                                                                                • Company strategy
                                                                                                                                • QBE Insurance (Europe)

                                                                                                                                      • Figure 68: Financial analysis of QBE Insurance (Europe), 2011-15, (£ million)
                                                                                                                                    • Company strategy
                                                                                                                                    • RSA Group

                                                                                                                                          • Figure 69: Financial analysis of RSA Group, 2011-15, (£ million)
                                                                                                                                        • Company strategy
                                                                                                                                        • Forecast

                                                                                                                                          • Key points
                                                                                                                                            • Market size and segmentation
                                                                                                                                              • Low, but stable, growth expected in the market
                                                                                                                                                • Figure 70: UK market forecast for commercial insurance, in gross written premiums, 2017-21, (£ million)
                                                                                                                                                • Figure 71: UK market forecast for commercial insurance, in GWP, 2017-21, (£ million)
                                                                                                                                              • Liability insurance accounts for the largest proportion of the market
                                                                                                                                                • Figure 72: The UK market forecast for commercial insurance, by type, 2017-21, (£ million)
                                                                                                                                                • 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
                                                                                                                                                    • 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

                                                                                                                                                        • 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

                                                                                                                                                                                                  Companies Covered

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

                                                                                                                                                                                                  B2B Insurance - UK - January 2017

                                                                                                                                                                                                  US $1,288.43 (Excl.Tax)