Sorry for interrupting, this website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Learn more
Accept & Close

B2B Insurance - UK - January 2018

“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.”
– Lewis Cone, B2B Analyst

This Report discusses the following key questions:

  • 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?

What you get

What's included

Why buy from us?

Succeed

Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.

Instant Access

Buy now and you'll have instant access to the information you need to make the right decisions.

Opportunities

Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.

Trusted

A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.

Table of contents

  1. 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 world’s 10 largest commercial insurance markets, 2010 and 2016, (in $ billion and % share of non-life market and GDP, respectively)
                                                                                • Figure 15: The world’s 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

                                                                                                                                                                                                B2B Insurance - UK - January 2018

                                                                                                                                                                                                US $1,343.55 (Excl.Tax)