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UK B2B Insurance market report

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the B2B Insurance - UK market, and the behaviours, preferences and habits of the consumer.

Mintel has the answers you’re looking for

What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Covered in this report

Insurance companies are exposed to underwriting and market risk mostly, with relatively stable liquidity and credit default risk. Commercial insurance performs a critical role in the world economy, as insurers essentially protect the economic system from failure by assuming the risks inherent in the production of goods and services. This transfer of risk frees insured companies from the potentially crippling fear that an accident or mistake could cause large losses or even financial ruin.


Commercial insurance demand varies from industry-to-industry, company-to-company, and by differing legal environments. The construction industry spends most on insurance relative to its revenues, followed by the transportation, communications and utilities sectors. The financial services, trade and government sectors have the lowest insurance expenses compared to their revenues.

Expert analysis from a specialist in the field

Written by Lewis Cone, a leading analyst in the B2B sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

The profit margins of UK B2B insurers remain under pressure due to intense competition and unfavourable claims trends. The rate increases achieved in some lines of business have been offset by higher claims and the IPT remaining at its current, relatively high rate. Furthermore, investments continue to provide only marginal earnings due to volatile markets and low interest rates Lewis Cone
Senior B2B Analyst

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What's included

What's included

Table of contents

Table of contents

  1. Overview

    • What you need to know
      • Covered in this Report
      • Executive Summary

          • The market
            • Figure 1: The UK market for commercial insurance, in GWPs, 2015-19, (£ million)
          • Miscellaneous & pecuniary loss premiums record 52% growth in GWP since 2015
            • Figure 2: UK Commercial insurance market, in GWP, by insurance type, 2019, (£ million)
          • US dominates global market but China continues to record strongest growth
            • Figure 3: The world’s six largest commercial insurance markets, in direct non-life insurance premiums, 2018, (in $ billion)
          • Uncertainty to drive growth as business looks to protect itself against transitional market loss
            • Figure 4: The UK market forecast for commercial insurance, in gross written premiums, 2020-24, (£ million)
          • Companies and brands
            • What we think
            • Issues and Insights

              • Cyber insurance GWPs more than double in the last two years, but lack of knowledge still threatens businesses
                • The facts
                  • The implications
                    • Industry in urgent need of full digitalisation to truly benefit from business opportunities
                      • The facts
                        • The implications
                        • The Market - What You Need to Know

                          • Market growth continues in 2019 following decade-high growth in 2018
                            • Uncertainty to drive growth as business looks to protect itself against transitional market loss
                            • Market Size and Market Segmentation

                                • Market sees growth of 3.7% in 2019, following decade-high growth in 2018
                                  • Figure 5: The UK market for commercial insurance, in gross written premiums, 2015-19, (£ million)
                                • US dominates commercial insurance market but China continues to record strongest growth
                                  • Figure 6: The world’s 10 largest commercial insurance markets, 2010 and 2018, (in $ billion and % share of non-life market and GDP, respectively)
                                • Market Segmentation
                                  • Miscellaneous & pecuniary loss premiums record 52% growth in GWP since 2015
                                    • Figure 7: UK commercial insurance market, in GWP, by insurance type, 2015-19, (£ million)
                                  • Independent intermediaries collect almost four fifths of all commercial insurance lines
                                      • Figure 8: UK commercial lines general insurance, by distribution channels, 2014-18, (% of total)
                                    • Canada records strongest non-life premium growth in 2018, but the US records highest five-year growth average
                                      • Figure 9: Real growth of direct premiums written in major non-life insurance markets, by country and region, 2014-18, (%)
                                  • Market Forecast

                                      • Uncertainty to drive growth as business looks to protect itself against transitional market loss
                                        • Figure 10: The UK market forecast for commercial insurance, in gross written premiums, 2020-24, (£ million)
                                      • Property insurance holds majority market share, just, whilst motor insurance will experience greatest growth
                                        • Figure 11: The UK market forecast for commercial insurance, by type, 2020-24, (£ million)
                                      • Bank of England to stress-test financial climate change risks
                                        • London Matters 2020 commissioned to measure the market’s progress
                                        • The Impact of the Economy

                                          • Annual GDP growth falls to six-year low in 2018 and continues to slow in 2019
                                            • Figure 12: GDP growth rate, Q3 2015-Q3 2019, (% change on previous quarter)
                                        • Market Trends

                                          • Motor
                                              • Figure 13: UK commercial motor insurance market size, by premiums, outgoing payments and underwriting result, 2014-18, (£ million)
                                              • Figure 14: UK commercial motor insurance market segmentation, by motor insurance type in GWP, 2014-18, (£ million)
                                              • Figure 15: UK commercial motor insurance market operating ratios, 2014-18, (%)
                                              • Figure 16: Detected claims fraud in the UK commercial motor insurance market, in value and volume, 2014-18, (in £000 and 000)
                                            • Property
                                                • Figure 17: UK commercial property insurance market size, by premiums, outgoing payments and underwriting result, 2014-18, (£ million)
                                                • Figure 18: UK commercial property insurance market segmentation, by type of cover, in GWP, 2014-18, (£ million)
                                                • Figure 19: UK commercial property insurance market operating ratios, 2014-18, (%)
                                                • Figure 20: Detected claims fraud in the UK commercial property insurance market, in value and volume, 2014-18, (in £000 and 000)
                                              • Liability
                                                  • Figure 21: UK liability insurance market size, by premiums, outgoing payments and underwriting result, 2014-18, (£ million)
                                                  • Figure 22: UK liability insurance market segmentation, by liability insurance type in GWP, 2014-18, (£ million)
                                                  • Figure 23: UK liability insurance market operating ratios, total and by liability insurance type 2014-18, (%)
                                                • Private Medical Insurance
                                                    • Figure 24: UK corporate PMI market size, by gross earned premiums, 2014-18, (premiums in £ million, average in £)
                                                    • Figure 25: UK corporate PMI claims paid and gross margin development, 2014-18, (premiums and claims in £ million and margins in %)
                                                  • Marine, Aviation and Transit
                                                      • Figure 26: UK MAT insurance market size, by premiums, outgoing payments and underwriting result, 2014-18, (£ million)
                                                      • Figure 27: UK marine insurance market size, by premiums, outgoing payments and underwriting result, 2014-18, (£ million)
                                                      • Figure 28: UK aviation insurance market size, by premiums, outgoing payments and underwriting result, 2014-18, (£ million)
                                                      • Figure 29: UK transport insurance market size, by premiums, outgoing payments and underwriting result, 2014-18, (£ million)
                                                    • Trade Credit
                                                        • Figure 30: UK trade credit insurance market size, by premiums and share of commercial pecuniary loss market, 2014-18, (£ million and %)
                                                        • Figure 31: UK trade credit insurance market, by number of policies and insured turnover amount, 2014-18, (in units and £ million)
                                                        • Figure 32: UK trade credit insurance, by number of claims and gross payments, 2014-18, (claim number in units and gross payments in £000)
                                                        • Figure 33: UK trade credit insurance market share of premiums, by market segment, customer size and insured turnover and by distribution channels, 2014-18, (%)
                                                    • Market Drivers

                                                        • UK expected to leave the EU by the end of January 2020 with insurers still preparing for the remaining prospect of a ‘no-deal’
                                                          • Consultation held on IPT but rate remains unchanged
                                                            • 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
                                                                            • The IFRS 17
                                                                            • Companies and Brands – What You Need to Know

                                                                              • Lloyd’s of London invests in new digital platforms to cut costs and streamline processes
                                                                                • Centres created to provide assistance to smaller businesses
                                                                                • Industry Structure

                                                                                  • Industry development
                                                                                    • Lloyd’s of London invests heavily in digital transformation
                                                                                      • Counter-fraud database launched to improve detection and reduce costs
                                                                                        • Industry M&A activity
                                                                                          • The number of businesses operating in the industry continues to rise, whilst the number of outlets stagnates
                                                                                            • Figure 34: Analysis of the changes in the structure of the non-life insurance industry, 2015-19, (number of outlets and businesses)
                                                                                          • Structure by Employment
                                                                                            • Figure 35: Analysis of the employment structure of the non-life insurance industry, 2018 and 2019, (number of employees and outlets)
                                                                                          • Structure by Turnover
                                                                                            • Figure 36: Analysis of the financial structure of the non-life insurance industry, 2018 and 2019, (£000 and number of businesses)
                                                                                        • Competitive Strategies

                                                                                          • Allianz launches new website to help businesses manage threats
                                                                                            • Centres created to provide assistance to smaller businesses
                                                                                              • Hiscox launches cyber exposure calculator
                                                                                              • Company Profiles

                                                                                                • Ageas
                                                                                                  • Recent company activity
                                                                                                    • Financial information
                                                                                                      • Figure 37: Financial analysis of Ageas Insurance Limited, 2014-18, (£ million)
                                                                                                    • AIG UK Limited (formerly known as AIG Europe Ltd)
                                                                                                      • Recent company activity
                                                                                                        • Financial nformation
                                                                                                          • Figure 38: Financial analysis of AIG Europe Limited, 2014-18, (£ million)
                                                                                                        • Allianz
                                                                                                          • Recent company activity
                                                                                                            • Financial information
                                                                                                              • Figure 39: Financial analysis of Allianz Holdings, 2014-18, (£ million)
                                                                                                            • AXA Insurance
                                                                                                              • Recent company activity
                                                                                                                • Financial information
                                                                                                                  • Figure 40: Financial analysis of AXA Insurance UK, 2014-18, (£ million)
                                                                                                                • Hiscox
                                                                                                                  • Recent company activity
                                                                                                                    • Financial information
                                                                                                                      • Figure 41: Financial analysis of Hiscox, 2014-18, (£ million)
                                                                                                                    • QBE UK Limited (formerly known as QBE Insurance (Europe) Limited)
                                                                                                                      • Recent company activity
                                                                                                                        • Financial information
                                                                                                                          • Figure 42: Financial analysis of QBE UK Limited (formerly known as QBE Insurance (Europe) Limited), 2014-18, (£ million)
                                                                                                                        • RSA Group
                                                                                                                          • Recent company activity
                                                                                                                            • Financial information
                                                                                                                              • Figure 43: Financial analysis of RSA Group, 2014-18, (£ million)
                                                                                                                          • Appendix - Data Sources, Abbreviations and Supporting Information

                                                                                                                              • Abbreviations
                                                                                                                                • Methodology
                                                                                                                                • Further Sources and Contacts

                                                                                                                                  • Trade Associations

                                                                                                                                  About the report

                                                                                                                                  This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

                                                                                                                                  • The Consumer

                                                                                                                                    What They Want. Why They Want It.

                                                                                                                                  • The Competitors

                                                                                                                                    Who’s Winning. How To Stay Ahead.

                                                                                                                                  • The Market

                                                                                                                                    Size, Segments, Shares And Forecasts: How It All Adds Up.

                                                                                                                                  • The Innovations

                                                                                                                                    New Ideas. New Products. New Potential.

                                                                                                                                  • The Opportunities

                                                                                                                                    Where The White Space Is. How To Make It Yours.

                                                                                                                                  • The Trends

                                                                                                                                    What’s Shaping Demand – Today And Tomorrow.

                                                                                                                                  Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

                                                                                                                                  Description