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市場調查報告書
英國的雇主責任險：2009年
UK Employers' Liability Insurance 2009
| 出版商 |
Datamonitor |
| 出版日期 |
2009年10月 |
商品編碼 |
101281 |
| 內容資訊 |
英文 62 pages |
| 價格 |
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英國的雇主責任險：2009年 是由出版商Datamonitor在2009年10月所出版的。
這份英文市場調查報告書包含62 pages 價格從美金2795起跳。
本報告書內容包括：英國雇主責任險市場的綜合分析、競爭策略及收益性和表現、2013年之前的市場規模及收益預測等。內容綱要摘記如下：
概要
實施概要
市場概要
- 介紹
- 2008年是情勢嚴峻的一年
- 保險費下降
- 市場因處理理賠業務而蒙受損失
- 雇主責任險的理賠金額在2008年增加
- 法規限制造成影響
- 對保險公司而言詐欺是個嚴重的問題
消費者的觀點
- 介紹
- 代理商獨佔銷售市場
- 網路市場符合中小企業的需求，穩健成長中
- 高度滿意度形成高續約率
- 大部分的中小企業沒有改變投保公司的意願
競爭動向
- 介紹
- Zurich、Aviva、RSA、AXA、QBE是5大保險公司
- 旅遊者拒絕該動向
- 平均損失率為73％
未來預測
- 介紹
- 該市場可望愈來愈穩健發展
- 不景氣雖然影響市場發展腳步，但保險費高漲卻為市場接受
- 保險費收入在2013年可望達到24億英鎊
- 綜合成本率可望超過100％
附錄
Abstract
Introduction
The report is an invaluable guide to the UK employers' liability insurance
market, providing insight into competitor strategies, profitability and
performance as well as overall market growth and trends. It examines trends in
distribution and identifies the key drivers behind claims inflation. The
report also provides forecasts for the size and profitability of the market up
to 2013.
Scope of this research
- A discussion of the competitive issues and prevailing trends within the
employers' liability market
- Analysis of the factors driving the market' s recent performance
- Forecasts of GWP growth up to and including 2013, based on Datamonitor' s
in-house expertise and interviews with senior industry executives
Research and analysis highlights
Many insurers that Datamonitor contacted noted that the market has become
differentiated with certain sectors suffering from competitive pricing more
than others. Most insurers reported flat or moderately increasing rates for
renewals while new business quotes continued to attract intense competition
and lower premium rates
The primary reason for the lack in growth in the claims bill between 2004 and
2008 was the reduction in the number of employers' liability claims. This has
been countered however by relatively high claims inflation and the high cost
of settling each claim.
A majority of SMEs that would buy online were inclined to purchase products
such as public or employers' liability insurance. This reflects not only the
widespread and common use of these products by SMEs but also the relatively
commoditized nature of these insurance products that often can be included in
packages that target smaller SMEs.
Key reasons to purchase this research
- Obtain a comprehensive understanding of the key trends in the employers'
liability market insurance in the UK.
- Benchmark your company against your competitors based on current and past
performances in the market.
- Develop your future business plans from an informed viewpoint with
Datamonitor' s GWP forecast for the employers' liability insurance market.
Table of Contents
OVERVIEW
EXECUTIVE SUMMARY
- The EL sector was challenging in 2008
- Lower premium rates due to competition remains the key driver behind the
market' s decline
- Despite increases in net written premiums, the market was unprofitable
- Gross claims costs increased in 2008 by 9.6%
- Brokers dominate distribution
- Independent insurance intermediaries of all types retained their leading
market share in 2008
- Commercial liability insurance is considered to be least at risk from
the direct channel
- SMEs are relatively open to internet arrangement of their employers'
liability cover
- Zurich, Aviva, RSA, AXA and QBE are the top five players
- Zurich remained by far the largest insurer in the market
- Aviva, RSA, AXA and QBE are firmly entrenched in the top five
- The EL market is set to harden
- Premium income is forecast to reach a high of £2.4 billion in 2013
MARKET CONTEXT
- Introduction
- The EL sector was challenging in 2008
- The market shrank in 2008 as rates fell
- The Lloyd' s market has written a declining amount of employers'
liability business in recent years
- Premiums rates fell
- Lower premium rates due to competition remains the key driver behind the
market' s decline
- Policy count was relatively unchanged in 2008 as the recession had not
yet affected the market
- The market made an underwriting loss
- Despite increases in net written premiums, the market was unprofitable
- Commissions and expenses costs are estimated to have continued their
decline in 2008
- Employers' liability claims costs increased in 2008
- Gross claims costs increased in 2008 by 9.6%
- Employers' liability claims volumes have declined significantly in
recent years
- The British Coal schemes' costs have advanced only slightly
- Workplace injuries and ill health continued to decline in 2007/08
- Regulation is having an impact
- A compensation fund along the lines of the Motor Insurance Bureau has
been proposed for the market
- Zurich has pursued a court case that benefits insurers still active in
the market
- The updated Health and Safety Act coming into effect could mean higher
costs for employers' liability insurers
- Employers' liability claims will not be included under the fast track
scheme in government reforms
- Proposed pleural plaques legislation can cause uncertainty for the market
- Fraud is a serious problem for insurers
- Fraud is a serious issue for the employers' liability market,
particularly in light of the recession
- Insurers have invested in anti-fraud programs that also benefit the
employers' liability account
CUSTOMER FOCUS
- Introduction
- Brokers dominate distribution
- Independent insurance intermediaries of all types retained their leading
market share in 2008
- Direct players account for a small but important portion of the
commercial general insurance market
- Corporate partnerships have maintained only a small presence in the
commercial insurance market
- Banks and building societies distribute negligible amounts of commercial
general insurance
- Commercial liability insurance is considered to be least at risk from
the direct channel
- An internet proposition could gain ground with SMEs
- Brokers dominate among all sizes of SMEs, though they have greater
market share among larger SMEs
- Face-to-face arrangement is popular in the market but is more prevalent
among larger SMEs
- SMEs are relatively open to internet arrangement of their employers'
liability cover
- High levels of retention go along with high levels of satisfaction
- SMEs are generally happy with their insurance provider
- SMEs tend to prefer longstanding relationships with their providers,
making an initial pitch critical
- A large proportion of SMEs are unlikely to switch to a new provider
- More SMEs considered a change of provider in 2009 than in 2008
- A variety of companies, from different industries, believe they will
change their provider over the next year
- SMEs that use the internet to arrange their insurance are the most
likely to search out a new provider
COMPETITIVE DYNAMICS
- Introduction
- Zurich, Aviva, RSA, AXA and QBE are the top five players
- Zurich remained by far the largest insurer in the market
- Aviva, RSA, AXA and QBE are firmly entrenched in the top five
- Travelers bucked the trend
- Allianz was the 6th largest EL insurer in 2008
- Travelers increased its GWP
- Allchurches is the 10th largest player
- Lloyd' s syndicates underwrote around £100m of EL business
- The average gross loss ratio was 73%
- Gross loss ratios for AIG and Allianz improved substantially in 2008
- AXA and ACE experienced only marginal change in their gross claims
ratios, which still beat the market average
- Gross loss ratios increased for most of the top 10
FUTURE DECODED
- Introduction
- The EL market is set to harden
- The recession will weigh heavily on GWP growth, though it is generally
accepted that rates must rise
- Premium income is forecast to reach a high of £2.4 billion in 2013
- The combined ratio is expected to remain well above 100%
APPENDIX
- Definitions
- Premium income measures
- Distribution
- Definitions of general terms
- Methodology
- Commercial Insurance Broker Survey - March 2009
- Datamonitor' s SME Insurance Survey Q2 2009
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: UK employers' liability insurance GWP (ABI members), 2000 - 08
(£m)
- Table: Lloyd' s market UK employers' liability insurance GWP, 2005 - 08p
- Table: UK company insolvencies, 2004 - 2009 Q1p
- Table: UK employers' liability underwriting result, 2004 - 08 (£m)
- Table: Employers' liability gross claims costs, 2004 - 08 (£m)
- Table: Number of employers' liability personal injury claims split by
accident and disease, 2003/04 - 2008/09
- Table: Number of claims made to the DTI and total compensation paid for
respiratory disease and VWF under the British Coal scheme as of April 5, 2009
- Table: Workplace injuries reportable under RIDDOR, 2003/4 - 2007/8p
- Table: Workplace injuries reportable under RIDDOR, excluding acts of
violence, 2003/04 - 2007/08p
- Table: Workplace fatalities reported under RIDDOR, 2003/04 - 2007/08p
- Table: Total estimated workplace injuries reportable to the HSE, 2003/04 -
2007/08p
- Table: Number of cases of occupational disease and work related mental
ill-health, 2003 - 07p
- Table: Estimated number of work-related and occupational respiratory
disease, 2003 - 07p
- Table: Market share of the distribution channels in the commercial general
market, 1999 - 2008 (%)
- Table: Q: "How long have you been with your current insurance provider?"
- Table: Q: "Do you think you will change your commercial insurance provider
in the next 12 months?"
- Table: Top 10 UK employers' liability insurers by market share and GWP,
2007 - 08
- Table: Gross claims ratio of the top 10 employers' liability insurers,
2004 - 08 (%)
- Table: Key variables affecting employers' liability insurance GWP, 2008e -
13f
- Table: Employers' liability premium income forecast (ABI members), 2003 -
13f (£m)
- Table: Forecast of EL combined ratio, 2009-13 (%)
- Table: What banding does your company fall into in terms of general
insurance premium income turnover?
- Table: Q: "What business sector are you involved in?"
- Table: Q: "How large is your company in terms of number of employees?"
- Table: Q: "How large is your company in terms of turnover?"
FIGURES
- Figure: SMEs show the greatest willingness to purchase public and
employers' liability insurance online
- Figure: Lloyd' s market players have continued to write a declining amount
of UK employers' liability business
- Figure: UK company liquidations increased sharply in 2008 due to the
recession
- Figure: The employers' liability market made another underwriting loss in
2008
- Figure: Gross claims costs resumed their growth in 2008, after a sharp
decline in 2007
- Figure: The number of employers' liability claims relating to disease has
fallen significantly in recent years
- Figure: Workplace deaths have declined from their most recent peak in
2006/07
- Figure: Cases of lung-related occupational disease increased in 2007
- Figure: National brokers witnessed a significant increase in their share
of the UK commercial insurance market in 2008
- Figure: Commercial motor is considered to be at most risk from the direct
channel
- Figure: Brokers have the highest penetration among medium-sized firms
- Figure: Micro SMEs are most comfortable with arranging their cover over
the telephone
- Figure: SMEs show the greatest willingness to purchase public and
employers' liability insurance online
- Figure: Satisfaction levels in the market remain high
- Figure: Very few SMEs have changed their provider in the last two years
- Figure: Companies in the education sector are the most likely to seek out
a new quote in the next 12 months
- Figure: Clients which arrange their insurance through the internet are the
most likely to search for another provider
- Figure: Zurich remains the clear market leader
- Figure: Loss ratios for the top 10 insurers generally deteriorated
- Figure: The market is predicted to grow between 2009 and 2013
- Figure: The combined ratio is expected to remain at well over 100% across
the forecast period
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