英國企業產物保險市場：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52 pages 價格從美金2795起跳。
本報告書內容包括：英國企業產物保險市場介紹、市場規模、收益性、保險理賠金額、主要課題、流通動向等詳細分析、市場佔有率賌訊及2013年之前的保險費（GWP）預測等。內容綱要摘記如下：
概要
實施概要
- 保險費小幅調漲，但市場仍微幅成長
- 2008年企業產物保險因高額保險費而陷入困境，進入提列實質準備金的狀態
- 2009年的保險理賠狀況到目前為止還算良好
- 全國規模的大型代理商今後仍將支配企業產物保險的流通
- 2008年各種型態的獨立保險仲介業者掌握了過半的市場佔有率
- 市場佔有率成長的Allchurches及Travelers
- Allchurches的市場佔有率提高了0.5%，獲得企業產物保險市場4.4%的市佔率
- Travelers收入的保險費大幅增加了14%
- Aviva、RSA、Zurich、AXA、Allianz仍穩坐市場前5名的寶座
- 2008年的市場龍頭是Aviva
- Zurich保住了第3名
- AXA收入的保險費減少了4.1%，2008年的市場佔有率為11.1%
- Allianz 2008年的市場佔有率為7.2%，居第五名
- ACE是2008年第9大的企業產物保險公司
- 隨著市場復甦，營業損失減少
市場狀況
- 介紹
- 保險費小幅調漲，但市場仍微幅成長
- 2008年的市場規模達到43億英鎊的企業產物保險市場
- 2008年市場的實質成長率減少2.1%
- 2008年企業產物保險因高額保險費而陷入困境，進入提列實質準備金的狀態
- 業界因提列準備金效果而出現利益
- 除了提列準備金之外，2008年保險金理賠率達到115%
- 提列準備金的規模在2008年大幅擴大
- 2009年的企業產物保險公司決定提列大幅超過2007年水準的準備金
- 2009年的保險理賠狀況到目前為止還算良好
- 2009年是保險理賠狀況良好的一年
- 2008年火災及竊盗的企業保險理賠金額增加
- AXA Business Crime Index顯示因不景氣引起的犯罪案件明顯增加
- 2008年的企業產物保險半數以上的保險理賠金額都起因自火災
- 2008年氣候相關企業產物保險理賠金額大幅減少
- 2008年因火災而造成事業中斷的保險理賠金額增加了21.7%
- 2008年竊盗保險理賠金額儘小幅增加
- 保險產業要求政府加強水災預防對策
- 2007年的水災成為保險產業要求政府支援降低水災風險的引爆點
- 受到業界歡迎的Draft Floods and Water Management Bill（防洪暨水利相關法案）
- 2009年預算案顯示政府對保險產業的彈性態度
- 提供與氣候變化相關珍貴訊息・資料的 UK Climate Projections（英國氣候預測）
- Ordinance Survey（英國政府陸地測量部）的豐富訊息資源對保險產業而言也很有用
- 儘管如此，保險公司仍認為政府有必要撥出更多水災對策經費
流通
- 介紹
- 全國規模的大型代理商今後仍將支配企業產物保險的通路
- 2008年各種型態的獨立保險仲介業者掌握了過半的市場佔有率
- 規模雖小，卻是企業產物保險市場成長市場的直銷業者
- 透過企業聯盟僅能維持少數的企業產物保險市場佔有率
- 透過銀行或建宅協會達成的企業產物保險銷售金額不高
- 2008年上半年度，代理商仍是針對中小企業銷售的主流通路
競爭環境
未來分析
- 介紹
- 隨著市場復甦，營業損失減少
- 2009年的市場發展低調，但之後穩健成長
- 2013年企業產物保險市場的規模達到59億英鎊
- 損失、提列準備金的金額隨著市場復甦而減少
附錄
圖表
Abstract
Introduction
This report provides a detailed analysis of the UK commercial property
insurance market. It looks at the size of the market, performance ratios,
claims costs, key issues and distribution trends. It also assesses the
competitive landscape providing market share information and forecasts the
total market GWP up to and including 2013.
Scope of this research
- An examination of market size, growth and profitability.
- Analysis of the key drivers of claims inflation.
- Market share and combined ratio data for the largest commercial property
insurers.
- Forecasts of market size and profitability to 2013.
Research and analysis highlights
The market peaked in terms of premium growth rates in 2002 and thereafter
growth rates declined moving into negative territory in 2005. Between 2005 and
2007 the market contracted before seeing growth for the first time in several
years in 2008, as insurers put through small rate increases. In 2008 the
market was worth £4.3 billion.
Analysis of gross incurred claims for the period to H1 2009 indicates that
claims costs have been fairly benign for the first half of 2009 which bodes
well for the sector. Gross incurred claims totaled £737m for H1 2009
which compares to £757m for H1 2008 and represents a fall of 2.6%.
Industry executives believe that the issue of players seeking market share for
new business will hamper any renewal rate increase in the immediate future.
Key reasons to purchase this research
- Understand the direction in which the commercial property insurance market
is moving in terms of premium rates, profitability and future claims.
- Assess the market share of the major distribution channels, the key
players and the latest competitor developments.
- Gain insight into the views and opinions of some of the leading industry
executives.
Table of Contents
OVERVIEW
EXECUTIVE SUMMARY
- The market grew slightly as insurers put through small rate increases
- The market was worth £4.3 billion 2008
- Commercial property insurers suffered from a high COR in 2008, net of
reserve releases
- The sector made a profit after the effects of reserve releases
- 2009 has been a benign year for claims costs so far
- 2009 is shaping up to be another benign year for claims costs
- Large national brokers continue to dominate commercial insurance
distribution
- Independent insurance intermediaries of all types retained their
majority market share in 2008
- Allchurches and Travelers both gained market share
- Allchurches experienced a 0.5 percentage points growth in its market
share to 4.4% of the commercial property market
- Travelers witnessed a significant 14% growth in GWP
- Aviva, RSA, Zurich, AXA and Allianz continue to hold the top 5 market
positions
- Aviva was the market leader in 2008
- Zurich retained its third place ranking
- AXA experienced a 4.1% decline in GWP, taking its market share to 11.1%
in 2008
- Allianz' s market share for 2008 was 7.2%, making it the fifth largest
player
- ACE was the ninth largest commercial property insurer in 2008
- Underwriting losses will decrease as the market hardens
- The commercial property market is predicted to be worth £5.9
billion by 2013
MARKET CONTEXT
- Introduction
- The market grew slightly as insurers put through small rate increases
- The market was worth £4.3 billion 2008
- In terms of real growth, the market contracted by 2.1% in 2008
- Commercial property insurers suffered from a high COR in 2008, net of
reserve releases
- The sector made a profit after the effects of reserve releases
- The COR, excluding reserve releases, reached 115% in 2008
- Reserve releases expanded significantly throughout 2008
- Commercial property insurers made sizeable reserve releases in 2008,
higher than 2007 levels
- 2009 has been a benign year for claims costs so far
- 2009 is shaping up to be another benign year for claims costs
- Commercial property claims costs resulting from fire and theft increased
in 2008
- The AXA Business Crime Index has shown a marked increase of recessionary
crime
- More than half of total claims costs in commercial property arose from
fires in 2008
- Weather related commercial property claims decreased significantly in
2008
- Business interruption claims costs following fire grew by 21.7% in 2008
- The cost of commercial property insurance theft claims increased
marginally in 2008
- Insurers are pressuring the government for improvements in flood defenses
- The 2007 floods were a catalyst for insurers seeking government
assistance to limit flood risk exposure
- The Draft Floods and Water Management Bill has been warmly welcomed by
the industry
- The 2009 Budget commitments showed some signs of the government
listening to the insurance industry
- The UK Climate Projections provides valuable information and data about
climate change
- The Ordinance Survey' s data-rich resources are also of much use to the
insurance industry
- However, insurers still feel that the government should spend more on
flood defenses
DISTRIBUTION
- Introduction
- Large national brokers continue to dominate commercial insurance
distribution
- Independent insurance intermediaries of all types retained their
majority market share in 2008
- Direct players account for a small but growing 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
- Brokers remained the dominant distribution channel to target SMEs in H1
2008
COMPETITIVE DYNAMICS
- Introduction
- Allchurches and Travelers both gained market share
- Allchurches experienced a 0.5 percentage points growth in its market
share to 4.4% of the commercial property market
- Travelers witnessed a significant 14% growth in GWP
- Aviva, RSA, Zurich, AXA and Allianz continue to hold the top 5 market
positions
- Aviva was the market leader in 2008
- Zurich retained its third place ranking
- AXA experienced a 4.1% decline in GWP, taking its market share to 11.1%
in 2008
- Allianz' s market share for 2008 was 7.2%, making it the fifth largest
player
- ACE was the ninth largest commercial property insurer in 2008
- Travelers, Zurich, RBS, Allianz and Aviva beat the market average COR,
after allowing for reserve releases
- Acquisitions by brokers continued, albeit at a slower pace than previous
years
- AXA has continued to increase its presence in the UK commercial
insurance market through its broking arm Bluefin
- Giles acquired numerous commercial brokers in 2008
- Oval completed 12 acquisitions in the 12 months to June 2008
- Cullum Capital Ventures continued with its acquisition strategy in 2008
and 2009
- JLT acquired Ingham Underwriting
FUTURE DECODED
- Introduction
- Underwriting losses will decrease as the market hardens
- The market will grow slowly in 2009 and harden significantly thereafter
- The commercial property market is predicted to be worth £5.9
billion by 2013
- Losses, net of reserve releases, will fall as the market hardens
APPENDIX
- Definitions
- ABI members
- Accident year combined ratio
- Brokers
- Earned premiums
- Gross premiums
- Net premium
- Reported year combined ratio
- Prior years' reserve development
- Written premiums
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: Total commercial property insurance GWP, 1995 - 2008 (£m)
- Table: Commercial property premium real growth rates and average
inflation, 1996 - 2008 (%)
- Table: Commercial property underwriting profit/loss, 1998 - 2008 (£m)
- Table: Accident year CORs for total property insurance and commercial
property insurance, 2005 - 08 (%)
- Table: Accident and reported year COR, underwriting results and reserve
developments, commercial property insurance market, 2005 - 08 (%)
- Table: Gross incurred commercial property insurance claims by peril, H1
2008 - 09 (£m)
- Table: Gross incurred commercial property insurance claims by peril, 2004
- 08 (£m)
- Table: Proportion of gross incurred commercial property insurance claims
by peril, 2004 - 08 (%)
- Table: Commercial property insurance weather claims costs, 2004 - 2008
(£m)
- Table: Cost of business interruption claims by cause, 2004 - 08 (£m)
- Table: Total cost of commercial property insurance theft claims, 2004 - 08
(£m)
- Table: Volume and average value of property theft claims, 2004 - 08
- Table: Market share of distribution channels in the commercial general
insurance market, 2004 - 08 (%)
- Table: GWP and market share of the top 10 UK commercial property insurance
groups, 2007 - 08
- Table: Reported year combined ratio and underwriting profit/loss for the
top 10 commercial property insurance groups, 2008
- Table: Key variables affecting GWP, 2009f - 13f
- Table: Forecast of UK commercial property insurance market GWP, 2009 - 13f
- Table: Forecast of accident year COR, commercial property insurance
market, 2009 - 13f (%)
FIGURES
- Figure: The sector reported an underwriting profit in 2008; however, this
was only made possible by releases of prior years' reserves
- Figure: 2008 was the first time the market experienced positive premium
growth since 2004
- Figure: Strong competition within the market has kept real premium growth
negative since 2005
- Figure: The sector reported an underwriting profit in 2008; however, this
was only made possible by releases of prior years' reserves
- Figure: The COR, net of reserve releases for commercial property
insurance, reached 115% in 2008
- Figure: In 2008, there was significant reserve release in order to improve
the reported year COR
- Figure: H1 2009 claims costs are slightly lower than H1 2008
- Figure: Claims arising from fire and explosions following fires increased
the most in 2008
- Figure: Fire claims accounted for the largest claims bill in the
commercial property insurance market
- Figure: Weather claims costs declined dramatically in 2008
- Figure: Weather-related business interruption claims costs fell in 2008
while fire-related business interruption costs increased
- Figure: Commercial property theft claims reached a value of £175m in
2008
- Figure: The number of theft claims increased significantly in 2008
- Figure: UKCP09 is a readily available source of information about various
aspects of UK climate change
- Figure: Brokers still remain the dominant route to market for commercial
insurers in the UK
- Figure: 82% of SMEs purchase their commercial insurance through brokers
- Figure: Travelers and Allchurches gained market share in 2008
- Figure: Travelers, Zurich, RBS, Allianz and Aviva beat the market average
COR, after allowing for prior years' reserve releases
- Figure: Premium rates increases will occur in order to improve the
underwriting profitability of insurers
- Figure: The COR for the commercial property market will decline throughout
the forecast period
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