英國的公司職員賠償責任保險 是由出版商Datamonitor在2009年11月所出版的。
這份英文市場調查報告書包含57 pages 價格從美金2795起跳。
英國的公司職員賠償責任保險市場已從2007年的4億4,500萬英鎊擴大到2008年的4億6,800萬英鎊。儘管目前經濟處於不安的狀態，此動向今後亦將持續發展，預計在英國市場將不會有很大的損害。
本報告書內容包括：英國公司職員賠償責任保險市場的規模與成長預測、影響收益性的主要動向、該市場的競爭環境等，內容綱要摘記如下：
概要
實施摘要
市場概要
- 介紹
- 英國的公司職員賠償責任保險市場於2008年達到4億6,800萬英鎊，增加5.2％
- 即使是金融危機需求仍高
- 就算不如以往，2008年確保了收益
- 因倒閉或僱用相關要求等不景氣的影響，賠償額有增加傾向
- 多重的因素有可能使得英國的公司職員賠償責任保險賠償更為增加
- 美國與英國的公司職員賠償責任保險出現不同的趨勢
銷售動向
- 介紹
- 大規模經紀商持續銷售大部分的商業保險
- 公司職員賠償責任保險的銷售為經紀商獨占
- 大部分的中小企業於投保商業保險時係透過經紀商
- 公司職員賠償責任保險對中小企業的滲透率與其他產品相比亦為最低者之一
- 焦點集中於評估公司職員賠償責任保險的適當保險公司
競爭動向
- 介紹
- AIG、ACE、Chubb為英國公司職員賠償責任保險公司的前三名
- Lloyd's of London的公司職員賠償責任保險承保金額2008年稍微減少
將來的展望
- 介紹
- 英國公司職員賠償責任保險市場預測將在2013年前擴大至5億9,600萬英鎊
附錄
Abstract
Introduction
This report provides a detailed analysis of the current trends and issues in
the UK directors' and officers' market. More specifically, it examines the
size of the market, demand, profitability, claims, distribution and who the
main players are within the market. Finally, it presents Datamonitor' s
forecast of total directors' and officers gross written premiums up to 2013.
Scope of this research
- Estimates of the size and growth of the UK directors' and officers market.
- A discussion of what the key trends are affecting profitability.
- An insight into SME purchasing patterns.
- Information on the main competitors active in the UK directors' and
officers' market.
Research and analysis highlights
The total UK directors' and officers' insurance (D&O) market is estimated to
have grown from £445m in 2007 to £468m in 2008, as measured by
gross written premiums (GWP).
Despite the increasingly risky nature of writing directors' and officers'
insurance during the current climate, most insurers are still making profits
from their D&O portfolio, and this will remain the case for the foreseeable
future. In 2008, there were no large commercial (non-financial) losses within
the UK market.
D&O distribution is almost entirely confined to the large national and
regional brokers that are able to facilitate the large administration costs
required to place a D&O policy.
Key reasons to purchase this research
- Gain an understanding of the key factors affecting the market and the
current state of the competitive landscape.
- Develop your knowledge of the key purchasing patterns of SMEs in order to
target exactly what clients need during the economic downturn.
- Adjust your ambitions within this market by using Datamonitor' s forecast
for total market growth up to 2013.
Table of Contents
OVERVIEW
EXECUTIVE SUMMARY
- The total UK directors' and officers' insurance market grew by 5.2% to
£468m in 2008
- Stabilizing rates in some lines and greater product penetration led to
higher levels of GWP
- Directors' and officers' insurance distribution is dominated by brokers
- The strong level of expertise that brokers have make them the primary
route to market
- There has been a small growth in online delivery for brokers from
insurers over the past few years
- AIG, ACE and Chubb remain the top three UK directors' and officers'
insurance carriers
- Despite its exposure to the sub-prime crisis, AIG UK still remains in
healthy shape
- ACE has grown its market share due to growth in new business
- Chubb also managed to increase its market share, rising to 19% of the
market
- The UK directors' and officers' insurance market is forecast to grow to
£596m by 2013
- Rate increases and increased penetration of SMEs will lead to GWP growth
MARKET CONTEXT
- Introduction
- The total UK directors' and officers' insurance market grew by 5.2% to
£468m in 2008
- Stabilizing rates in some lines and greater product penetration led to
higher levels of GWP
- The rate of decline of D&O premium rates has been falling recently in
line with greater claims risk
- Unsurprisingly, financial institutions are seeing the largest rate
increases in the UK
- Demand for D&O is robust despite the difficult financial climate
- FTSE 100 companies are buying 20% more D&O cover than they were 12
months ago
- Insurers are competing heavily for new business within the smaller end
of the market
- In line with greater SME uptake, more brokers are expected to introduce
D&O to their product range
- The D&O market remained profitable in 2008 although much less so than
previous years
- Profit margins will be squeezed due to broad coverage and low rates,
which has left many exposed
- Perversely, the anticipation of a hardening market has further depressed
rates, squeezing margins
- In Europe, a number of major reinsurers are withdrawing liability
treaties, resulting in higher reinsurance costs and lower margins
- Claims are likely to rise due to the recession, with insolvencies and
employment-related claims major drivers
- D&O claims have not seen any significant growth in the UK as of yet,
although the future is uncertain
- Ballooning insolvencies are expected to increase claims by disgruntled
workers and stakeholders
- The majority of D&O claims are associated with employment issues
- Several issues may cause a further increase in directors' and officers'
insurance claims
- Litigation funding companies may contribute towards greater claims
activity
- Disputes regarding the exhaustion limits triggering excess layers may
become more common
- The Health and Safety (Offences) Act will increase the penalties for
those that break health and safety law
- Different trends are in evidence in the US and UK directors' and officers'
insurance markets
- D&O premium rates in the UK are diverging compared with the US
- The US has experienced a flood of class action filings, which may also
affect the UK market
- Typically, there is a lag between the notification of a class action and
settlement
DISTRIBUTION DYNAMICS
- Introduction
- Large national brokers continue to distribute the vast majority of
commercial insurance
- 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
- Directors' and officers' insurance distribution is dominated by brokers
- The strong level of expertise that brokers have make them the primary
route to market
- There has been a small growth in online delivery for brokers from
insurers over the past few years
- Commercial liability products are likely to remain brokered for the
foreseeable future
- The vast majority of SMEs use brokers for commercial insurance policies
- 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 simply prefer to use the face-to-face channel as it helps simplify
the problem
- Of those SMEs willing to buy insurance online or via the telephone, D&O
was the least popular
- Package products are the principle means through which SMEs purchase
their cover
- D&O SME penetration is one of the lowest compared with other commercial
lines
- Approximately a quarter of SMEs surveyed buy directors' and officers'
liability, suggesting there is further growth potential
- Only 15% of micro sized firms purchase directors' and officers' cover
- There is now a strong emphasis on assessing the right carrier for a D&O
policy
- The current economic climate is prompting buyers of D&O insurance to
assess their insurers solvency
- Standalone, higher limit directors' and officers' cover is becoming more
popular among buyers
COMPETITIVE DYNAMICS
- Introduction
- AIG, ACE and Chubb remain the top three UK directors' and officers'
insurance carriers
- Despite its exposure to the sub-prime crisis, AIG UK still remains in
healthy shape
- ACE has grown its market share to 21% due to growth in new business
- Chubb also managed to increase its market share, rising to 19% of the
market
- The remainder of the market is characterized by smaller and often excess
insurers
- The amount of D&O GWP written by the Lloyd' s of London market declined
slightly in 2008
- The proportion of D&O business written by the Lloyd' s market decreased
- The majority of D&O cover written in the Lloyd' s market is for financial
institutions
- Due to its syndicated nature of underwriting, the Lloyd' s market is
becoming increasingly favorable
FUTURE DECODED
- Introduction
- The UK directors' and officers' insurance market is forecast to grow to
£596m by 2013
- Rate increases and increased penetration of SMEs will lead to GWP growth
- The UK directors' and officers' insurance market will peak in terms of
growth rate in 2010
APPENDIX
- Definitions
- Employers' liability
- Professional indemnity
- Directors' and officers' liability
- A-side coverage
- B-side coverage (corporate reimbursement)
- C-side coverage (entity securities coverage)
- Attritional losses
- Employment Practices Liability
- Earned premiums
- Gross premiums
- GWP
- London insurance market
- Micro, small and medium sized enterprises (SME)
- Written premiums
- Methodology
- Primary and secondary research
- Exchange rate conversions
- Data on the Lloyd' s market
- Datamonitor' s SME Insurance Survey Q2 2009
- Datamonitor' s commercial broker survey
- Competitor estimates
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: Total UK directors' and officers' GWP and growth rate, 2003e - 08e
- Table: Quarterly movement in premium rates, Q2 2005 - Q2 2009 (%)
- Table: UK company insolvencies, 2004 - 2009
- Table: Dismissal and redundancy related employment tribunals, 2005 - 08
- Table: Annual number of US class action filings, 2003 - 08
- Table: Status of US securities class action cases by year filed, 2003 -
08 (%)
- Table: Market share of distribution channels in the commercial general
insurance market, 2004 - 08 (%)
- Table: Estimated market shares of leading UK D&O insurers, 2006 - 08 (%)
- Table: Lloyd' s premium income and share of the total UK directors' and
officers' market, 2004 - 08
- Table: Proportion of financial institutions and non-financial institutions
offering directors' and officers' cover written in the Lloyd' s market (%),
2004 - 08p
- Table: Key drivers affecting UK directors' and officers' insurance GWP,
2009f - 13f
- Table: UK directors' and officers' GWP, 2003e - 13f (£m)
- 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?”
- Table: What proportion of your business is commercial insurance compared
to personal insurance (in terms of premium income)?
FIGURES
- Figure: UK D&O premium income was estimated to have grown for the first
time since 2005
- Figure: UK D&O premium income was estimated to have grown for the first
time since 2005
- Figure: Over the last year, the rate of decline of D&O premium rates has
decelerated
- Figure: Surprisingly, the total number of insolvencies dropped slightly in
Q2 2009, although they are still considerably higher on a year-for-year basis
- Figure: Dismissal- and redundancy-related employment tribunals have
increased over the past 12 months
- Figure: Compared with 2007, 2008 saw a 27% increase in the number of US
class action filings
- Figure: In 2008, no class actions were settled in the same year,
indicating the market' s medium-tail nature
- Figure: Brokers still remain the dominant route to the market for UK
commercial insurers
- Figure: Unlike commercial motor, the liability line is expected to see
minimal business go direct
- Figure: Brokers have the highest penetration among medium-sized firms
- Figure: Micro SMEs are most comfortable with arranging their cover over
the telephone
- Figure: There are a variety of reasons why SMEs do not use the telephone
and internet channels
- Figure: The majority of SMEs would prefer not to buy D&O cover over the
telephone or internet
- Figure: Most SMEs will purchase their insurance in the form of a package
- Figure: Only a quarter of SMEs buy directors' and officers' insurance
- Figure: D&O penetration is very low among micro and small sized firms
- Figure: ACE and Chubb managed to gain market share in 2008
- Figure: Lloyd' s insurers wrote £29.5m of D&O premiums in 2008, 5.4%
less than in 2007
- Figure: The total UK D&O market will peak in terms of growth rate in 2010
and grow to £595.8m by 2013
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