英國產物保險動向：2009年 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79 pages 價格從美金4495起跳。
本報告書內容包括：英國產物保險市場的規模、結構、收益性、大型保險公司的市場佔有率、2013年之前的市場發展預測等。內容綱要摘記如下：
概要
實施概要
市場概要
- 介紹
- 對保險公司而言狀況在惡化中
- 因投資收益減少而受打擊
- 透過釋出準備金的做法來支撐已報告的利益
- 商品線當中的軟性市場打擊到本業
銷售
- 介紹
- 2008年國內仲介業者提高了產物保險市場中的佔有率
- 不同於傳統型的保險內容在中小企業之前愈來愈普遍
- 所有的中小企業市場幾乎都由仲介業者獨佔
- 市場較偏好面對面銷售的方式，但大多是針對規模較大的企業
- 影響中小企業投保的關鍵因素是價格
- 任何規模的企業都對價格敏感
- 在網路上投保的企業對價格最敏感
- 滿意度若上昇，續約率也會上昇
- 整體而言滿意度高
- 有期望與保險公司維持長期關係的傾向
- 大部分的中小企業不會轉換投保新的保險公司
- 更多的中小企業會考慮在2009年而非2008年更換保險公司
- 各產業中的各個企業計畫明年變更保險公司
- 在網路上投保的企業會搜尋新的保險公司
- 透過網路或電話投保的方式讓產物保險大受歡迎
競爭動向
- 介紹
- 市場中的領導企業仍舊是Aviva
- Aviva在2008年穩坐英國產物保險市場第一名的寶座，有13.1％的市佔率
- RSA、Zurich、AXA、Allianz獨佔第2名到第5名的位子
- NFU Mutual及QBE擴大市佔率
未來預測
- 介紹
- 2009年產業交易成果不盡理想
- 2013年之前商品線總值可望成長至180億英鎊
附錄
Abstract
Introduction
This unique report provides an unrivalled analysis of the UK general insurance
market with a specific focus on the commercial lines sector. It segments the
market by line of business and assesses underwriting profits and investment
income. The research also includes an in-depth analysis of the distribution
and competitive landscape and forecasts the commercial lines market size to
2013.
Scope of this research
- Data on the size, structure and profitability of the total non-life market
and the commercial lines sector.
- Analysis of the total premiums and market share for the largest commercial
lines insurance groups.
- A discussion of the main factors affecting the general insurance market in
the future along with forecasts of market size to 2013.
Research and analysis highlights
Perhaps the most striking feature of the market, based on our analysis of the
2008 FSA Returns, is the sharp deterioration in the combined ratio in
commercial lines. Pure year combined ratios increased across the board in
recent years including commercial property, motor, liability and commercial
pecuniary loss lines.
One of the main developments that Datamonitor expects to see in the 2009 FSA
Returns, when they become available next year, is a significant re-shaping of
the commercial books of some of the leading commercial insurance groups. The
H1 2009 results point to several large insurance groups reducing their
capacity for commercial lines business.
Key reasons to purchase this research
- Understand the segmentation of the UK general insurance market and the
differing profitability by class of business.
- Benchmark your premium income against that of your competitors and
understand the drivers of growth in their businesses.
- Gain insight into the future development of the market in terms of
competitors, major issues and market size.
Table of Contents
OVERVIEW
EXECUTIVE SUMMARY
- Commercial lines is running a high pure year COR
- The industry trading result held up well
- Commercial is running a high pure year COR
- 2009 will see a dip in the industry trading result and some changes to
groups' commercial books
- The rate of market growth will increase over the next five years as the
market hardens
MARKET CONTEXT
- Introduction
- Conditions are deteriorating for insurers
- The market contracted in 2008 as insurers continued to compete hard
- Insurers pulled capacity from suretyship insurance
- Motor and property insurance continue to dominate the UK non-life
insurance market
- Lloyd' s of London underwrites around £2 billion of UK insurance
- Motor, liability, property and pecuniary loss have driven the COR up in
recent years
- Pecuniary loss is a strong source of underwriting profit
- Insurers are being hit by falling investment income
- A drop in investment income put additional pressure on insurers' margins
in 2008
- Insurers saw an estimated trading result of 9% of NWP in 2008
- Reserve releases are propping up reported profits
- Insurers propped up their reported underwriting results with around
£1 billion in reserve releases
- Insurers made significant reserve releases in motor and property
insurance while strengthening reserves for liability insurance
- The soft market has hit home in commercial lines
- Growth in commercial lines remains subdued by strong competition
- The commercial market is growing slowly
- Commercial lines is running a high COR, net of reserve releases
- ABI data show a commercial lines profit, after allowing for reserve
releases
DISTRIBUTION
- Introduction
- National brokers increased their share of the commercial insurance
market in 2008
- National brokers saw a significant increase in market share as other
brokers saw their market share contract
- The direct channel experienced a small decline in market share in 2008
- Partnerships with affinities have only generated a small proportion of
commercial insurance GWP
- Commercial insurance GWP distributed through banks and building
societies remains negligible
- Less traditional forms of arrangement are more common among smaller 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
- Price is the key factor behind SME insurance purchasing decisions
- SMEs are sensitive to price, regardless of their size
- SMEs that purchase online appear to be the most price sensitive
- 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
- Of those SMEs willing to buy insurance online or via the telephone,
liability products were the most popular
COMPETITIVE DYNAMICS
- Introduction
- Aviva remains the market leader
- Aviva remained the clear leader in the UK commercial insurance market in
2008 with a 13.1% market share
- RSA, Zurich, AXA and Allianz occupy positions two to five
- RSA has adopted a strategy of selective capacity withdrawal and premium
rate increases
- Zurich remained the third largest UK commercial insurer in 2008 with a
market share of 9.8%
- AXA remained one of the larger top 10 commercial players in 2008, with a
market share of 6.9%
- Allianz maintained its market share of 7.1% in 2008
- AIG was the 6th largest commercial insurance group
- NFU Mutual and QBE gained share
- NFU bucked the trend, reporting a 3.3% increase in its commercial lines
business GWP in 2008
- QBE grew its commercial lines business by 8.5% to £416.1m
- RBS' s 2.8% market share was largely due to its sizable presence in the
commercial property insurance market
- ACE' s 2.4% market share made it the tenth largest commercial insurer in
the UK market
FUTURE DECODED
- Introduction
- The industry trading result will be challenging in 2009
- The 2009 results will show some significant re-shaping of players' books
- Profits are expected to dip in 2009
- Investment returns will fall
- Reserve releases are expected to continue in 2009
- Profits are likely to be impacted by a sharp rise in the pecuniary loss
COR in 2009 and 2010
- Commercial lines is forecast to grow to £18 billion by 2013
- Adverse economic conditions will trim growth across the market early in
the forecast
- The liability insurance market will see growth close to the market
compound average
- Premium rate inflation will drive growth in the commercial motor
insurance market
- Commercial property insurance GWP will experience the fastest growth of
all commercial insurance lines
- Economic recovery and premium rate growth will increase commercial
pecuniary loss GWP
- An improvement in the economy and premium rates will result in higher
liability insurance premium income
- The liability market will reach a value of £7.6 billion in 2013
under expected conditions
- Growth in commercial motor insurance GWP will mainly come from higher
premium rates
- The UK commercial motor insurance market is forecast to reach a value of
£3.8 billion in 2013
- Commercial property premium income growth will be stronger in the early
years of the forecast
- The commercial property market is predicted to be worth £5.9
billion by 2013
- Commercial pecuniary loss GWP is expected to grow, but not regain recent
highs
APPENDIX
- Additional data
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: Annual growth in general insurance market, 2000 - 08 (%)
- Table: GWP by line of business, 2000 - 08 (£m)
- Table: UK insurance market split by ABI members and Lloyd' s of London,
2008 (£m)
- Table: Total market combined ratio, 2004 - 08 (%)
- Table: Accident year CORs by line of business, 2004 - 08 (%)
- Table: Underwriting result by line of business, 1998 - 2008 (£m)
- Table: Underwriting result, investment income and trading result as a
percentage of NWP (worldwide business of UK insurers), 2000 - 08
- Table: Underwriting result, investment income and trading result as a
percentage of NWP (UK business), 2000 - 08
- Table: Commercial insurance GWP by line of business, 2005 - 08 (£m)
- Table: Accident year COR, commercial lines, 2005 - 08 (%)
- Table: Underwriting result, commercial lines, 1998 - 2008 (£m)
- Table: Market share of the distribution channels in the commercial general
market, 1999 - 2008 (%)
- Table: Q: "What were the most important reasons for choosing your
commercial insurance provider?"
- 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 commercial general insurance groups by market share and
GWP, 2005 - 08
- Table: Forecast commercial general insurance GWP, 1997 - 2013f
- Table: Key variables affecting commercial liability insurance GWP, 2009f -
13f
- Table: Forecast of UK commercial liability insurance GWP, 2005 - 13f
(£m)
- Table: Key variables affecting commercial motor insurance GWP, 2009f - 13f
- Table: Forecast of UK commercial motor insurance GWP, 2009 - 13f (£m)
- Table: Key variables affecting GWP, 2009f - 13f
- Table: Forecast of UK commercial property insurance premium income, 2005 -
13f (£m)
- Table: Forecast of UK commercial pecuniary loss insurance premium income,
2005 - 13f (£m)
- Table: Total UK pecuniary loss underwriting account, 1998 - 2008
- Table: Total UK property underwriting account, 1998 - 2008
- Table: Total UK household underwriting account, 1998 - 2008
- Table: Total UK commercial property underwriting account, 1998 - 2008
- Table: Total UK motor underwriting account, 1998 - 2008
- Table: Total UK personal motor underwriting account, 1998 - 2008
- Table: UK commercial motor underwriting account, 1998 - 2008
- Table: UK liability underwriting account, 1998 - 2008
- Table: UK accident & health underwriting account, 1998 - 2008
FIGURES
- Figure: The industry has experienced slow or negative growth in recent
years due to strong competition
- Figure: Increases in the liability and property sectors were offset by
falls in motor, A&H and pecuniary loss
- Figure: Motor and property continue to be the two largest lines of business
- Figure: Lloyd' s of London underwrites around 5% of the UK insurance market
- Figure: The combined ratio for the total market bottomed out in the years
2004 - 06 but it has increased to 108% in 2008
- Figure: Motor, liability, property and pecuniary loss have seen increasing
CORs
- Figure: Pecuniary loss and A&H are a steady source of profits
- Figure: Investment income as a percentage of premiums fell to an all time
low in 2008 due to the financial crisis
- Figure: The trading result for UK business fell in 2008 however it was
broadly in line with the across-the-cycle trading result
- Figure: Insurers have bolstered reported profits with massive reserve
releases in the years 2005 - 08
- Figure: Insurers made significant reserve releases in motor and property
insurance while strengthening reserves for liability
- Figure: Slow premium growth has led to deterioration in the commercial
lines COR
- Figure: General liability is the largest line of commercial insurance
- Figure: Commercial lines combined ratios have increased across the board
- Figure: Commercial lines underwriting peaked in 2004 - 6 and has now
started deteriorating
- Figure: National brokers witnessed a significant increase of their share
in the UK commercial insurance market in 2008
- Figure: Brokers have the highest penetration among medium-sized firms
- Figure: Micro SMEs are most comfortable with arranging their cover over
the telephone
- Figure: Price was almost matched in importance by service as a criteria
for selecting a provider
- Figure: Internet clients are the most price-sensitive
- 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: SMEs show the greatest willingness to purchase public and
employers' liability insurance online
- Figure: QBE and NFU Mutual increased market share in 2008
- Figure: Insurers are likely to see a sharp rise in the pecuniary loss COR
judging from the effects of the last recession in 1990
- Figure: Commercial insurance GWP is forecast to grow throughout the
forecast period as the market hardens
- Figure: Liability GWP is expected to fall in 2009 and return to growth
thereafter
- Figure: Premium rates are expected to drive commercial motor insurance
growth in 2009 and 2010
- Figure: Commercial property is set to harden in order to bring the COR down
- Figure: The commercial pecuniary loss market is forecast to grow again,
though at a lower rate
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