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市場調查報告書
英國的專業性工作者賠償責任保險市場：2009年
UK Professional Indemnity Insurance 2009
| 出版商 |
Datamonitor |
| 出版日期 |
2009年11月 |
商品編碼 |
105046 |
| 內容資訊 |
英文 60 pages |
| 價格 |
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英國的專業性工作者賠償責任保險市場：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60 pages 價格從美金1695起跳。
本報告書內容包括：英國專業性工作者賠償責任保險市場調查分析、主要職業的業績和收益性評價、理賠理賠狀況、銷售動向、競爭狀況、至2013年的展望等，內容綱要摘記如下：
第1章 概要
第2章 實施摘要
- 2008年市場因為2007年的高保險率與豐富的手續費收入而成長
- 營利保險整體的銷售因為經紀人管道而減少
- 主要的專業性工作者賠償責任保險提供企業二分為企業與Lloyd's市場
- 專業性工作者賠償責任保險市場估計在2013年將達到19億英鎊規模
第3章 市場的狀況
- 介紹
- 2008年市場因為2007年的高保險率與豐富的手續費收入而成長
- Lloyd's市場接受英國大部分的PI事業
- 市場的收益性因為理賠成本的增加而減少
- 不景氣對專業性工作者賠償責任保險市場的主要部門帶來不良影響
第4章 流通的力量
- 介紹
- 營利保險的整體銷售因為經紀人管道而減少
- 中小企業方面網際網路銷售擴大
- 更新率的高低與滿意度成正比
- 多數中小企業將不會變更保險公司
- 法律專業性工作者賠償責任保險以Marsh最為普及
第5章 競爭的力量
- 介紹
- 因為市場上的新地位，競爭狀況持續
- RSA與AIG在專業性工作者賠償責任保險的企業市場上為前一、二名
- 2008年Travelers、Markel、Hiscox、Zurich的GWP增加
- 前十大企業大多減少曝光
- Lloyd's企業聯盟多數活躍在最近的市場上
- 大型專業性工作者賠償責任保險公司的總理賠率在2008年急速增加
第6章 未來展望
- 介紹
- 專業性工作者賠償責任保險市場估計在2013年將達到19億英鎊規模
附錄
Abstract
Introduction
This report provides an unrivalled analysis of the UK professional indemnity
insurance market. It discusses the relative performance of the main
professions and assesses the profitability and claims experience of the whole
market. The research also includes an in-depth analysis of the distribution
and competitive landscape and forecasts the market size to 2013.
Scope of this research
- Data on the size, structure and profitability of the professional
indemnity insurance market in the UK.
- Insight into the different channels and platforms of distributing
professional indemnity insurance products.
- Analysis of the total premiums and market share for the largest
professional indemnity insurance groups.
- A discussion of the main factors affecting the market in the future along
with forecasts of market size to 2013.
Research and analysis highlights
As a compulsory product for a number of trades, professional indemnity has
enjoyed a substantial degree of product penetration among businesses in the
UK. Compulsory purchase covers major established sectors as well as newer
trades such as claims management companies, which first were required to have
professional indemnity cover in July 2008.
Lloyd' s market players have been adept at catering to the growing
miscellaneous sector, which covers a wide variety of risks ranging from IT
consultants to claims management companies. Many insurers that Datamonitor
contacted reported that this market was still a profitable one in which to
write, growing in policy volume.
Key reasons to purchase this research
- Gain an understanding of the key drivers of the professional indemnity
market in 2008 and 2009.
- Benchmark your premium income against that of your competitors and
understand the drivers of growth in their businesses.
- Prepare for the future development of the market in terms of competitors,
major issues and market size.
Table of Contents
OVERVIEW
EXECUTIVE SUMMARY
- The market grew in 2008 due to higher premium rates and robust fee income
in 2007
- The market was valued at £1.4 billion in 2008
- Company fee income remained elevated into 2008, increasing premium
income as well
- Total professional indemnity business in the Lloyd' s market is estimated
to have declined in 2008
- The market gross loss ratio rose to 90.6% in 2008 which ensured the
market made a loss overall
- Overall commercial insurance distribution is concentrated in the broker
channel
- Independent insurance intermediaries of all types retained their leading
market share in 2008
- Brokers dominate among all sizes of SMEs, though they have greater
market share among larger SMEs
- Marsh has the highest penetration of the top firms in the legal
professional indemnity market
- Leading professional indemnity insurers are split between the company and
Lloyd' s market
- QBE is the market leader for UK professional indemnity with both a
company and Lloyd' s market business
- RSA' s UK professional indemnity book is one of the largest in the market
- Travelers increased its market share in 2008 as premium income grew
- Most of the top professional indemnity insurers saw their gross loss
ratios deteriorate in 2008
- The professional indemnity market is forecast to be worth £1.9
billion in 2013
- The recession and over capacity in the market will depress premium
income growth in 2009 and 2010
MARKET CONTEXT
- Introduction
- The market grew in 2008 due to higher premium rates and robust fee
income in 2007
- The market was valued at £1.4 billion in 2008
- Premium rate inflation for some sectors was a major driver behind market
growth
- High product penetration and new business has driven market growth
- Company fee income remained elevated into 2008, increasing premium
income as well
- The Lloyd' s market also writes a substantial, though declining amount of
UK PI business
- Total professional indemnity business in the Lloyd' s market is estimated
to have declined in 2008
- Excluding the US, the Lloyd' s market focuses on underwriting for the
legal professions and the misc sector
- Market profitability has declined due to rising claims costs
- The market gross loss ratio rose to 90.6% in 2008 which ensured the
market made a loss overall
- Claims frequency has increased for several professions hit by the
recession
- Claims inflation has not been a significant factor driving up claims
costs in the market
- The recession has had a negative impact on key sectors of the professional
indemnity market
- Solicitors' professional indemnity has seen many key underwriters exit
the smaller end of the market
- The surveying and valuation industry has been hit by the falling
property market
- The broker sector has been hit by a number of claims, resulting in
higher premium rates
- The accounting market has remained soft and relatively untouched by the
fallout from the recession
DISTRIBUTION DYNAMICS
- Introduction
- Overall commercial insurance distribution is concentrated in the broker
channel
- 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 the least at risk
from the direct channel
- A wide range of brokers have achieved significant market share among the
largest professional and consultancy firms
- 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
- Professional indemnity is relatively common among SMEs
- SMEs are fairly 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
- Marsh has the highest penetration of the top firms in the legal
professional indemnity market
COMPETITIVE DYNAMICS
- Introduction
- New capacity in the market has kept conditions competitive
- Allianz has developed its professional indemnity team with new talent
- Tobell Insurance Services Group has set up an underwriting agency to
cover professional indemnity
- Broker Bar Professions is expanding in the professional indemnity market
- St. Mary Underwriting has brought new capacity to the solicitors' market
- DUAL Corporate Risks launched new professional indemnity products for
the UK market
- THB and insurer CNA have agreed a delegated underwriting authority for
professional indemnity cover for SMEs
- Giles' underwriting agency Ink launched a professional indemnity
insurance product for SMEs
- XL has entered the primary UK solicitors' market
- Hannover Re has extended capacity to the solicitors market in 2009
- RSA and AIG continue to be leaders in the company market for professional
indemnity
- RSA' s UK professional indemnity book is one of the largest in the UK
market
- AIG' s market share is estimated to have been 7.1% in 2008
- Travelers, Markel, Hiscox and Zurich were among the few top insurers which
increased GWP in 2008
- Travelers increased its market share in 2008 as premium income grew
- Markel, through Markel UK, is very active in the UK professional
indemnity market
- Zurich writes a significant range of professional indemnity businesses
in the UK
- Hiscox expanded its footprint in the UK market as premium income rose
- Many insurers in the top 10 have reduced their exposure to what remains,
broadly, a soft market
- French insurer SCOR reduced its exposure to the UK professional
indemnity market
- Aviva pulled back from the UK professional indemnity market in 2008
- ACE was estimated to have a market share of 4.3% in 2008
- Brit Insurance is a long standing player in the professional indemnity
market
- A number of Lloyd' s syndicates have been active in the market recently
- Lloyd' s players wrote a declining though still substantial amount of PI
in 2008
- QBE is the market leader for UK professional indemnity with both a
company and Lloyd' s market business
- Max at Lloyd' s Limited is a new name for an established professional
indemnity underwriter
- Amlin' s UK professional indemnity book amounted to £18.3m in 2008
- Pembroke has been active in the UK market
- Novae maintains a presence in the UK professional indemnity market
though it also operates abroad
- Gross claims ratios for the largest professional indemnity players
increased sharply in 2008
- Most of the top professional indemnity insurers saw their gross loss
ratios deteriorate in 2008
- Hiscox had the lowest gross claims ratio of all the top 10 players in
2008
FUTURE DECODED
- Introduction
- The professional indemnity market is forecast to be worth £1.9
billion in 2013
- The recession and over capacity in the market will depress premium
income growth in 2009 and 2010
- The market is forecast to contract in 2009 before growing to a high of
£1.9 billion
APPENDIX
- Definitions
- Premium income measures
- Distribution
- Definitions of general terms
- Methodology
- Commercial Insurance Broker Survey - March 2009
- Datamonitor' s SME Insurance Survey Q2 2009
- Competitor estimates
- Professional indemnity market size
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: UK Professional indemnity GWP and growth rates, 2004 - 08
- Table: Lloyd' s market professional indemnity business, 2004 - 08e
(£m)
- Table: Estimated composition of Lloyd' s market' s non-US exposure, 2008e
- Table: Professional negligence claims and originating proceedings issued
in London by nature of proceedings, 2004 - 08
- Table: UK solicitors professional indemnity insurance market GWP and
market share, 2001 - 08
- Table: Market share of the distribution channels in the commercial general
market, 1999 - 2008 (%)
- Table: Broker market share among the top UK consulting & professional
services companies, 2009
- 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 professional indemnity company market insurers GWP and
market share, 2007 - 08
- Table: Top 10 UK competitors by gross loss ratio, 2004 - 08 (%)
- Table: Key variables affecting professional indemnity insurance, 2009 - 13f
- Table: Forecast of UK professional indemnity GWP, 2004 - 13f
- 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: The top legal firms in the UK primarily buy their professional
indemnity insurance from a handful of brokers
- Figure: Mixed premium rates and higher historic turnover resulted in an
increase in GWP in 2008
- Figure: Lower GDP will lead to lower fee income for many professionals
trading throughout the recession
- Figure: Lloyd' s market professional indemnity business has steadily
declined
- Figure: The estimated composition of the Lloyd' s market' s non-US exposure
was heavily weighted towards the legal and miscellaneous professions
- Figure: The gross loss ratio for the market is now considerably above its
long term average of 75.1%
- Figure: The number of professional negligence claims going to court more
than doubled in 2008, mainly due to an increase of claims against solicitors
- Figure: The solicitors insurance market has begun growing again as premium
rates have increased
- 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: Professional indemnity has a comparatively high product penetration
- 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: The top legal firms in the UK primarily buy their professional
indemnity insurance from a handful of brokers
- Figure: There is little variation in the size of company market players
for UK risks in the professional indemnity market
- Figure: Few insurers lowered their claims ratios in 2008 as claims costs
rose
- Figure: Growth in premium income will strengthen as premium rates and the
economy grow
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