本報告已在2011年08月15日停止出版。
更改為出版
UK Commercial Motor Insurance 2011
出版日期 : 2011年07月
商品編碼: 143984
本報告書內容包括：英國商用車保險市場、流通動向分析、索賠金額高漲背後的產業發展因素、2013年之前的市場規模、收益預測、市場整體成長力及動向、各競爭企業的策略、收益性、業績等資訊。內容綱要摘記如下：
概要
實施概要
市場課題
- 介紹
- Tradex收購Westminster後成為進入前10大的新企業
- 不景氣可能減弱GWP修定的效果
- 因索賠費用高漲而減少的商用車保險公司的利益
市場環境
- 介紹
- 車隊及商用車雙方市場的GWP下降當中，2008年也持續縮小的市場規模
- 現有的合約數及保險費用是縮小市場GWP的主要因素
- 2008年商用車登記數量增加2.7%
- 商用車保險索賠費用持續增加，不斷地壓縮毛利
- 因車禍率改善而受益的保險公司
- 商用車保險市場的合算比率在2007年迎向高峰，之後又再度攀昇
流通力學
- 介紹
- 全國規模的大型代理店仍支配著商用車保險的通路
- 仲介通路在2008年仍舊維持高水準的合約更新率，且在中小企業市場中擁有壓倒性的優勢
- 許多中小企業仍無法拒絕網路或電話推銷的保險合約
競爭企業焦點
- 介紹
- 2008年RSA及Aviva仍是第一、二大的商用車保險公司
- 2008年市場佔有率成長的Zurich、Allianz、NFU、AXA、QBE
- Tradex及Liverpool Victoria兩家企業皆因企業收購案而擴大2008年的市場佔有率
- 中型商用車保險公司2008年的市場佔有率皆增加了2.0%
- 銷售商用車保險的前10大企業皆擁有複合型汽車保險投資組合
- Allianz、RSA、Zurich皆創下大幅低於業界平均事故發生年度COR的紀錄
- Allianz、Tradex、Aviva、Zurich、RSA、NFU Mutual紀錄了基於報告年度的營業利益
未來分析
- 介紹
- 隨著商用車保險市場的保險費增加，2013年將可望達到37億英鎊的規模
- 商用車保險市場主要促進成長的因素是提高保險費
- 英國商用車保險市場可望在2013年成長到37億英鎊的規模
- 市場的收益體質可望在預測期間內獲得改善
附錄
圖表
Abstract
Introduction
The report is an invaluable guide to the UK commercial motor 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
- Obtain the latest market size and profitability analysis of the UK
commercial motor insurance market
- Insight into the effects of the recession on the market, including the
major changes to the competitor rankings
- Detailed market growth and profitability forecasts based on Datamonitor' s
in-house model and expertise
Research and analysis highlights
When SMEs were asked which commercial products they were most likely to buy
using the telephone and internet platforms, employers' liability and public
liability were the two most commonly cited answers, whereas only 40.9% of SMEs
would do so with their commercial motor insurance.
All of the insurers in the top 10 had at least some exposure to the commercial
vehicle market in 2008, although fleet business dominates the books of the
majority of these insurers. This is unsurprising given that the fleet market
is much larger than that for commercial vehicle cover, allowing insurers to
develop substantial books of business.
Key reasons to purchase this research
- Analysis of the performance of the key sectors of the UK commercial motor
insurance market
- Benchmark your company against your competitors based on market share data
and profitability ratios
- Develop your future business plans from an informed viewpoint with
Datamonitor' s market forecast
Table of Contents
OVERVIEW
EXECUTIVE SUMMARY
- The commercial motor insurance market is under pressure from the recession
and claims inflation
- The recession is likely to have a depressing impact on commercial motor
insurance GWP
- The market continued to contract in size in 2008 as GWP declined in both
market segments
- The market is estimated to have contracted by approximately 3.1% in 2008
- Average premium rates across both fleet and commercial vehicle have
declined
- Fleet policies decreased while other commercial motor insurance vehicle
years increased in 2008
- Large national brokers continue to dominate commercial motor insurance
distribution
- Commercial motor insurance distribution is considered to be most at risk
from the direct channel
- Brokers remained the dominant distribution channel targeting SMEs in 2008
- Only 40.9% of SMEs would buy their motor insurance over the telephone or
internet
- RSA and Aviva remained the leading commercial motor insurers in 2008
- (Untitled sub-section)
- Allianz, RSA and Zurich beat the market average COR
- Allianz, Tradex, Aviva Zurich, RSA, and NFU recorded reported year CORs
below 100% in 2008
- The commercial motor market is forecast to reach £3.7 billion by
2013 as premium rates rise
- The UK commercial motor insurance market is forecast to reach a value of
£3.7 billion in 2013
- The commercial motor insurance market is forecast to improve its
underwriting performance throughout the forecast period
MARKET ISSUES
- Introduction
- The acquisition of Westminster by Tradex has created a new top 10 player
- The new combined commercial motor insurer is a black cab market
powerhouse
- Tradex is adept at using multiple channels to deliver its specialist
commercial motor insurance policies
- Westminster was a specialist in the competitive London taxi market
- The recession is likely to have a depressing impact on commercial motor
insurance GWP
- Lower turnover and GDP will mean that few companies will be looking to
expand their motor fleets
- Insurers exposed to the motor trade are likely to suffer, as this sector
faces falling sales
- More company insolvencies will mean premium growth will not be generated
by increases in volume
- An increase in crime brought on by unemployment could increase claims
costs for motor insurers
- The commercial motor parc is likely to experience slower growth due to
the recession
- High claims costs and inflation have been reducing commercial motor
insurers' margins
- Bodily injury claims are typically more expensive than the average claim
- Legal costs inflation has been identified as a key driver of claims
inflation, particularly for smaller personal injury motor claims
- Medical inflation is a major driver for larger personal injury claims
costs
- Insurers need to speed up the claims settlement process to eliminate
unnecessary bills from credit hire companies on third-party non-fault
claimants
- An increase in uninsured driving and fraudulent claims is placing
increasing pressure on UK insurers
MARKET CONTEXT
- Introduction
- The market continued to contract in size in 2008 as GWP declined in both
market segments
- The market is still highly competitive and experiencing soft premium
rates
- The market is estimated to have contracted by approximately 3.1% in 2008
- Lloyd' s market insurers have a significant presence in the UK motor
market
- Fleet insurance policies account for the bulk of the GWP in the
commercial motor insurance market
- Policies in force and premium rates have led to a contraction in GWP in
the market
- Average premium rates across both fleet and commercial vehicle have
declined
- There were a total of 4.4 million commercial motor policies in force in
2008
- Fleet policies decreased while other commercial motor insurance vehicle
years increased in 2008
- The commercial motor parc grew by 2.7% in 2008
- The total number of vehicles in the commercial motor parc continued to
grow in 2008
- There has been only a marginal shift in segmentation as the proportion
of other vehicles increased
- The company car parc remained broadly stable as a proportion of both the
total car parc and overall vehicles
- Claims costs continue to increase keeping pressure on margins
- Gross claims costs for commercial motor insurers were estimated to have
increased by 2.7% in 2008
- Claims inflation continues to plague the market due to escalating bodily
injury claims and credit hire costs
- Claims frequency deteriorated in 2008, although the overall trend in
recent years has been positive
- Insurers are benefiting from improving accident rates
- Falling road traffic accident rates mean fewer opportunities for
expensive personal injury claims to arise
- The combined ratio for the commercial motor market peaked in 2007 but has
started to improve
- The total motor insurance and commercial motor insurance COR should
continue reducing in the coming years
- The industry made substantial reserve releases in 2008
DISTRIBUTION DYNAMICS
- Introduction
- Large national brokers continue to dominate commercial insurance
distribution
- Independent insurance intermediaries of all types retain their leading
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
- Commercial motor insurance distribution is considered to be most at risk
from the direct channel
- The broker channel continues to dominate the SME market with retention
levels high
- Brokers remained the dominant distribution channel targeting SMEs in 2008
- The internet is the least common platform for SMEs purchasing commercial
insurance
- The majority of SMEs remain satisfied with their insurance provider
- Long-standing relationships are important to SMEs purchasing commercial
insurance
- SMEs purchasing their insurance through a bank or a broker value advice
from their insurance providers the most
- Price is important to many SMEs choosing an insurance provider
- A significant proportion of SMEs are open to purchasing their insurance
via the internet or phone
- The convenience factor of the phone is appealing to many SMEs
considering a telephone purchase
- Over a third of SMEs would consider a purchase online
- Only 40.9% of SMEs would buy their motor insurance over the telephone or
internet
COMPETITOR FOCUS
- Introduction
- RSA and Aviva remained the leading commercial motor insurers in 2008
- Aviva retained its position as the market leader in 2008
- RSA' s market share increased by 0.5 percentage points
- Zurich, Allianz, NFU, AXA and QBE gained market share in 2008
- Zurich recorded a large increase in market share in 2008
- Allianz' s market share grew in 2008
- NFU Mutual grew its market share by 0.4 percentage points in 2008 and
achieved growth of 3.3% in GWP
- AXA continued to grow, increasing its market share by 0.2 percentage
points in 2008
- RBS' market share remained at 4.1% in 2008
- QBE achieved growth and possesses the largest commercial vehicle book
among the top 10 commercial motor insurers
- Two insurers, Tradex and Liverpool Victoria, gained market share through
acquisitions in 2008
- Liverpool Victoria Group gained a significant presence in the commercial
motor market after its acquisition of Highway in 2008
- Tradex' s commercial motor insurance book experienced significant gains
in 2008 due to organic and inorganic growth
- Mid-sized commercial motor insurers gained 2.0 percentage points of market
share in 2008
- Brit, Groupama, HSBC and Fortis all increased their exposure to the
commercial motor insurance market in 2008
- AIG, CIS and FIM Holding' s market shares were reduced in 2008
- MMA and Allchurches had relatively stable market shares in 2008
- All of the top 10 commercial motor insurance groups have mixed motor
insurance portfolios
- Most of the top 10 commercial motor insurers' books were dominated by
fleet business in 2008
- Allianz, RSA and Zurich recorded accident year CORs much lower than the
market average
- All of the leading commercial motor insurance groups had an unprofitable
year on an accident year basis
- Allianz, RSA and Zurich beat the market average COR
- Allianz, Tradex, Aviva, Zurich, RSA and NFU Mutual achieved an
underwriting profit on a reported year basis
- The top 10 commercial motor insurers have relied on reserve releases in
recent years to lower their CORs
- Allianz, Tradex, Aviva Zurich, RSA, and NFU recorded reported year CORs
below 100% in 2008
FUTURE DECODED
- Introduction
- The commercial motor market is forecast to reach £3.7 billion by
2013 as premium rates rise
- Premium rate increases will be the primary factor driving growth in the
commercial motor insurance market
- The UK commercial motor insurance market is forecast to reach a value of
£3.7 billion in 2013
- The commercial motor insurance market is forecast to improve its
underwriting performance throughout the forecast period
APPENDIX
- Definitions
- ABI members
- Accident year combined ratio
- Bancassurers
- Brokers
- Brandassurers
- Channel
- Direct insurer/writer
- Earned premiums
- Gross premium
- Net premium
- Platform
- Reported year combined ratio
- Reserve development
- Written premiums
- Methodology
- Datamonitor' s Commercial Broker Survey H1 2009
- Datamonitor' s SME Insurance Survey Q1 2008
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: New car registrations in the UK, 2000 - 09f
- Table: UK company liquidations, 2003 - 08p
- Table: Commercial motor theft claims cost and number
- Table: UK unemployment, Q4 2004 to Q4 2008
- Table: New commercial vehicle registrations in Great Britain by body type,
2004 - 08 (000s)
- Table: UK average cost of bodily injury claims notified two years
previously, 2003 - 07 (£)
- Table: Change in average premium rates and total commercial motor market
size, 1996 - 2008e*
- Table: UK motor insurance NWP split between ABI members and Lloyd' s, 2007
(£m)
- Table: Commercial motor GWP by line of business, 2005 - 08e (£m)
- Table: Fleet and commercial vehicle average per vehicle premium rate
changes, 2005 - 08e
- Table: Motor policies in force, 1998 - 2008 (000s)
- Table: Commercial motor parc in Great Britain by body type, 2004 - 08
(000s)
- Table: Commercial motor parc in Great Britain by body type, 2007 - 08
- Table: Company car parc' s share of total car parc, 2004 - 08 (000s)
- Table: Commercial motor gross claims costs, 2002 - 08e (£000)
- Table: Average motor claim costs, 2003 - 07 (£)
- Table: Commercial motor claims volume and frequency, 1998 - 2008
- Table: Total number of road accidents in the UK, 1998 - 2008* (000s)
- Table: Road traffic accidents relative to registered vehicles in Great
Britain, 1998 - 2008 (000s)
- Table: Deaths, seriously and slightly injured casualties resulting from UK
road traffic accidents, 2004 - 08*
- Table: Accident and reported year COR, commercial motor market, 2005 - 08
(%)
- Table: Market share of distribution channels in the commercial general
insurance market, 2004 - 08e
- Table: Q: "How important is it to receive advice on an ongoing basis from
your insurance provider?"
- Table: Gross written premium and market share of the top 10 UK commercial
motor insurance groups, 2007 - 08
- Table: Gross written premium and market share of the top 11 - 20 UK
commercial motor insurance groups, 2007 - 08
- Table: Top 10 commercial motor insurers' fleet and commercial vehicle
books, 2007 - 08
- Table: Accident year combined ratio and underwriting profit/loss for
commercial motor business, top 10 motor insurance groups, 2008
- Table: Reported year combined ratio and underwriting profit/loss for
commercial motor business, top 10 commercial motor insurance groups, 2008
- Table: Key variables affecting commercial motor insurance GWP, 2008e - 13f
- Table: UK commercial motor insurance GWP forecast, 1996 - 2013f (£m)
- Table: Commercial motor GWP by line of business, 2005 - 13f (£m)
- Table: Commercial motor accident year profitability ratio, 2005 - 2013f (%)
- 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 2007 average UK motor claim cost for bodily injury was notably
higher than in previous years
- Figure: SMEs are equally likely to buy motor cover over the internet or
telephone
- Figure: The combined commercial motor insurance books of Tradex and
Westminster gave them a market share of 2.7%
- Figure: The British economy has been contracting since mid-2008
- Figure: UK company liquidations have already begun increasing
- Figure: New commercial vehicle registrations slowed in 2008 and are
expected to contract further in 2009
- Figure: The 2007 average UK motor claim cost for bodily injury was notably
higher than in previous years
- Figure: The commercial motor insurance market continued to contract due to
lower premium rates
- Figure: Lloyd' s syndicates underwrote £1 billion of motor insurance
business in 2007
- Figure: Premium income from both commercial motor lines was expected to
have contracted in 2008
- Figure: Premium rate growth in the commercial motor insurance market
remained negative in 2008
- Figure: Fleet policies make up the majority of the commercial motor market
- Figure: The share of policies for commercial vehicles is much reduced from
even five years ago
- Figure: Commercial motor vehicles continued to increase in 2008 although
at a lower rate
- Figure: Light goods vehicles and company cars account for most of the
commercial motor parc
- Figure: The company car parc remained broadly stable while the total car
parc grew gradually
- Figure: The average motor claim cost continued to rise rapidly in 2007 at
14.1%
- Figure: Commercial motor claims volume and frequency increased in 2008
- Figure: The number of UK road accidents has continued to fall since 1998
- Figure: Accidents in the UK have fallen despite a steady increase in the
number of vehicles
- Figure: Casualties continued to decline across all categories in 2008
- Figure: The commercial motor insurance accident year COR appears to be
recovering
- Figure: The combined ratio for commercial motor has begun to improve
- Figure: Commercial motor insurers continued to make reserve releases in
2008 to improve their reported year COR
- Figure: Brokers are the dominant route to market for commercial insurers
in the UK
- Figure: Commercial motor is considered to be at most risk from the direct
channel
- Figure: Most SMEs purchase their commercial insurance through the broker
channel
- Figure: Most SMEs purchase their insurance through face-to-face contact
with their insurance provider
- Figure: Most SMEs are satisfied with the service they have received from
their insurance providers
- Figure: A large proportion of SMEs have been with their insurance provider
for more than 10 years
- Figure: Receiving ongoing advice from their insurance provider is
important to most SMEs
- Figure: Many SMEs consider the price of an insurance premium to be the
most important factor when choosing a commercial insurance provider
- Figure: The convenience factor appeals to many SMEs prepared to purchase
insurance over the phone
- Figure: A significant proportion of SMEs would not consider a telephone
purchase because they simply prefer face-to-face
- Figure: A significant proportion of SMEs who would consider a purchase
online think price is an important factor
- Figure: SMEs show only a moderate inclination to purchase motor insurance
via the telephone or internet
- Figure: Most top 10 commercial insurers gained market share in 2008
- Figure: Most of the 11 - 20 commercial motor insurers gained market share
in 2008
- Figure: Most of the top 10 commercial motor insurers underwrite primarily
in the fleet market
- Figure: Allianz, RSA and Zurich recorded CORs that were lower than the
market average
- Figure: Allianz, Tradex, Aviva, Zurich, RSA and NFU Mutual recorded CORs
below 100% in 2008 after reserve releases
- Figure: Growth in premium income is forecast to turn around in 2009
- Figure: The market will continue to be based primarily on fleet policy
income and will turn to growth
- Figure: Underwriting losses are forecast to decline
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