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市場調查報告書

英國的專門職業責任保險市場:主要趨勢與市場機會

Professional Indemnity Insurance in the UK, Key Trends and Opportunities to 2017

出版商 Timetric 商品編碼 297330
出版日期 內容資訊 英文 61 Pages
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英國的專門職業責任保險市場:主要趨勢與市場機會 Professional Indemnity Insurance in the UK, Key Trends and Opportunities to 2017
出版日期: 2014年03月07日 內容資訊: 英文 61 Pages
簡介

英國的專門職業責任保險的市場近幾年持續疲弱,2008∼2012年以年複合成長率0.20%的速度縮小。要求專門職業過失賠償的訴訟增加,及必須加入保險的專門職業數量由於不景氣而過剩,為市場縮小的要素。2012年的收入保險費為20億5000萬英鎊(與去年同期比較增加2.8%),再加上6億英鎊份由Lloyd's Market包辦。今後,由於英國經濟的復原,自主性加入保險的專家(工程、IT、行銷等)增加,市場預計趨向復甦,預計2013∼2017年的年複合成長率(CAGR)為2.57%,2017年的收入保險費達23億3000萬英鎊。

本報告提供英國的專門職業責任保險市場(Professional Indemnity Insurance)的市場相關分析、市場結構、特徵和推動因素、市場規模趨勢(過去、今後5年份)、產業的競爭力、近幾年的產業趨勢(資本交易、產業聯盟等)、政府的相關法規、政策、再加上主要企業簡介等調查,並將結果概述為以下內容。

第1章 摘要整理

第2章 簡介

第3章 市場分析

  • 市場規模
    • 普及率及密度
  • 保險申請情形
    • 申請額概況
    • 申請額預測
  • 推動市場要素
  • 市場預測
  • 通路
    • 在流通方面的未來展望

第4章 競爭環境

  • 投資收益
  • 業績前幾名的企業
  • 商品開發
  • 專門職業責任保險市場SWOT分析

第5章 波特的五力分析

  • 供應商談判力:低
  • 買主的購買力:低
  • 進入障礙:中∼高
  • 同業間的競爭:中
  • 替代商品的威脅:低

第6章 資本交易趨勢(共4件)

第7章 最新的產業趨勢(共9件)

第8章 法規與合法性

  • 近幾年的法修改(共2件)
  • 實施準備中的法規
    • 新清償能力制度

第9章 宏觀經濟的影響

  • 實質GDP成長率
  • 資產市場趨勢
  • 勞動市場狀況
  • 利率

第10章 企業簡介

  • ACE European Group Ltd
    • 主要資料
    • 主要商品
    • 主要的競爭企業
    • 經營幹部
  • AIG Europe Ltd
  • AmTrust Europe Ltd
  • Chubb Insurance Company of Europe SE
  • CNA Insurance Company Ltd
  • HCC International Insurance Company Plc
  • Hiscox Ltd
  • QBE Insurance (Europe) Ltd
  • Royal & Sun Alliance Insurance Plc
  • XL Group Plc

第11章 統計

第12章 附錄

圖表一覽

目錄
Product Code: FS0113MR

Features at a glance

  • The report provides market analysis, information and insights into the UK professional indemnity insurance business.
  • It provides a snapshot of the market's size and segmentation.
  • It offers a comprehensive analysis of claims, drivers and market outlook.
  • It provides an analysis of distribution channels.
  • It summarises deals, news and regulatory developments

Summary

Premium growth in the professional indemnity insurance category remained soft during the review period (2008-2012), and declined at a compound annual growth rate (CAGR) of 0.20%, as an increase in professional negligence court cases and the volume of registered professionals requiring cover was outweighed by the recessionary economic backdrop. Premiums rose by 2.8% in 2012, to a total of GBP2.05 billion, while a further GBP0.60 billion is estimated to have been underwritten by syndicates on the Lloyd's market.

Despite soft premium growth, the availability of professional indemnity insurance worsened, particularly for surveyors, small firms of solicitors and independent financial advisers (IFAs). For solicitors, the broad scope of insurance coverage requirements stipulated by the Solicitors Regulation Authority exposes insurers to a high level of risk, while in the surveyor and IFA sub-categories, insurers reduced capacity due to growing apprehension over rising claims related to property valuations and failed investments.

The professional indemnity insurance category is projected to generate GBP2.33 billion in premiums by 2017 and premiums are forecast to rise at a CAGR of 2.57% over the forecast period (2013-2017), with growth expected on an annual basis. An expected increase in the number of professionals subject to compulsory professional indemnity insurance requirements and insurers expanding into sectors with voluntary insurance needs, such as engineering, information technology and marketing will act as the key growth drivers. Marked improvements in the UK's economic conditions as the country enters a stronger recovery phase will provide a further impetus for growth in demand.

Professional bodies such as the Solicitors Regulation Authority (SRA), the Royal Institute of Chartered Surveyors (RICS) and the Association of Professional Financial Advisers (APFA) have expressed dismay at members' ongoing struggles to obtain professional indemnity cover. Large insurers withdrew policies for these clients during the review period, citing unsustainable risk exposure as the reason. The SRA compounded access issues through its abolition of a communal risks pool in 2013, which resulted in the closure of 136 firms unable to obtain mandatory insurance coverage.

Stronger economic growth over the forecast period is expected to ease litigation and reduce claims costs. Nevertheless, the six-year statute of limitations means insurers remain liable for negligent acts which occurred during the recession. A further risk to the outlook of claims stems from the Retail Distribution Review (RDR) increasing the exposure of whole-of-market advisers to rarer investment instruments, and the April 2013 Jackson reforms influencing compensation levels negotiated by lawyers.

Scope

  • This report provides market analysis, information and insights into the UK professional indemnity insurance business
  • It provides a snapshot of the market size
  • It analyses drivers and the outlook for the market
  • It provides information on distribution channels
  • It covers deals, news and regulatory developments

Reasons To Buy

  • Gain an understanding of the UK professional indemnity insurance market
  • Learn about the performance of market drivers and distribution channels
  • Understand the competitive landscape in terms of performance, profitability and product innovation
  • Find out more on key deals and recent developments in the market

Table of Contents

1. Executive Summary

2. Introduction

  • 2.1. What is this Report About?
  • 2.2. Definitions
  • 2.3. Methodology

3. Market Analysis

  • 3.1. Market Size
    • 3.1.1. Penetration and density
  • 3.2. Claims
    • 3.2.1. Claims review
    • 3.2.2. Claims outlook
  • 3.3. Market Drivers
  • 3.4. Market Outlook
  • 3.5. Distribution Channels
    • 3.5.1. Distribution outlook

4. Competitive Landscape

  • 4.1. Investment Returns
  • 4.2. Review - The Best Performers of 2012
  • 4.3. Product Innovation
  • 4.4. Professional Indemnity Insurance - SWOT Analysis

5. Porter's Five Forces Analysis

  • 5.1. Bargaining Power of Suppliers: Low
  • 5.2. Bargaining Power of Buyers: Low
  • 5.3. Barriers to Entry: Medium to High
  • 5.4. Intensity of Rivalry: Medium
  • 5.5. Threat of Substitution: Low

6. Deals

  • 6.1. Law Society Venture for Small Legal Firms
  • 6.2. Aon and QBE Absorb Capacity
  • 6.3. JLT Renews Deal with AmTrust
  • 6.4. Willis Expands its Professional Indemnity Broker Network

7. News

  • 7.1. Royal College of Nurses Closes Indemnity Loophole
  • 7.2. HCC International Expands its Professional Indemnity Team
  • 7.3. RICS Cites Unnecessary Claims by Mortgage Lenders
  • 7.4. SRA Considers Ban on Unrated Insurers
  • 7.5. Uninsured Solicitors Firms Forced to Close
  • 7.6. XL Trims its Share of Solicitors' Indemnity Insurance
  • 7.7. New Underwriter for IFAs
  • 7.8. Balva Issued with Winding-Up Order
  • 7.9. Aviva Withdraws SME Cover

8. Regulation and Compliance

  • 8.1. Recent Changes
    • 8.1.1. Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO)
    • 8.1.2. Health Care and Associated Professions (Indemnity Arrangements) Order 2013
  • 8.2. Upcoming Regulations
    • 8.1.4. Solvency II

9. Macroeconomic Backdrop

  • 9.1. Real GDP Growth
  • 9.2. Property Market Dynamics
  • 9.3. Labor Market Conditions
  • 9.4. Interest Rates

10. Company Profiles

  • 10.1. ACE European Group Ltd - Company Overview
    • 10.1.1. ACE European Group Ltd - key facts
    • 10.1.2. ACE European Group Ltd - main products
    • 10.1.3. ACE European Group Ltd - main competitors
    • 10.1.4. ACE European Group Ltd - key employees
  • 10.2. AIG Europe Ltd - Company Overview
    • 10.2.1. AIG Europe Ltd - key facts
    • 10.2.2. AIG Europe Ltd - main products
    • 10.2.3. AIG Europe Ltd - main competitors
    • 10.2.4. AIG Europe Ltd - key employees
  • 10.3. AmTrust Europe Ltd - Company Overview
    • 10.3.1. AmTrust Europe Ltd - key facts
    • 10.3.2. AmTrust Europe Ltd - main products
    • 10.3.3. AmTrust Europe Ltd - main competitors
    • 10.3.4. AmTrust Europe Ltd - key employees
  • 10.4. Chubb Insurance Company of Europe SE - Company Overview
    • 10.4.1. Chubb Insurance Company of Europe SE - key facts
    • 10.4.2. Chubb Insurance Company of Europe SE - main products
    • 10.4.3. Chubb Insurance Company of Europe SE - main competitors
    • 10.4.4. Chubb Insurance Company of Europe SE - key employees
  • 10.5. CNA Insurance Company Ltd - Company Overview
    • 10.5.1. CNA Insurance Company Ltd - key facts
    • 10.5.2. CNA Insurance Company Ltd - main products
    • 10.5.3. CNA Insurance Company Ltd - main competitors
    • 10.5.4. CNA Insurance Company Ltd - key employees
  • 10.6. HCC International Insurance Company Plc - Company Overview
    • 10.6.1. HCC International Insurance Company Plc - key facts
    • 10.6.2. HCC International Insurance Company Plc - main products
    • 10.6.3. HCC International Insurance Company Plc - main competitors
    • 10.6.4. HCC International Insurance Company Plc - key employees
  • 10.7. Hiscox Ltd - Company Overview
    • 10.7.1. Hiscox Ltd - key facts
    • 10.7.2. Hiscox Ltd - main products
    • 10.7.3. Hiscox Ltd - main competitors
    • 10.7.4. Hiscox Ltd - key employees
  • 10.8. QBE Insurance (Europe) Ltd - Company Overview
    • 10.8.1. QBE Insurance (Europe) Ltd - key facts
    • 10.8.2. QBE Insurance (Europe) Ltd - main products
    • 10.8.3. QBE Insurance (Europe) Ltd - main competitors
    • 10.8.4. QBE Insurance (Europe) Ltd - key employees
  • 10.9. Royal & Sun Alliance Insurance Plc - Company Overview
    • 10.9.1. Royal & Sun Alliance Insurance Plc - key facts
    • 10.9.2. Royal & Sun Alliance Insurance Plc - main products
    • 10.9.3. Royal & Sun Alliance Insurance Plc - main competitors
    • 10.9.4. Royal & Sun Alliance Insurance Plc - key employees
  • 10.10. XL Group Plc - Company Overview
    • 10.10.1. XL Group Plc - key facts
    • 10.10.2. XL Group Plc - main products
    • 10.10.3. XL Group Plc - main competitors
    • 10.10.4. XL Group Plc - key employees

11. Statistics

  • 11.1. Review Period: 2008-2012
  • 11.2. Forecast Period: 2013-2017

12. Appendix

  • 12.1. Methodology
  • 12.2. Contact Timetric
  • 12.3. About Timetric
  • 12.4. Timetric's Services
  • 12.5. Disclaimer

List of Tables

  • Table 1: Insurance Industry Definitions
  • Table 2: UK Professional Indemnity Insurance - Market Summary (GBP Thousand), 2008-2012
  • Table 3: UK Organizations with Compulsory Professional Indemnity Insurance Requirements
  • Table 4: UK Professional Indemnity Insurance - Market SWOT Analysis
  • Table 5: UK Recent and Upcoming Regulatory Changes
  • Table 6: ACE European Group Ltd, Key Facts
  • Table 7: ACE European Group Ltd, Main Products
  • Table 8: ACE European Group Ltd, Key Employees
  • Table 9: AIG Europe Ltd, Key Facts
  • Table 10: AIG Europe Ltd, Main Products
  • Table 11: AIG Europe Ltd, Key Employees
  • Table 12: AmTrust Europe Ltd, Key Facts
  • Table 13: AmTrust Europe Ltd, Main Products
  • Table 14: AmTrust Europe Ltd, Key Employees
  • Table 15: Chubb Insurance Company of Europe SE, Key Facts
  • Table 16: Chubb Insurance Company of Europe SE, Main Products
  • Table 17: Chubb Insurance Company of Europe SE, Key Employees
  • Table 18: CNA Insurance Company Ltd, Key Facts
  • Table 19: CNA Insurance Company Ltd, Main Products
  • Table 20: CNA Insurance Company Ltd, Key Employees
  • Table 21: HCC International Insurance Company Plc, Key Facts
  • Table 22: HCC International Insurance Company Plc, Main Products
  • Table 23: HCC International Insurance Company Plc, Key Employees
  • Table 24: Hiscox Ltd, Key Facts
  • Table 25: Hiscox Ltd, Main Products
  • Table 26: Hiscox Ltd, Key Employees
  • Table 27: QBE Insurance (Europe) Ltd, Key Facts
  • Table 28: QBE Insurance (Europe) Ltd, Main Products
  • Table 29: QBE Insurance (Europe) Ltd, Key Employees
  • Table 30: Royal & Sun Alliance Insurance Plc, Key Facts
  • Table 31: Royal & Sun Alliance Insurance Plc, Main Products
  • Table 32: Royal & Sun Alliance Insurance Plc, Key Employees
  • Table 33: XL Group Plc, Key Facts
  • Table 34: XL Group Plc, Main Products
  • Table 35: XL Group Plc, Key Employees

List of Figures

  • Figure 1: UK Professional Indemnity Insurance - Gross Written Premiums (GBP), 2008-2012
  • Figure 2: UK Professional Indemnity Insurance - Share of Commercial Liability Category (%), 2008-2012
  • Figure 3: UK Professional Indemnity Insurance - Penetration Rate (%) and Density (GBP), 2008-2012
  • Figure 4: UK High Court Claims for Professional Negligence, (Volume of Cases), 2006-2011
  • Figure 5: UK House Price Index, (%), 2004-2013
  • Figure 6: UK Registered Professionals (Thousand), 2007-2012
  • Figure 7: UK Professional Indemnity Insurance - Gross Written Premiums Forecast (GBP) 2013-2017
  • Figure 8: UK Commissions Paid by Commercial Liability Insurers (GBP), 2008-2012
  • Figure 9: UK Market Shares of the Top-10 Professional Indemnity Insurers (%), 2012
  • Figure 10: UK Professional Indemnity Insurance - Five Forces Analysis
  • Figure 11: UK Insurance Regulatory Framework
  • Figure 12: UK Real GDP Growth (%), 2008-2017
  • Figure 13: UK Housing Market Dynamics (%), 2004-2013
  • Figure 14: UK Labor Market Conditions (%), 2004-2012
  • Figure 15: UK Bank of England Base Rate (%), 2004-2013
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