UK Commercial Insurance Distribution 2011 - Market Analysis Report

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UK Commercial Insurance Distribution 2011

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Introduction

This report gives a comprehensive analysis of distribution in the UK commercial insurance market. It explores issues including the growth of direct insurers in commercial insurance and the acquisitions occurring between commercial insurance brokers. The report also includes data and insight into SME purchasing behavior, broker consolidation and the latest activity of the managing general agents.

Features and benefits

* Insight into the latest issues affecting the commercial insurance market and the impact these are having on distribution.
* The latest data on SMEs purchasing behaviour, managing general agents and broker consolidation in the UK commercial insurance market.

Highlights

Results indicate that SMEs are increasingly open to purchasing cover online fuelling an increase in insurance cover being provided directly to SMEs. However, there exists a clear correlation between the size of an SME and the propensity to purchase cover online, indicating the continued value assigned to brokers bespoke advice.
Consolidation in the market has been muted in comparison to previous years as brokers look to reduce net debt levels and capital funding in the market remains suppressed. Acquisitions have been increasingly targeted at increasing exposure in specialist or regional markets as opposed to increasing GWP volume.

Your key questions answered

* What are the past and forecasted commercial insurance distribution trends in the UK?
* What factors are influencing SMEs commercial insurance purchases?
* What have been the chief issues affecting commercial insurance distribution and what factors will affect it going forward?


Table of Contents :
Executive Summary
The commercial insurance market experienced modest growth in 2009
General liability showed steady growth in 2009, while the pecuniary loss market rebounded from major declines last year to show strong growth
Distribution channels are expected to have stayed fairly constant in 2010
Brokers dominate distribution in the UK commercial market, with 82% market share by GWP
The proportion of policies written directly to insurers is expected to have increased by 1%
The broker channel is forecast to decline, while the direct channel will become more popular
The market share for brokers is forecast to decrease to 80% by 2015
Direct insurance providers are forecast to increase market share to 12%
OVERVIEW
Catalyst
Summary
MARKET CONTEXT
Introduction
The commercial insurance market experienced modest growth in 2009
General liability showed steady growth in 2009, while the pecuniary loss market rebounded from major declines last year to show strong growth
Growth in the number of small and medium-sized enterprises slowed in 2008 and 2009 as the recession impacted the number of new enterprises
The rate of growth in the number of UK enterprises halved in 2009
Small businesses account for 99% of all UK enterprises
DISTRIBUTION DYNAMICS
Introduction
Distribution channels are expected to have stayed fairly constant in 2010
Brokers dominate distribution in the UK commercial market, with 82% market share by GWP
The proportion of policies written directly to insurers is expected to have increased by 1%
Banks and building societies have only generated a small proportion of commercial insurance GWP
Brokers are looking to expand their business, although fewer are looking to consolidate
Targeting new customers was most frequently identified by brokers as the strategy they are following to grow their businesses over the next year
A third of brokers have been approached by a consolidator during the last 12 months
Many brokers joined a broker club or network in order to gain access to more insurers
43% of brokers are part of a broker network or club
The most common reason for joining a broker network or club was to access a larger panel of insurers
Less than 10% of brokers are considering selling their business in the next year
CUSTOMER FOCUS

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