UK Commercial Property Insurance 2010 - Market Research Report

Introduction

This report provides a detailed analysis of the UK commercial property insurance market. It looks at the size of the market, performance ratios, claims costs, key issues and distribution trends. It also assesses the competitive landscape providing market share information and forecasts the total market GWP up to and including 2014.

Features and benefits

* An examination of overall market size, growth and profitability over the last several years
* Analysis of the key drivers of claims inflation using ABI figures for 2009 and H1 2010
* Market share and combined ratio data for the largest commercial property insurers
* Forecasts of the market’s GWP growth until 2014, based on primary interview, secondary research and in-house expertise

Highlights

Businesses have increasingly incorporated more technology and expensive equipment as standard, resulting in the rise of average value of claims over the past few years, as the potential loss per square foot for a property is said to increase.
Premium rates are not expected to increase adequately in the near term, and due to the volume of reserve releases over the past few years, it is suspected that the level of reserves held by commercial property insurers is depleting.
In 2009, RSA is estimated to have witnessed growth in its UK commercial property insurance gross written premiums (GWP) of 3.1%, resulting in a 0.6 percentage point increase in market share to 14.4%. This is in comparison to a drop in market share as experienced by most of the other top commercial property insurers.

Your key questions answered

* How has the commercial property insurance market been faring recently and how is it forecast to perform in the next four years?
* How are the various commercial property insurers performing in terms of GWP and combined operating ratios?
* What is the size and profitability of the total market, and how is this expected to change in the future?

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Table of Contents :

Overview 1
Catalyst 1
Summary 1
Executive Summary 2
The market contracted in 2009 due to high competition 2
Commercial property insurance witnessed an improving combined operating ratio in 2009 2
The first half of 2010 displayed an increased claims cost bill 2
RSA has overtaken Aviva as the leading insurer for commercial property 3
AXA and Allianz retained their top five market positions 4
Brit Insurance and QBE displayed sizable increases in GWP in 2009 4
The market is forecast to remain soft at least into 2011 4
Market Context 9
Introduction 9
The market contracted in 2009 due to high competition 9
Commercial property insurance witnessed an improving combined operating ratio in 2009 12
The first half of 2010 displayed an increased claims cost bill 17
Construction and policy changes over the next few years will apply upward pressure on claims costs 28
Distribution 31
Introduction 31
National brokers arrange half the UK commercial insurance policies 31
Competitive Dynamics 37
Introduction 37
RSA has overtaken Aviva as the leading insurer for commercial property 37
AXA and Allianz retained their top five market positions 37
Brit Insurance and QBE displayed sizable increases in GWP in 2009 38
Future Decoded 42
Introduction 42
The market is forecast to remain soft at least into 2011 42

Appendix 47
Definitions 47
Methodology 48
Further reading 48
Ask the analyst 48
consulting 48
Disclaimer 49

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