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Travel Insurance in the UK, Key Trends and Opportunities to 2018
M2 - Wed Apr 16, 6:13AM CDT
Research and Markets (http://www.researchandmarkets.com/research/bzdhq7/travel_insurance) has announced the addition of the "Travel Insurance in the UK, Key Trends and Opportunities to 2018" report to their offering. Gross written premiums for travel insurance were valued at GBP724 million in 2012, and an estimated GBP742 million in 2013. Volatile premium growth was recorded during the review period (2008-2012), as demand was strongly influenced by the UK's recessionary economic backdrop limiting demand for overseas travel. The compound annual growth rate (CAGR) registered during the review period was more stable at -0.53%, however. UK residents made fewer trips abroad during the review period, with discretionary spending on holidays constrained by weak growth in earnings, employment uncertainty and rising travel costs, while businesses reduced budgets for corporate travel. A preference for domestic holidays induced a 12.5 million dip in the number of leisure and business trips abroad during the review period. Medical costs represented 56% of travel insurance claims in 2012, and, despite fewer overseas trips being made, costs relating to claims have risen sharply. The average medical claim totaled GBP900 in 2012, 50% higher than in 2004. The reported refusal of the European Health Insurance Card (EHIC) in hospitals in Spain, Greece and Cyprus added to insurers' cost burdens. The travel insurance category is highly competitive and has become increasingly commoditized, with insurers competing on price to maintain market share. Online distribution - through direct and price-comparison website channels - is well established, and has fostered an increase in the number of low-cost internet-only brands. The underwriting capacity for these products is dominated by the 10 largest insurers in the category. Stronger UK economic growth from 2014 will spur an improvement in consumer confidence and spending to provide the impetus to growth in demand for travel insurance over the forecast period. Gross written premiums are forecast to grow at a CAGR of 2.20% over 2014-2018, reaching a total of GBP829 million in 2018. Opportunities exist to deepen penetration in the category. An aging population and trends for a more active retirement are increasing demand for travel insurance policies with no age limits. A parliamentary review in 2013 found that 91% of travel policies available in the UK imposed an upper age limit, and age-related charities have begun lobbying for market changes. Customer education also allows insurers to highlight the shortfalls of the basic cover offered through the EHIC and Civil Aviation Authority compensation schemes. Key Topics Covered: 1 Executive Summary 2 Introduction 3 Market Analysis 4 Competitive Landscape 5 Porter's Five Forces Analysis 6 Deals 7 News 8 Regulation and Compliance 9 Macroeconomic Backdrop 10 Company Profiles 11 Statistics 12 Appendix Companies Mentioned - ACE European Group Ltd - AIG Europe Ltd - Ageas (UK) Ltd - Allianz Insurance Plc - Aviva Plc - Axa UK Plc - Chubb Insurance Company of Europe SE - Direct Line Insurance Group Plc - Great Lakes Reinsurance (UK) Plc - Mapfre Asistencia Compa??a Internacional de Seguros y Reaseguros, SA For more information visit http://www.researchandmarkets.com/research/bz..._insurance
Commercial Motor Insurance in the UK - Key Trends and Opportunities to 2018
M2 - Wed Apr 09, 6:53AM CDT
Research and Markets (http://www.researchandmarkets.com/research/t2qvnh/commercial_motor) has announced the addition of the "Commercial Motor Insurance in the UK, Key Trends and Opportunities to 2018" report to their offering. The UK commercial motor insurance category has recorded growth since 2008, despite the synchronous recessionary backdrop. Gross written premiums rose at an annual rate of 7.2% in 2012, to a total of GBP3.4 billion and a five- year high. During the review period (2008-2012), premiums posted a compound annual growth rate (CAGR) of 5.50%. The recession resulted in faltering business confidence, lenders reducing the availability of credit, and a slump in capital spending - including investment in commercial vehicles. Faced with a reduction in the underlying demand for commercial motor insurance, rate rises in the category were largely due to insurers hiking rates to protect profits. The total combined operating ratio for insurers operating in the category remained above 100% during the review period and stood at a five- year low of 106% in 2012, indicating long- standing profitability struggles. Premium increases enacted during the review period have not been able to offset rising claims payouts, an increase in operating expenses, and record- low interest rates limiting returns on investments. The category is not expected to return to profit until 2015. Motor insurance claims rose sharply during the review period, reflecting a higher incidence of fraudulent claims related to staged accidents and the resulting payouts for personal injury and whiplash claims. The number of motor- related personal injury compensation cases registered with the government's Compensation Recovery Unit surged in the five years to 2012, in contrast to a 15% fall in road traffic accidents during the period. The motor insurance industry has collectively prioritized a significant reduction in fraud, introducing measures which include the development of software and databases to improve core risk underwriting, as well as systems to detect false or inflated claims. In addition, the growing use of telematics in commercial vehicle policies and the implementation of the Legal Aid, Sentencing and Punishing of Offenders Act (LASPO) in April 2013 will also have a mitigating effect on commercial motor claims. The strengthening UK economy has already begun to spur an increase in commercial vehicle registrations, and the Department of Transport forecasts that goods vehicles will be the fastest- growing category of road traffic to 2020. The revival in demand will support a CAGR of 6.23% for gross written premiums over the forecast period (2014- 2018), up to a peak value of GBP4.52 billion in 2018. Insurers' overconfidence in the cost- saving effects of the LASPO bill will limit growth in 2014, before rates are adjusted upwards from 2015. Key Topics Covered: 1 Executive Summary 2 Introduction 3 Market Analysis 4 Competitive Landscape 5 Porter's Five Forces Analysis 6 Deals 7 News 8 Regulation and Compliance 9 Macroeconomic Backdrop 10 Company Profiles 11 Statistics 12 Appendix Companies Mentioned - Ageas (UK) Ltd - Allianz Insurance Plc - Aviva Plc - Axa UK Plc - Direct Line Insurance Group Plc - Liverpool Victoria Friendly Society Ltd - National Farmers Union Mutual Insurance Society - QBE Insurance (Europe) Ltd - Royal & Sun Alliance Insurance Plc - Zurich Insurance Plc For more information visit http://www.researchandmarkets.com/research/t2...cial_motor
Landlord Insurance in the UK - Key Trends and Opportunities to 2017 Research Report
M2 - Thu Feb 13, 3:05AM CST
Research and Markets (http://www.researchandmarkets.com/research/jjkwsc/landlord) has announced the addition of the "Landlord Insurance in the UK - Key Trends and Opportunities to 2017" report to their offering. The UK landlord insurance category is estimated to have generated GBP2.51 billion in gross written premiums in 2012, and accounted for 7.3% of the country's non-life insurance segment. Landlord policies cover the financial risks related to renting out a residential or commercial property, including damage to buildings or contents, loss of rent and public liability. Growth in the category was maintained during the recession and economic weakness during 2008-2011, as a sluggish housing market triggered an increase in properties occupied on a rental basis. This signaled the reversal of a post-war trend towards property ownership, with close to 35% of properties rented through private or social housing landlords in 2012. This marked a five percentage-point increase from 2000 alone. In addition to the subdued economic backdrop fueling a shift towards rented accommodation, it is also likely to have increased demand for landlord insurance due to greater risk aversion, a larger number of homeowners choosing to rent out property rather than sell at reduced prices, unemployment stoking a rise in the number of tenants in rent arrears, pessimistic businesses reducing their commitment to long commercial leases, and a rise in adverse weather-related incidents. Opportunities exist to develop the category during the forecast period. Insurer-led market surveys have found that customers are under-informed about the insurance cover required for landlords, with up to a quarter of residential landlords opting to purchase a standard home insurance policy. Switching policyholders to appropriate landlord insurance policies presents a large growth potential for premiums in the category. Looser credit conditions and an increase in buy-to-let lending suggest additional favorable forces. The outlook for the availability of flood insurance is clouded by uncertainty. Following the shift from the Statement of Principles to the industry and government Flood Re proposal, it has been confirmed that affordable flooding insurance will only be guaranteed for resident homeowners. Consequently, insurance premiums for landlords of both residential and commercial property are expected to face significant upside pressure over the forecast period. Industry associations estimate that the number of properties affected could be as high as 1 million. Scope - This report provides market analysis, information and insights into the UK landlord insurance business - It provides a snapshot of the market size - It analyzes drivers and the outlook for the market - It provides information on distribution channels - It covers deals, news and regulatory developments Key Topics Covered: Executive Summary Introduction Market Analysis Competitive Landscape Porter's Five Forces Analysis Deals News Regulation and Compliance Macroeconomic Backdrop Company Profiles Appendix List of Tables List of Figures Companies Mentioned - Allianz Insurance Plc - Aviva Plc - Axa UK Plc - Catlin Insurance Company (UK) Ltd - Direct Line Insurance Group Plc - Ecclesiastical Insurance Office Plc - FM Insurance Company Ltd - QBE Insurance (Europe) Ltd - Royal & Sun Alliance Insurance Plc - Zurich Insurance Plc For more information visit http://www.researchandmarkets.com/research/jjkwsc/landlord About Research and Markets Research and Markets is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Household Insurance in the UK Report: Key Trends and Opportunities to 2017
M2 - Wed Jul 10, 6:33AM CDT
Research and Markets (http://www.researchandmarkets.com/research/3bhgr6/household) has announced the addition of the "Household Insurance in the UK, Key Trends and Opportunities to 2017" report to their offering. Gross written premiums in the household insurance category rose by 0.6% annually in 2012, slowing from the expansion recorded in 2011. Premium income totaled GBP5.26 billion in 2012 and grew at a CAGR of 3.24% between 2008 and 2012. The strength of the housing market is a primary driver of demand for household insurance. 2012 saw slower growth in mortgage lending and house prices, and a slump in private housing construction. The soft recovery in the UK housing market, coupled with the fragility in the wider economy, will remain a challenge for the household insurance category. A strong rebound in economic growth is not expected to materialize until 2014, but as this recovery gains traction, growth rates in premiums will also pick up. Claims paid by household insurers jumped by 11.3% in 2012, in li
Direct Line Group to make 2,000 staff redundant in cost cutting measures
M2 - Wed Jun 26, 5:10AM CDT
UK retail general insurer Direct Line Insurance Group plc announced today that it intends to continue its business transformation plan and improve its operational efficiency, with further initiatives that include cutting staff numbers by 2,000.
Private Motor Insurance in the UK, Key Trends and Opportunities to 2016
M2 - Thu Jun 20, 9:52AM CDT
Research and Markets (http://www.researchandmarkets.com/research/c4srnf/private_motor) has announced the addition of the "Private Motor Insurance in the UK, Key Trends and Opportunities to 2016" report to their offering. Gross written premiums in the UK's private motor insurance category rose by 6.7% in 2011, slowing from the expansion recorded in 2010. The market is dominated by comprehensive policies, with some insurers having axed third-party, non-comprehensive policies in the past few years. Private motor insurance gross written premiums represent 0.9% of the country's GDP, in line with the European average. Motor insurance density in the UK is higher than in its European counterparts, and has followed a clear upward trend. Factors driving growth in the category include mandatory motor third-party liability insurance, rising disposable incomes and a steady increase in private car registrations. The difficult macroeconomic environment is a challenge. A strong return to growth is not expected until 2014
Travel Insurance in the UK, Key Trends and Opportunities to 2018
M2 - Wed Apr 16, 6:13AM CDT
Research and Markets (http://www.researchandmarkets.com/research/bzdhq7/travel_insurance) has announced the addition of the "Travel Insurance in the UK, Key Trends and Opportunities to 2018" report to their offering. Gross written premiums for travel insurance were valued at GBP724 million in 2012, and an estimated GBP742 million in 2013. Volatile premium growth was recorded during the review period (2008-2012), as demand was strongly influenced by the UK's recessionary economic backdrop limiting demand for overseas travel. The compound annual growth rate (CAGR) registered during the review period was more stable at -0.53%, however. UK residents made fewer trips abroad during the review period, with discretionary spending on holidays constrained by weak growth in earnings, employment uncertainty and rising travel costs, while businesses reduced budgets for corporate travel. A preference for domestic holidays induced a 12.5 million dip in the number of leisure and business trips abroad during the review period. Medical costs represented 56% of travel insurance claims in 2012, and, despite fewer overseas trips being made, costs relating to claims have risen sharply. The average medical claim totaled GBP900 in 2012, 50% higher than in 2004. The reported refusal of the European Health Insurance Card (EHIC) in hospitals in Spain, Greece and Cyprus added to insurers' cost burdens. The travel insurance category is highly competitive and has become increasingly commoditized, with insurers competing on price to maintain market share. Online distribution - through direct and price-comparison website channels - is well established, and has fostered an increase in the number of low-cost internet-only brands. The underwriting capacity for these products is dominated by the 10 largest insurers in the category. Stronger UK economic growth from 2014 will spur an improvement in consumer confidence and spending to provide the impetus to growth in demand for travel insurance over the forecast period. Gross written premiums are forecast to grow at a CAGR of 2.20% over 2014-2018, reaching a total of GBP829 million in 2018. Opportunities exist to deepen penetration in the category. An aging population and trends for a more active retirement are increasing demand for travel insurance policies with no age limits. A parliamentary review in 2013 found that 91% of travel policies available in the UK imposed an upper age limit, and age-related charities have begun lobbying for market changes. Customer education also allows insurers to highlight the shortfalls of the basic cover offered through the EHIC and Civil Aviation Authority compensation schemes. Key Topics Covered: 1 Executive Summary 2 Introduction 3 Market Analysis 4 Competitive Landscape 5 Porter's Five Forces Analysis 6 Deals 7 News 8 Regulation and Compliance 9 Macroeconomic Backdrop 10 Company Profiles 11 Statistics 12 Appendix Companies Mentioned - ACE European Group Ltd - AIG Europe Ltd - Ageas (UK) Ltd - Allianz Insurance Plc - Aviva Plc - Axa UK Plc - Chubb Insurance Company of Europe SE - Direct Line Insurance Group Plc - Great Lakes Reinsurance (UK) Plc - Mapfre Asistencia Compa??a Internacional de Seguros y Reaseguros, SA For more information visit http://www.researchandmarkets.com/research/bz..._insurance
Commercial Motor Insurance in the UK - Key Trends and Opportunities to 2018
M2 - Wed Apr 09, 6:53AM CDT
Research and Markets (http://www.researchandmarkets.com/research/t2qvnh/commercial_motor) has announced the addition of the "Commercial Motor Insurance in the UK, Key Trends and Opportunities to 2018" report to their offering. The UK commercial motor insurance category has recorded growth since 2008, despite the synchronous recessionary backdrop. Gross written premiums rose at an annual rate of 7.2% in 2012, to a total of GBP3.4 billion and a five- year high. During the review period (2008-2012), premiums posted a compound annual growth rate (CAGR) of 5.50%. The recession resulted in faltering business confidence, lenders reducing the availability of credit, and a slump in capital spending - including investment in commercial vehicles. Faced with a reduction in the underlying demand for commercial motor insurance, rate rises in the category were largely due to insurers hiking rates to protect profits. The total combined operating ratio for insurers operating in the category remained above 100% during the review period and stood at a five- year low of 106% in 2012, indicating long- standing profitability struggles. Premium increases enacted during the review period have not been able to offset rising claims payouts, an increase in operating expenses, and record- low interest rates limiting returns on investments. The category is not expected to return to profit until 2015. Motor insurance claims rose sharply during the review period, reflecting a higher incidence of fraudulent claims related to staged accidents and the resulting payouts for personal injury and whiplash claims. The number of motor- related personal injury compensation cases registered with the government's Compensation Recovery Unit surged in the five years to 2012, in contrast to a 15% fall in road traffic accidents during the period. The motor insurance industry has collectively prioritized a significant reduction in fraud, introducing measures which include the development of software and databases to improve core risk underwriting, as well as systems to detect false or inflated claims. In addition, the growing use of telematics in commercial vehicle policies and the implementation of the Legal Aid, Sentencing and Punishing of Offenders Act (LASPO) in April 2013 will also have a mitigating effect on commercial motor claims. The strengthening UK economy has already begun to spur an increase in commercial vehicle registrations, and the Department of Transport forecasts that goods vehicles will be the fastest- growing category of road traffic to 2020. The revival in demand will support a CAGR of 6.23% for gross written premiums over the forecast period (2014- 2018), up to a peak value of GBP4.52 billion in 2018. Insurers' overconfidence in the cost- saving effects of the LASPO bill will limit growth in 2014, before rates are adjusted upwards from 2015. Key Topics Covered: 1 Executive Summary 2 Introduction 3 Market Analysis 4 Competitive Landscape 5 Porter's Five Forces Analysis 6 Deals 7 News 8 Regulation and Compliance 9 Macroeconomic Backdrop 10 Company Profiles 11 Statistics 12 Appendix Companies Mentioned - Ageas (UK) Ltd - Allianz Insurance Plc - Aviva Plc - Axa UK Plc - Direct Line Insurance Group Plc - Liverpool Victoria Friendly Society Ltd - National Farmers Union Mutual Insurance Society - QBE Insurance (Europe) Ltd - Royal & Sun Alliance Insurance Plc - Zurich Insurance Plc For more information visit http://www.researchandmarkets.com/research/t2...cial_motor
Landlord Insurance in the UK - Key Trends and Opportunities to 2017 Research Report
M2 - Thu Feb 13, 3:05AM CST
Research and Markets (http://www.researchandmarkets.com/research/jjkwsc/landlord) has announced the addition of the "Landlord Insurance in the UK - Key Trends and Opportunities to 2017" report to their offering. The UK landlord insurance category is estimated to have generated GBP2.51 billion in gross written premiums in 2012, and accounted for 7.3% of the country's non-life insurance segment. Landlord policies cover the financial risks related to renting out a residential or commercial property, including damage to buildings or contents, loss of rent and public liability. Growth in the category was maintained during the recession and economic weakness during 2008-2011, as a sluggish housing market triggered an increase in properties occupied on a rental basis. This signaled the reversal of a post-war trend towards property ownership, with close to 35% of properties rented through private or social housing landlords in 2012. This marked a five percentage-point increase from 2000 alone. In addition to the subdued economic backdrop fueling a shift towards rented accommodation, it is also likely to have increased demand for landlord insurance due to greater risk aversion, a larger number of homeowners choosing to rent out property rather than sell at reduced prices, unemployment stoking a rise in the number of tenants in rent arrears, pessimistic businesses reducing their commitment to long commercial leases, and a rise in adverse weather-related incidents. Opportunities exist to develop the category during the forecast period. Insurer-led market surveys have found that customers are under-informed about the insurance cover required for landlords, with up to a quarter of residential landlords opting to purchase a standard home insurance policy. Switching policyholders to appropriate landlord insurance policies presents a large growth potential for premiums in the category. Looser credit conditions and an increase in buy-to-let lending suggest additional favorable forces. The outlook for the availability of flood insurance is clouded by uncertainty. Following the shift from the Statement of Principles to the industry and government Flood Re proposal, it has been confirmed that affordable flooding insurance will only be guaranteed for resident homeowners. Consequently, insurance premiums for landlords of both residential and commercial property are expected to face significant upside pressure over the forecast period. Industry associations estimate that the number of properties affected could be as high as 1 million. Scope - This report provides market analysis, information and insights into the UK landlord insurance business - It provides a snapshot of the market size - It analyzes drivers and the outlook for the market - It provides information on distribution channels - It covers deals, news and regulatory developments Key Topics Covered: Executive Summary Introduction Market Analysis Competitive Landscape Porter's Five Forces Analysis Deals News Regulation and Compliance Macroeconomic Backdrop Company Profiles Appendix List of Tables List of Figures Companies Mentioned - Allianz Insurance Plc - Aviva Plc - Axa UK Plc - Catlin Insurance Company (UK) Ltd - Direct Line Insurance Group Plc - Ecclesiastical Insurance Office Plc - FM Insurance Company Ltd - QBE Insurance (Europe) Ltd - Royal & Sun Alliance Insurance Plc - Zurich Insurance Plc For more information visit http://www.researchandmarkets.com/research/jjkwsc/landlord About Research and Markets Research and Markets is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Household Insurance in the UK Report: Key Trends and Opportunities to 2017
M2 - Wed Jul 10, 6:33AM CDT
Research and Markets (http://www.researchandmarkets.com/research/3bhgr6/household) has announced the addition of the "Household Insurance in the UK, Key Trends and Opportunities to 2017" report to their offering. Gross written premiums in the household insurance category rose by 0.6% annually in 2012, slowing from the expansion recorded in 2011. Premium income totaled GBP5.26 billion in 2012 and grew at a CAGR of 3.24% between 2008 and 2012. The strength of the housing market is a primary driver of demand for household insurance. 2012 saw slower growth in mortgage lending and house prices, and a slump in private housing construction. The soft recovery in the UK housing market, coupled with the fragility in the wider economy, will remain a challenge for the household insurance category. A strong rebound in economic growth is not expected to materialize until 2014, but as this recovery gains traction, growth rates in premiums will also pick up. Claims paid by household insurers jumped by 11.3% in 2012, in li
Direct Line Group to make 2,000 staff redundant in cost cutting measures
M2 - Wed Jun 26, 5:10AM CDT
UK retail general insurer Direct Line Insurance Group plc announced today that it intends to continue its business transformation plan and improve its operational efficiency, with further initiatives that include cutting staff numbers by 2,000.
Private Motor Insurance in the UK, Key Trends and Opportunities to 2016
M2 - Thu Jun 20, 9:52AM CDT
Research and Markets (http://www.researchandmarkets.com/research/c4srnf/private_motor) has announced the addition of the "Private Motor Insurance in the UK, Key Trends and Opportunities to 2016" report to their offering. Gross written premiums in the UK's private motor insurance category rose by 6.7% in 2011, slowing from the expansion recorded in 2010. The market is dominated by comprehensive policies, with some insurers having axed third-party, non-comprehensive policies in the past few years. Private motor insurance gross written premiums represent 0.9% of the country's GDP, in line with the European average. Motor insurance density in the UK is higher than in its European counterparts, and has followed a clear upward trend. Factors driving growth in the category include mandatory motor third-party liability insurance, rising disposable incomes and a steady increase in private car registrations. The difficult macroeconomic environment is a challenge. A strong return to growth is not expected until 2014
