Non-Life Insurance in the UK, Key Trends and Opportunities to 2020

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Published: June 19, 2017 Report Code: GD-IS1480MR-ST

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GlobalData’s 'Non-Life Insurance in the UK, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the UK non-life insurance segment, and a comparison of the UK insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the UK economy and demographics, explains the various types of natural hazard and their impact on the UK insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the non-life insurance segment in the UK:

• It provides historical values for the UK non-life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the UK non-life insurance segment, and market forecasts to 2020.

• It provides a comparison of the UK non-life insurance segment with its regional counterparts

• It analyzes the various distribution channels for non-life insurance products in the UK.

• It analyzes various natural and man-made hazards and their impact on the UK insurance industry

• It profiles the top non-life insurance companies in the UK, and outlines the key regulations affecting them.

Key Highlights

• On June 1, 2017, the insurance premium tax (IPT) on motor, pet insurance, contents insurance, mobile, buildings and private medical insurance was raised from 10.0% to 12.0%.

• On February 27, 2017, the UK’s Ministry of Justice announced that the Ogden (discount) rate will be reduced from 2.5% to -0.75%, effective from March 20, 2017. The rate is used to calculate the final compensation amount for personal injury claims.

• Property insurance was the segment’s largest category during the review period.

• By 2020, fully automated driverless cars are expected to become a reality on UK roads.

• Brokers and direct marketing channels collectively contributed 80.7% of the segment’s direct written premium in 2015.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the UK non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the UK non-life insurance segment.

• Assess the competitive dynamics in the non-life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the UK insurance industry, and their impact on companies and the industry's future.

Aviva plc
Axa UK plc
Direct Line Group
RSA Insurance Group plc
Zurich Insurance Group Ltd (Zurich)
Allianz Insurance plc
Ageas Insurance Ltd
AIG Europe Ltd
Liverpool Victoria Friendly Society Ltd
National Farmers Union Mutual Insurance Society Ltd

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Segment Indicators

4.1.1 Gross written premium and penetration

4.1.2 Claims

4.1.3 Profitability

4.1.4 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Claims

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Claims

5.2.4 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Claims

5.3.4 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Claims

5.4.4 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Brokers

6.1.2 Agencies

6.1.3 Direct marketing

6.1.4 Bancassurance

6.1.5 Other distribution channels

7 Natural and Man-Made Hazards

7.1 Flooding

7.2 Winterstorm

7.3 Man-Made Hazards

7.4 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 Aviva Plc – company overview

8.1.2 Axa Plc – company overview

8.1.3 Direct Line Insurance Group plc – company overview

8.1.4 RSA Insurance Group plc – company overview

8.1.5 Zurich Insurance Group Ltd – company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Employer’s liability insurance

9.4.2 Motor third-party liability insurance

9.4.3 Merchant shipping compulsory insurance

9.4.4 National Insurance Scheme

9.4.5 Professional indemnity insurance

9.4.6 Air carriers and aircraft operators insurance

9.4.7 Clinical trials liability insurance

9.4.8 Liability for ships with respect to oil pollution

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 European Insurance and Occupational Pensions Authority

9.5.3 Prudential Regulation Authority

9.5.4 Financial Conduct Authority

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Property Insurance

10.5 Property Insurance by Product

10.6 Motor Insurance

10.7 Liability Insurance

10.8 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About GlobalData

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

Table 1: UK Non-Life Insurance – Key Facts, 2015

Table 2: UK Non-Life Insurance – Top Insurers, 2015

Table 3: UK Government Credit Ratings

Table 4: UK Non-Life Insurance – Gross Written Premium (GBP Billion and US$ Billion), 2011–2015

Table 5: UK Non-Life Insurance – Penetration (%), 2011–2015

Table 6: UK Non-Life Insurance – Gross Written Premium (GBP Billion and US$ Billion), 2015–2020

Table 7: UK Non-Life Insurance – Penetration (%), 2015–2020

Table 8: UK Non-Life Insurance – Premium per Capita (GBP and US$), 2011–2015

Table 9: UK Non-Life Insurance – Premium per Capita (GBP and US$), 2015–2020

Table 10: UK Non-Life Insurance – Paid Claims (GBP Billion and US$ Billion), 2011–2015

Table 11: UK Non-Life Insurance – Paid Claims (GBP Billion and US$ Billion), 2015–2020

Table 12: UK Non-Life Insurance – Profitability Ratio (%), 2011–2015

Table 13: UK Non-Life Insurance – Profitability Ratio (%), 2015–2020

Table 14: UK Non-Life Insurance – Total Investment Income (GBP Billion and US$ Billion), 2011–2015

Table 15: UK Non-Life Insurance – Total Investment Income (GBP Billion and US$ Billion), 2015–2020

Table 16: UK Non-Life Insurance – Investment Portfolio (GBP Billion), 2011–2015

Table 17: UK Non-Life Insurance – Investment Portfolio (GBP Billion), 2015–2020

Table 18: UK Property Insurance – Direct Written Premium (GBP Billion), 2011–2015

Table 19: UK Property Insurance – Direct Written Premium (GBP Billion), 2015–2020

Table 20: UK Property Insurance – Paid Claims (GBP Billion and US$ Billion), 2011–2015

Table 21: UK Property Insurance – Paid Claims (GBP Billion and US$ Billion), 2015–2020

Table 22: UK Property Insurance – Loss Ratio (%), 2011–2015

Table 23: UK Property Insurance – Loss Ratio (%), 2015–2020

Table 24: UK Motor Insurance – Number of New Registered Vehicles (Thousand) in Great Britain, 2011–2016

Table 25: UK Motor Insurance – Number of New Registered Vehicles (Thousand) in the UK, 2015–2016

Table 26: UK Motor Insurance – Direct Written Premium (GBP Billion), 2011–2015

Table 27: UK Motor Insurance – Direct Written Premium (GBP Billion), 2015–2020

Table 28: UK Motor Insurance – Paid Claims (GBP Billion and US$ Billion), 2011–2015

Table 29: UK Motor Insurance – Paid Claims (GBP Billion and US$ Billion), 2015–2020

Table 30: UK Motor Insurance – Loss Ratio (%), 2011–2015

Table 31: UK Motor Insurance – Loss Ratio (%), 2015–2020

Table 32: UK Liability Insurance – Direct Written Premium (GBP Billion), 2011–2015

Table 33: UK Liability Insurance – Direct Written Premium (GBP Billion), 2015–2020

Table 34: UK Liability Insurance – Paid Claims (GBP Billion and US$ Billion), 2011–2015

Table 35: UK Liability Insurance – Paid Claims (GBP Billion and US$ Billion), 2015–2020

Table 36: UK Liability Insurance – Loss Ratio (%), 2011–2015

Table 37: UK Liability Insurance – Loss Ratio (%), 2015–2020

Table 38: UK Transport Network – Global Rankings

Table 39: UK Marine, Aviation and Transit Insurance – Transport Figures, 2011–2015

Table 40: UK Marine, Aviation and Transit Insurance – Direct Written Premium (GBP Billion), 2011–2015

Table 41: UK Marine, Aviation and Transit Insurance – Direct Written Premium (GBP Billion), 2015–2020

Table 42: UK Marine, Aviation and Transit Insurance – Paid Claims (GBP Million and US$ Billion), 2011–2015

Table 43: UK Marine, Aviation and Transit Insurance – Paid Claims (GBP Million and US$ Million), 2015–2020

Table 44: UK Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015

Table 45: UK Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020

Table 46: UK Non-Life Insurance – Direct Written Premium by Distribution Channel (GBP Billion), 2011–2015

Table 47: UK Non-Life Insurance – Direct Written Premium by Distribution Channel (GBP Billion), 2015–2020

Table 48: UK Non-Life Insurance – Share of Total Market Commissions (%), 2011–2015

Table 49: UK Non-Life Insurance – Share of Total Market Commissions (%), 2015–2020

Table 50: UK Non-Life Segment – Market Shares of Leading Insurers (%), 2015

Table 51: UK Life Segment – Product and Market Share (%) of Top Insurers, 2015

Table 52: UK Non-Life Segment – Top Insurers, 2015

Table 53: Aviva Plc – Key Facts

Table 54: Axa Plc – Key Facts

Table 55: Direct Line Insurance Group Plc – Key Facts

Table 56: RSA Insurance Group plc – Key Facts

Table 57: Zurich Insurance Group Ltd – Key Facts

Table 58: UK – Insurance Regulatory Framework Key Features

Table 59: UK – Life Insurance Regulatory Framework

Table 60: UK – Property Insurance Regulatory Framework

Table 61: UK– Motor Insurance Regulatory Framework

Table 62: UK – Liability Insurance Regulatory Framework

Table 63: UK – Benefits Under National Insurance Scheme

Table 64: UK – Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft

Table 65: UK – Corporate Tax Rates for the Financial Year 2017

Table 66: UK– VAT Rates in UK for Insurance Products

Table 67: UK Insurance Industry – Policies and Premium, 2011–2015

Table 68: UK Insurance Industry – Policies and Premium, 2015–2020

Table 69: UK Non-Life Insurance – Claims and Expenses, 2011–2015

Table 70: UK Non-Life Insurance – Claims and Expenses, 2015–2020

Table 71: UK Non-Life Insurance – Assets and Investments, 2011–2015

Table 72: UK Non-Life Insurance – Assets and Investments, 2015–2020

Table 73: UK Non-Life Insurance – Property Insurance, 2011–2015

Table 74: UK Non-Life Insurance – Property Insurance, 2015–2020

Table 75: UK Non-Life Insurance – Property Insurance by Product, 2011–2013

Table 76: UK Non-Life Insurance – Motor Insurance, 2011–2015

Table 77: UK Non-Life Insurance – Motor Insurance, 2015–2020

Table 78: UK Non-Life Insurance – Liability Insurance, 2011–2015

Table 79: UK Non-Life Insurance – Liability Insurance, 2015–2020

Table 80: UK Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015

Table 81: UK Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020

Table 82: Insurance Industry Definitions

Figures

Figure 1: UK Real GDP (GBP Trillion), 2011–2020

Figure 2: UK Consumer Price Inflation (%), 2011–2020

Figure 3: UK Current Account Balance as Percentage of GDP (%), 2011–2015

Figure 4: UK Unemployment Rate, 2011–2020

Figure 5: UK Population by Age Group, 2011–2025

Figure 6: UK Non-Life Insurance – Gross Written Premium (GBP Billion), 2011–2020

Figure 7: UK Non-Life Insurance – Penetration (%), 2011–2020

Figure 8: UK Non-Life Insurance – Premium per Capita (GBP), 2011–2020

Figure 9: UK Non-Life Insurance – Paid Claims (GBP Billion), 2011–2020

Figure 10: UK Non-Life Insurance – Profitability Ratio (%), 2011–2020

Figure 11: UK Non-Life Insurance – Total Investment Income (GBP Billion), 2011–2020

Figure 12: UK Non-Life Insurance – Investment Portfolio (GBP Billion), 2011–2020

Figure 13: UK Non-Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 14: UK Property Insurance – Construction Value Output by Category (GBP Billion), 2011–2015

Figure 15: UK Property Insurance – Direct Written Premium (GBP Billion), 2011–2020

Figure 16: UK Property Insurance – Paid Claims (GBP Billion), 2011–2020

Figure 17: UK Property Insurance – Loss Ratio (%), 2011–2020

Figure 18: UK Motor Insurance – Licensed Vehicle by vehicle Type, 2015 and 2016

Figure 19: UK Motor Insurance – Direct Written Premium (GBP Billion), 2011–2020

Figure 20: UK Motor Insurance – Paid Claims (GBP Billion), 2011–2020

Figure 21: UK Motor Insurance – Loss Ratio (%), 2011–2020

Figure 22: UK Liability Insurance – Direct Written Premium (GBP Billion), 2011–2020

Figure 23: UK Liability Insurance – Paid Claims (GBP Billion), 2011–2020

Figure 24: UK Liability Insurance – Loss Ratio (%), 2011–2020

Figure 25: UK Marine, Aviation and Transit Insurance – Imports and Exports (GBP Billion), 2012–2016

Figure 26: UK Marine, Aviation and Transit Insurance – Direct Written Premium (GBP Billion), 2011–2020

Figure 27: UK Marine, Aviation and Transit Insurance – Paid Claims (GBP Billion), 2011–2020

Figure 28: UK Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2020

Figure 29: UK – The Three Pillars of Solvency II

Figure 30: UK – Insurance Supervision and Control at Various Levels

Figure 31: UK – Insurance Regulatory Frameworks for Company Registration and Operation

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