United Kingdom (UK) Employers’ Liability Insurance Market Trends, Competitor Dynamics and Opportunities
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United Kingdom (UK) Employers’ Liability Insurance Market Report Overview
The Gross Written Premiums (GWP) in the United Kingdom (UK) employers’ liability insurance market was GBP2.08 billion in 2023, following strong growth of more than 25% in 2022. Exploring opportunities in the gig economy through partnerships and adapting to the evolving risks posed by robotics are the factors that will drive the UK employers’ liability insurance market growth in the coming years.
UK Employers Liability Insurance Market Overview 2022-2027 (GBP Billion)
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The UK employers liability insurance market research report offers a comprehensive understanding of the country’s economic growth and business landscape concerning the employers’ liability insurance market.
The report helps understand the impact of inflation, the cost-of-living living crisis, and the COVID-19 pandemic on the employers’ liability insurance market. It also covers key announcements, shifts in the market, and likely future changes that are analyzed for impact across all relevant stakeholders.
Market Size (2023) | GBP2.08 Billion |
Forecast Period | 2022-2027 |
Leading Players | · Chubb
· AIG · Zurich · Aviva · AXA |
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UK Employers Liability Insurance Market Dynamics
The employers’ liability and the UK economy are correlated. The economy is still recovering from the aftermath of the COVID-19 pandemic, and changes in working models are impacting the employers’ liability market. The current economic conditions, which are marked by high rates of interest and inflation, have increased the expenses associated with conducting business.
After strong growth in 2022, the employers’ liability market GWP increased in 2023, primarily ascribed to rising premiums brought on by inflationary pressures and rising claim costs. This increase can partially be explained by the fact that there has been an increase in the awareness that the cover is a legal requirement. Furthermore, this increase can be attributed to the simultaneous decline in the unemployment rate and an increase in companies employing workers. Insurance companies changed the prices for employers’ liability policies in response to the higher payouts.
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UK Employers Liability Insurance Market – Competitive Landscape
A few of the leading players in the UK employers liability insurance market are:
- Chubb
- AIG
- Zurich
- Aviva
- AXA
In 2022, Chubb accounted for the highest share of the UK employers’ liability insurance market. Chubb maintained its position as the industry leader in general liability insurance in 2022. Maintaining its competitive advantage has been largely attributed to its strategic initiatives. Chubb’s online policy adoption has been strengthened by the company’s proactive embrace of digital technologies. This was demonstrated in the simplification of the renewal process for middle-market and small commercial businesses in 2021.
UK Employers’ Liability Insurance Market Analysis by Companies, 2022 (%)
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Scope
- The employers’ liability market is expected to grow by 9.2% in 2023, with GWP growing to GBP2.08 billion.
- The market experienced a good underwriting profit of GBP68 million in 2022, despite gross claims incurred increasing by 53.9% to GBP1.07 billion.
- The average claims cost increased significantly, rising by 70.2% from 2021 to a 10-year high of GBP18,682 in 2022.
- With a 9.1% market share, Aviva emerges as the top employers’ liability insurance provider in the SME sector, trailed by AXA (5.5%) and Zurich (4.8%).
Reasons to Buy
- Understand the context of the UK’s economic growth and business landscape about the employers’ liability insurance market.
- Determine key announcements, shifts in the market, and likely future changes relevant to all stakeholders.
- Review your strategy against both existing and new challenges in this market.
- Benchmark yourself against the market’s experience of market size, growth, performance, and the claims environment.
AIG
Zurich
Aviva
AXA
Allianz
QBE
RSA
Berkshire Hathaway
Hiscox
LV=
Simply Business
Lloyds Bank
Direct Line
NFU Mutual
Zego
Dinghy
Uber
Deliveroo
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Frequently asked questions
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What was the UK employers' liability insurance GWP in 2023?
The UK employers’ liability insurance GWP was GBP2.08 billion in 2023.
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Which are the leading players in the UK employers liability insurance market?
A few of the leading players in the UK employers’ liability insurance market are Chubb, AIG, Zurich Aviva, and AXA.
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Which company dominated the UK employers' liability insurance market in 2022?
Chubb accounted for the highest share of the UK employers’ liability insurance market in 2022.
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