United Kingdom (UK) Commercial Property Insurance Market Size, Trends, Competitor Dynamics and Opportunities
UK Commercial Property Insurance Market Report Overview
The gross written premium of the United Kingdom (UK) commercial property insurance market was GBP9 billion in 2021 and is expected to achieve a CAGR of more than 3% during 2021-2026. In the upcoming years, hardening market rates and claims inflation will contribute to robust premium growth, strong business retention rates, and potential new business growth.
The UK commercial property insurance market research report analyzes the commercial property insurance market in the UK, looking at drivers of uptake across different demographics and dwelling types. It discusses the claims landscape in 2021, as well as the commercial property market across London and upcoming regulatory changes within insurance. Incumbent competitors are analyzed and compared, along with newcomers and insurtechs within the space. Future impactors in the market are also examined, including climate change, underinsurance, and the changing office environment.
UK Commercial Property Insurance Market Outlook 2021-2026 (GBP Billion)
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UK Commercial Property Insurance Market Dynamics
Drones are being used in the commercial property sector for claim processing, damage assessment, data collecting and analysis, inspection and site evaluation, and fraud prevention. Due to their potential to deliver faster and safer services when analyzing losses compared to human inspections, drones can evaluate broad areas that are challenging to access. Drones will speed up inspections, allowing insurance companies to perform more evaluations and appraisals each day.
Many products now cost more in the UK because of Brexit, the Russia-Ukraine conflict, and challenges with the global supply chain. The rising cost of construction is driving up the cost of rebuilding many properties. The rising cost of imports in the UK will also have an impact on commercial buildings that house inventory or specialized gear. Numerous current insurance policies on the market are no longer adequate to cover the full costs to businesses of this repair due to the additional time and expense required to replace damaged merchandise or apparatus (or even to rebuild premises themselves). If policies are not consistently updated to reflect price rises, insurers risk losing out on significant premium income and unintentionally underinsuring many firms.
UK Commercial Property Insurance Market Segmentation by Claims Type
The key gross claims type in the UK commercial property insurance market includes fire and explosion, escape of water, weather, business interruption, theft of money, and other theft. Weather-related losses and losses due to fires and the subsequent property damage caused are the two biggest threats to the market. Weather-related losses have been a recurring danger for the property sector over the last two years, with reports of close to GBP500 million in losses. This has put pressure on profitability. It should be emphasized that the commercial property insurance market has very narrow profit margins.
UK Commercial Property Insurance Market Analysis by Claims Type, 2021 (%)
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UK Commercial Property Insurance Market - Competitive Landscape
Some of the leading commercial property insurers in the UK are Aviva, Zurich, AIG, Allianz, AXA, Munich Re, RSA, NFU Mutual, Chubb, and Direct Line Group. In terms of commercial property, Aviva had another good year in 2021, retaining its position as the market leader. This rise has been fueled by better underwriting performance as well as fewer claims associated with COVID-19, according to its 2021 annual report.
UK Commercial Property Insurance Market Analysis by Property Insurers, 2021 (%)
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UK Commercial Property Insurance Market Report Overview
| Market Size (GWP 2021) | GBP9 billion |
| CAGR (2021-2026) | >3% |
| Historic Period | 2017-2020 |
| Forecast Period | 2021-2026 |
| Claim Types | Fire and Explosion, Escape of Water, Weather, Business Interruption, Theft of Money, and Other Theft |
| Leading Commercial Property Insurers | Aviva, Zurich, AIG, Allianz, AXA, Munich Re, RSA, NFU Mutual, Chubb, and Direct Line Group |
Segments Covered in the Report
UK Commercial Property Insurance Claims Type Outlook (Value, GBP Billion, 2021-2026)
- Fire and Explosion
- Escape of Water
- Weather
- Business Interruption
- Theft of Money
- Other Theft
Scope
This report provides:
- Analysis of the UK commercial property insurance market
- Drivers of uptake across different demographics and dwelling types
- Claims landscape in 2020, as well as the commercial property market across London and upcoming regulatory changes within insurance
- Analysis and comparison of competitors, along with newcomers and insurtechs within the space
- Future impacts on the market including climate change, underinsurance, and the changing office environment
Reasons to Buy
- Analyze the drivers of growth within the UK commercial property market.
- Determine areas of concern for insurers and the wider market, including in the claims landscape.
- Recognize the impact of Brexit and inflation on the market.
- Ascertain the market shares of the leading players.
- Examine future opportunities and challenges within the market.
Key Players
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The gross written premium of the UK commercial property insurance market was GBP9 billion in 2021.
The UK commercial property insurance market is expected to grow at a CAGR of more than 3% during 2021-2026.
The key claims types in the UK commercial property insurance market include fire and explosion, escape of water, weather, business interruption, theft of money, and other theft.
Some of the leading commercial property insurers in the UK commercial property insurance market are Aviva, Zurich, AIG, Allianz, AXA, Munich Re, RSA, NFU Mutual, Chubb, and Direct Line Group.
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