United Kingdom (UK) Commercial Property Insurance Market Trends, Competitor Dynamics and Opportunities

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The gross written premium (GWP) in the UK commercial property insurance market was valued at GBP12.2 billion in 2022. The commercial property insurance market in the UK is predicted to expand gradually at a CAGR of more than 4% from 2022 to 27. It is projected that factors such as rising repair costs and hardening market rates will fuel premium increases in the coming years.

UK Commercial Property Insurance Market Outlook 2022-2027 (GBP Billion)

UK Commercial Property Insurance Market Outlook 2022-2027 (GBP Billion)

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The UK commercial property insurance market research report analyzes the property insurance scenario within the commercial insurance market and how it is influenced by volatility in the economy. It also ascertains how newcomers and insurtechs are disrupting and driving innovation in the country’s insurance industry. The report enables clients to identify the impact of Brexit and the effects of the cost-of-living crisis on the UK commercial property insurance space. Furthermore, the report’s outlook presents growth opportunities in the property insurance space as well as challenges faced by the insurance providers.

GWP (2022) GBP12.2 billion
CAGR (2022-2027) >4%
Key Players ·        Aviva

·        AIG

·        Zurich

·       AXA

·       Allianz

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UK Commercial Property Insurance Market Dynamics

The UK commercial property insurance GWP increased by 18.5% in 2022 when compared to 2021. This growth can be attributed to the ongoing inflationary pressures and increased rebuild costs because of supply chain disruptions. 2021 was a particularly bad year for claims. As a result, insurers increased premiums to offset claims costs and avoid further losses. Furthermore, the rising cost of building supplies, due to supply chain disruptions caused by the pandemic and the Ukraine-Russia conflict, affected the costs of rebuilding and necessitated more extensive insurance coverage.

The construction industry continues to have a significant impact on the performance of the commercial property insurance market in the UK. Additionally, the post-Brexit landscape and the Russia–Ukraine dispute will have a profound effect on the property insurance industry in the UK.

Furthermore, the incidence of underinsured properties remains a concern in the UK as it highlights a rising discrepancy between actual rebuilding costs and the coverage offered by insurance plans. Commercial insurers must warn businesses about the difficulties that underinsurance, whether intentional or unintentional, can cause during the claims process. Nevertheless, the underinsurance gap appears to be closing, thereby increasing the GWP in the coming years.

UK Commercial Property Insurance Market – Growth Opportunities

According to GlobalData’s 2022 and 2023 UK SME Insurance Survey data, around 11.0% of SMEs have switched insurance providers in 2023, due to pricing considerations, underscoring the financial difficulties that businesses are facing. The price volatility of materials and the rising costs of labor will further influence the completion of construction projects, resulting in delays and added costs in a market that is already unstable. Despite this, the UK commercial property insurance market is predicted to expand gradually during the forecast period. The rising repair costs and hardening market rates will drive premium increases over the next five years.

Moreover, sustainable material underwriting will become more relevant as the nation attempts to reach net-zero emissions. Insurers should accommodate the changing construction landscape by properly underwriting these sustainable materials to remain competitive in the market. Aviva has already targeted this through its recent initiative that caters to the underwriting of engineered timber.

Additionally, technological improvements and the use of satellite data will help insurers to manage claims effectively, by foreseeing possible chances of property damage from calamities such as floods, and hurricanes, thereby offering quick financial help for repairs. This prompt handling of claims can increase client loyalty. Also, AI-driven services will enable insurers to increase the accuracy of risk profiling and deliver personalized, real-time customer support, in addition to improving customer experience, lowering operating costs, and streamlining procedures.

UK Commercial Property Insurance Market – Competitive Landscape

A few of the leading insurers operating in the UK commercial Property insurance market are Aviva, AIG, Allianz, Zurich, and AXA among others. In 2022, Aviva remains the top provider of commercial property insurance in the UK, followed by AIG and Zurich.

UK Commercial Property Insurance Market Analysis, by Key Players

UK Commercial Property Insurance Market Analysis, by Key Players

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• The UK commercial property insurance market is expected to grow by 9.1% to GBP13.3 million in 2023, following an 18.5% growth in 2022.

• Gross claims incurred declined by 16.4% in 2022, driven particularly by a significant 48.3% decrease in BI claims.

• There was a 5.8% drop in claims notified, from 173,000 to 163,000, which helped to lower the total value of claims incurred.

• Aviva holds its position as market leader with a 12.3% share of the market. It is expected to increase its share in 2023 courtesy of it now being able to underwrite engineered timber, showing its dedication to environmental, social, and governance (ESG) initiatives.

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, the cost-of-living crisis, and inflation on the market.
  • Ascertain the market shares of the leading players.
  • Examine future opportunities and challenges within the market.

Munich Re
NFU Mutual
Direct Line
Knight Frank
Willis Towers Watson
Intelligent AI

Table of Contents

  • 1. Executive Summary

    • 1.1. Market overview
    • 1.2. Key findings
    • 1.3. Critical success factors

  • 2. Market Dynamics

    • 2.1. The UK commercial property insurance market continued its strong growth in 2022
    • 2.2. The claims landscape for commercial property recorded falls in both claims incurred and notified in 2022
    • 2.3. The construction sector continues to sustain growth in 2022, after being hampered in 2020
    • 2.4. Investment in London slows down and is expected to fall again in 2023
    • 2.5. Tax incentives and regulations have an impact on commercial property investment
    • 2.6. Commercial-to-residential conversions will affect the commercial property market

  • 3. Competitor Dynamics

    • 3.1. Aviva remains the largest commercial property insurance provider in 2022
    • 3.2. Further developments

  • 4. The Market Going Forward

    • 4.1. Commercial property insurance is expected to grow to GBP15.2 billion by 2027
    • 4.2. Inflationary pressures and high-interest rates will impact the construction industry
    • 4.3. The underinsurance gap remains but appears to be closing
    • 4.4. Sustainable material underwriting will become more relevant as the nation transitions to net zero
    • 4.5. Technology offers insurers better claims assessment and cheaper property valuations
    • 4.6. Changing office working models can present both an opportunity and drawback for insurers

  • 5. Appendix

    • 5.1. Abbreviations and acronyms
    • 5.2. Methodology
    • 5.3. Secondary sources
    • 5.4. Further reading

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Table 1: UK commercial property insurance market GWP and growth rate, 2018–22

Table 2: Gross claims paid (GBP million), by type, 2018–22

Table 3: Number of claims notified (000s), by type, 2018–22

Table 4: UK commercial construction output, 2022–27f

Table 5: Construction output, non-seasonally adjusted, current prices by sector (GBP billion), 2018–22

Table 6: Competitor market shares and GWP, 2020–22


Figure 1: The UK commercial property insurance market grew by 18.5% in 2022

Figure 2: Overall gross claims paid decreased by 16.4% in 2022

Figure 3: Overall, the number of claims improved in 2022, falling by 5.8%

Figure 4: Commercial construction output is expected to maintain growth over the forecast period

Figure 5: Buy-to-let mortgages have started to tail off as high interest rates make lending harder

Figure 6: The population in the UK fell by 0.1% in 2021

Figure 7: Aviva maintains its position as the leader in the commercial property insurance market

Figure 8: GWP is forecasted to grow consistently until 2027, when it will reach GBP15.2 billion

Figure 9: Over half of UK SMEs are facing higher commercial property premiums for the same or less cover

Figure 10: UK SMEs that express concerns about underinsurance has reduced to 34.7% from 42.4% in 2023

Figure 11: 64.9% of SMEs find an insurer’s record in sustainability important or very important

Figure 12: Underwriting and risk profiling is the area of the value chain that will be most impacted by AI

Figure 13: Larger SMEs are more comfortable with using an AI-powered chatbot compared to those that are smaller

Figure 14: Roughly 60% of employees do not anticipate returning to full-time office work as of 2022

Figure 15: 79.7% of individuals expected to spend three or fewer days in the office in 2022

Figure 16: Forecasting methodology

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