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)

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 (%)

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.

Chubb
AIG
Zurich
Aviva
AXA
Allianz
QBE
RSA
Berkshire Hathaway
Hiscox
LV=
Simply Business
Lloyds Bank
Direct Line
NFU Mutual
Zego
Dinghy
Uber
Deliveroo

Table of Contents

  • 1. Executive Summary

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

  • 2. Market Dynamics

    • 2.1. Employers’ liability GWP is expected to have increased by

      9.2% in 2023, following growth of

      25.6% in 2022

    • 2.2. Underwriting profits remain positive in 2022 despite a large increase in claims incurred
    • 2.3. The average cost of claims continued to increase in 2022
    • 2.4. The Civil Liability Act aims to reform personal injury compensation practices
    • 2.5. The dynamic of working is reaching a plateau in terms of remote working models

  • 3. Competitor Dynamics

    • 3.1. Chubb maintains its position as the top provider of general liability insurance in 2022

  • 4. The Market Going Forward

    • 4.1. Employers’ liability is expected to have reached GBP2.08 billion in 2023 and then continue growing at a slower rate
    • 4.2. Many factors will have an impact on market growth

  • 5. Appendix

    • 5.1. Abbreviations, acronyms, and initialisms
    • 5.2. Definitions
    • 5.3. Methodology
    • 5.4. Secondary sources
    • 5.5. Further reading

  • 6. About GlobalData
  • 7. Contact Us

Table

Table 1: The number of employing private sector businesses and employees in the UK, 2016-23

Table 2: The number of employing businesses by company size, 2017-23

Table 3: The number of private sector employees and businesses by industry, 2022-23

Table 4: Employers’ liability ratios, 2017-22

Table 5: The total number of fatalities and injuries in the workplace, 2015/16-22/23p

Table 6: Leading UK general liability insurers by GWP (GBP 000s), 2021-22

Table 7: Employers’ liability market GWP forecasts, 2022-27f

Figures

Figure 1: The employers’ liability market is expected to have grown by 9.2% in 2023 following a 25.6% growth in 2022

Figure 2: The number of businesses in the private sector fell in 2023 following a tough economic environment

Figure 3: The majority of regions in the UK experienced a decline in the number of businesses

Figure 4: Underwriting profits for the market remain small given that claims increased in 2022

Figure 5: The average claims cost continued the upward trend and almost doubled in 2022

Figure 6: The number of non-fatal workplace injuries started to fall again in 2022-23p

Figure 7: The Civil Liability Act has seen the number of settlements fall since its introduction

Figure 8: Remote working remains up since the pandemic among different SME sizes

Figure 9: Chubb continued to grow its share of the UK general liability market in 2022, boasting a share of 10.3%

Figure 10: Aviva overtakes AXA as the most popular provider of employers’ liability for all SMEs

Figure 11: The top reason for SMEs switching provider is pricing considerations, growing by 9.1pp in 2023

Figure 12: The employers’ liability market is forecast to have a CAGR of 2.5% between 2022 and 2027f

Figure 13: One fifth of all SMEs do not have employers’ liability cover as they feel the risk to their staff is minimal

Figure 14: Forecasting methodology

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