ReportsnReports added UK Employers Liability Insurance Market Research Report created by Report Consultant, which offers detailed insights, revenue details, and other information regarding the global market, and the various trends, drivers, restraints, opportunities, and market till 2028. UK Employers Liability Insurance Market Report offers detailed information regarding the leading key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions and mergers, and market footprint. UK Employers Liability Insurance Market also provides a comparative analysis of the market dynamics pre and post Covid19 outbreak.
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The UK employers liability insurance market is quite volatile. The market is more closely aligned to developments in the UK economy compared to other products. While uncertainty around Brexit has diminished, trade negotiations over the next year will determine the impact leaving the EU will have on the UKs economy.
There are also other factors – including the negative Ogden rate and the continuing growth of e-commerce and the gig economy – that will affect the employers liability market going forward. While the market contracted in 2018, underwriting has never been more profitable, partly due to a sustained reduction in workplace injuries. The market will continue to fluctuate over the next five years, but will see marginal growth by the end of 2023. However, much of this estimate stems from a favorable outcome to the Brexit negotiations. If a trade agreement cannot be agreed upon between the government and the EU, the UK economy and the employers liability market will likely suffer as a result.
This report tracks the health and shape of the employers liability market – taking into account market size, profitability and performance ratios, and the claims environment. Bringing this to life, the context of the UKs economic growth, business landscape, and the post-Brexit environment are all taken into consideration to build a full picture of this space. Key announcements, shifts in the market, and likely future changes are analyzed for impact across all relevant stakeholders.
Scope of this Report-
– The employers liability market contracted by 2.3% in 2018, with GWP falling to £1,213m.
– Employers liability experienced the highest underwriting profit on record at £193m.
– The proportion of non-fatal injuries in the workplace fell by 13.9% between 2012 and 2019, leading to fewer claims being made.
– AIG is the largest general liability insurer in the UK, accounting for 19.3% of GWP.
Reasons to buy this Report-
– Review your strategy against both existing and new challenges regarding the employers liability market.
– Benchmark yourself against the market’s experience of growth, performance, and the claims environment.
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Table of Contents
1. EXECUTIVE SUMMARY
1.1. The employers liability market hinges on the strength of the UK economy
1.2. Key findings
1.3. Critical success factors
2. MARKET DYNAMICS
2.2. At the beginning of 2019 there were 1.4 million employing businesses in the UK
2.2.1. Micro businesses have grown the most over the past seven years
2.2.2. Wales saw the largest growth in the number of employing businesses at the start of 2019
2.2.3. Specialist insurers may face challenges as growth rates vary considerably across industries
2.3. The employers liability market has marginally decreased since 2014
2.3.1. Changes to the Ogden rate will continue to affect premiums
2.4. Employers liability recorded its highest ever underwriting profit
2.5. Claims numbers continue to fall following a pre-LASPO surge
2.5.1. Workplace injuries continue to fall as safety standards improve
2.6. Personal injury market reforms will impact employers liability claims
2.6.1. Proposed changes to the Ogden rate will drive claims costs in the employers liability market
2.6.2. Changes to the small claims track limit will have a negligible impact on employers liability
2.6.3. Insurers need to be alert to CMC activity as the Civil Liability Bill will shift CMCs focus
3. COMPETITOR DYNAMICS
3.2. All the top players in the liability market strengthened their position
3.2.1. The degree of competitiveness in the market has fallen
3.2.2. Competitiveness in the SME landscape is a bit stronger
3.2.3. AIG Europe aims to provide a more comprehensive employers liability product
3.2.4. AXA introduced a wellness element to its employers liability product
4. THE MARKET GOING FORWARD
4.1. Employers liability is forecast to continue growing despite Brexit-related uncertainty
4.2. A number of factors will influence the growth of the market
4.2.1. Trade negotiations will heavily influence the UKs economy post-Brexit
4.2.2. Online shopping reduces the need for in-store employees, but opens up demand for new insurance products
4.2.3. The expanding gig economy could help grow the employers liability market
4.2.4. Personal injury claims could become a concern for the profitability of the market
4.2.5. Wearable tech could make the workplace even safer
5.1. Abbreviations and acronyms
5.3.1. UK Top 20 General Insurance Competitor Analytics methodology
5.3.2. GlobalDatas UK SME Insurance Surveys
5.5. Forecasting methodology
5.6. Secondary sources
5.7. Further reading