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UK Employers' Liability Insurance 2010

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UK Employers' Liability Insurance 2010

Description:    The UK employers' liability report provides insights into recent market developments, regulations,
                distribution landscape and competitor strategies. It analyses competitor profitability and
                performance as well as overall market growth and trends.

                Scope of the report:

                - Gain insight into the recent regulatory and market trends in employers' liability insurance
                - Assist in strategy development, looking at other competitors' performance and distribution
                patterns
                - Understand the market potential in the UK employers' liability market

                Highlights:

                The employers' liability market remained largely flat in 2009 when compared with 2008, and
                witnessed an increased level of competition in 2010. The commercial line's gross written premiums
                (GWP) declined in 2009 alongside flat rates overall, with some insurers displaying single digit
                increases at best.

                Reasons to buy:

                - How has the UK employers' liability market changed in the recent years?
                - Who are the main competitors and how have they performed in the recent years?
                - What are the key regulatory changes affecting the UK employers' liability market?



Contents:       Executive Summary
                  The market continued to shrink in
                     The employers' liability market remained largely flat in 2009 compared with
                     Due to rising unemployment, the market is likely to have experienced a lower policy count
                     Workplace injuries reported under the Reporting of Injuries, Diseases, and Dangerous
                Occurrences Regulations 1995 have declined gradually in recent years
                  Brokers continue to dominate the distribution of commercial insurance
                     National brokers are the main distributor of commercial insurance
                     Direct players and price comparison sites have a small but sound share of the market
                     Banks and building societies continue to sell minimal amounts of commercial insurance
                  Following a drop in Axa's GWP, the top five insurers are now Zurich, RSA, Aviva, QBE, and Allianz
                     Allianz has now joined the ranks of the top five competitors
                     Managing general agencies are considered the key competitors, and have significant potential
                in terms of Solvency II
                  The employers' liability market will continue to be highly competitive
                     The impact of the recession, unemployment, and competitive pressures will continue to shape
                the employers' liability market
                OVERVIEW
                  Catalyst
                  Summary
                MARKET CONTEXT
                Introduction
                     Employers' liability insurance is often sold with public/product liability, as well as motor and
                property insurance policies
                  The market continued to shrink in
                     The employers' liability market remained largely flat in 2009 compared with
                     Proportion of the business written through the Lloyd's market has been declining over recent
                years
                  Premium rates were either flat or recorded single digit growth
                     Increased competition in the market has had an impact on premium rates
     Due to rising unemployment, the market is likely to have experienced a lower policy count
  The market continues to operate with underwriting losses
     The trend of underwriting loss for employers' liability continued into 2009, along with a decline
in net written premiums
     Commission rates and expenses remained largely flat in 2009 compared with
  Employers' liability claims costs decreased slightly in
     Gross claims decreased by 0.3% in 2009, compared with a growth rate of 9.6% in
     Employers' liability claims volumes continue to decline, particularly in terms of injury claims
caused by disease
  Workplace injuries and ill health also continue to decline
     Workplace injuries reported under RIDDOR have declined gradually in recent years
     Workplace injuries including acts of violence have also declined
     Workplace fatalities peaked in 2008–
     Total estimated number of workplace injuries declined by 4.3% in 2009–
     Following the adjustment of HSE data, there has been a steady increase in the number of cases
of occupational disease
  Regulations and current issues in the market
     Trigger Litigation
     Lord Young's health and safety review
     Lord Justice Jackson's review of civil litigation costs
     Employers' Liability Tracking Service
CUSTOMER FOCUS
Introduction
  Brokers continue to dominate the distribution of commercial insurance
     National brokers are the main distributor of commercial insurance
     Direct players and price comparison sites have a small but sound share of the market
     Banks and building societies continue to sell minimal amounts of commercial insurance
     The majority of brokers now perceive direct underwriting by insurers as the greatest threat to
their share of the market
     Brokers identified small commercial vehicles and commercial property as the lines most at risk
from direct distribution
     The great majority of brokers sell both employers' liability and public liability insurance
  SMEs value face-to-face and telephone contact with their insurance provider
     Clients who are looking to change their insurance provider are primarily looking for face-to-face
or telephone contact
     Arranging an insurance policy via the Internet is more common among micro SMEs, while
demand for face-to-face contact increases in direct proportion to the size of the company
     A number of SMEs have not changed their insurance provider for over 10 years
     The likelihood of using a broker to buy commercial insurance increases with the size of the
business
     Many SMEs indicated that they would buy employers' liability online
COMPETITIVE DYNAMICS
Introduction
  Following a drop in Axa's GWP, the top five insurers are now Zurich, RSA, Aviva, QBE, and Allianz
     It is estimated that Zurich remains the largest insurer in the employers' liability market
     Allianz has now joined the ranks of the top five competitors
     Brit Insurance increased its GWP in
     Lloyd's of London is writing a significant amount of employers' liability business
     Liberty has set up regional operations
     Managing general agencies (MGAs) are considered the key competitors with significant
potential in view of Solvency II
  The average loss ratio has increased to 77% in
     Aviva, Allianz, ACE, Allchurches, Travelers UK, and Brit Insurance have managed to improve
their gross loss ratios in
     Gross loss ratio increased for other competitors in
FUTURE DECODED
Introduction
  The employers' liability market will continue to be highly competitive
     The impact of the recession, unemployment, and competitive pressures will continue to shape
the employers' liability market
     Premium income will increase gradually over the next four years
     The combined ratio will continue to remain at around 130%
APPENDIX
              Definitions
                Premium income measures
                Distribution
                Definitions of general terms
              Methodology
                UK Insurance Broker Survey
                Datamonitor’s SME Insurance survey Q4
              Further reading
              Ask the analyst
              Datamonitor consulting
              Disclaimer



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