UK Commercial Property Insurance 2008

Publication Date	June 2008
Publisher	Datamonitor
Product Type	Report
Pages	50
ISBN Number	not applicable
Product Code	DAT12368

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Summary

Introduction

This report provides a comprehensive analysis of the commercial property insurance market in the UK. It looks at the size of the market, claims costs and the main market trends. It also analyses the competitive landscape providing market share information and includes forecasts of the size of the market and the profitability of the market up until 2012.

Scope

In-depth analysis of GWP and the underwriting result for the commercial property insurance market
Data on the key drivers of claims inflation
Three different scenarios looking at the future prospects for premium income and claims inflation until 2012.

Highlights

Intense competition in the commercial property market saw GWP continue on its downward trajectory. It shed a further 7.1% off its 2006 level falling to 4.6 billion. After three consecutive years of decline, the market looks on the verge of turning the corner, with increased underwriting discipline set to return to the market.

The dynamics of commercial insurance distribution have shifted between 2003 and 2006 and certain categories of broker have seen their share of distribution diminish. In particular, national brokers saw their distribution share decline from 54% in 2003 to 48% by 2006.

Reasons to Purchase

Gain a deeper insight into key trends in the UK commercial property market
Understand how the distribution channel is evolving in the commercial property insurance market
Gain an understanding of the latest competitive developments within the market

Content

Datamonitor View
Catalyst
Summary
Competitive Dynamics
- Introduction
- 2006 Saw Certain Competitors Improve Their Market Position
- Royal & Sunalliance Became The New Market Leader In 2006
- Norwich Union Has Moved Into Number Two Position In The Commercial Property Insurance Market
- Zurich's Market Share Declined In 2006 However It Retained Its Third Place Ranking
- Axa Saw Its Market Share Increase By 1.2 Percentage Points In 2006
- Allianz's Market Share Declined By 1.3 Percentage Points In 2006
- Nig Saw Its Market Share Increase Marginally To 4.8%
- Ace Occupies Number Seven In The Rankings Of Commercial Property Insurers
- Ecclesiastical Saw A Modest Growth In Its Commercial Property Insurance Premium Income In 2006
- New Hampshire Saw A Small Gain In Market Share In 2006
- St Paul Gained A Small Amount Of Market Share In 2006
- Abi Members Underwrote The Vast Majority Of Property Insurance In 2006
- The Combined Ratios For The Top Ten Commercial Property Insurers Demonstrated A Wide Range Of Profitability
- Competition In The Commercial Property Insurance Market Is Still Strong With Major Players Looking To Increase Market Consolidation
- Competition In The Sme Market Is Still Strong With The Aggression Of Established Players Limiting The Impact Of New Entrants
- Consolidators Continue To Remain Highly Active In The Market
- Axa Acquired Smart & Cook Commercial Brokers
- Oval Made A Succession Of Purchases Throughout 2007
- Jelf's Acquisitions Included Taking Over A Key Rival
- Allianz Secures Sme Partnership With Tett Hamilton
- Some Of The Major Insurance Providers Are Looking To Increase Their Regional Presence
Appendix
- Definitions
- Abi Definitions
- Brokers
- National Brokers
- Chain Brokers & Telebrokers
- Other Intermediaries & Brokers
- Direct
- Other Company Agents
- Utilities/Retailers/Affinity Groups
- Company Staff
- Banks/Building Societies
- Written Premiums
- Gross Premiums
- Synthesys Non-Life Database Definitions
- Total Commercial Property
- Further Reading
- Ask The Analyst
- Datamonitor Consulting
- Disclaimer
- List Of Tables
- Table 1: Market Share Of The Top 10 Commercial Property Insurers, 2002-06
- Table 2: Property Gwp Split Between Abi Members And Lloyd's/Other, 1996-2006
- Table 3: Combined Ratios Of The 10 Largest Commercial Property Insurers, 2006
- List Of Figures
- Figure 1: Royal & Sunalliance Took The Helm As Commercial Property Market Leader In 2006
- Figure 2: The Company Market Underwrote The Vast Majority Of Property Insurance In 2006
- Figure 3: St Paul Recorded A Relatively Low Combined Ratio On Commercial Property Insurance In 2006