Coronavirus (COVID-19) Impact on UK Commercial Insurance

Coronavirus (COVID-19) Impact on UK Commercial Insurance

  • May 2020 •
  • 28 pages •
  • Report ID: 5915848 •
  • Format: PDF
Coronavirus (COVID-19) Impact on UK Commercial Insurance

COVID-19 will have an impact on market premiums, claims, product uptake, and exposure.COVID-19 has changed, and will continue to change, consumer behavior.

Reinsurance rates are likely to increase, and due to high competitiveness and a lack of disposable income among consumers, the costs of these rate increases could be passed onto commercial insurance customers. These changes will translate into increased demand for certain types of insurance policies, a shift in the way that businesses purchase insurance, as well as challenges for brokers, who have relied on face-to-face contact to help sell policies.

The impacts of COVID-19 will also be spread out over a long period of time.In the short term, the commercial insurance landscape will change as a direct result of struggling economies, country lockdowns, and reduced social interaction.

Changes and developments in the medium and long term will occur due to lasting changes to consumer and business behavior.

This report explores the impact of COVID-19 on the UK commercial insurance sector.It examines the short- and long-term impacts of the government-imposed lockdown on the insurance industry and consumer and business behavior.

It provides gross written premium forecasts for three commercial insurance lines of business and also examines the challenges faced by insurance brokers as a result of COVID-19.

- Lockdown measures will have both immediate and lasting impacts on the UK commercial insurance sector.
- Prolonged working from home will open up businesses to increased cyber risk and drive interest in cyber insurance.
- The lockdown will drastically reduce the number of claims in the motor insurance market.
- Brokers’ reluctance to invest in digital technologies will hamper their ability to engage with their clients during the pandemic.

Reasons to Buy
- Identify factors affecting growth prospects across the UK commercial insurance market.
- Discover how gross written premiums across the market will fare post-COVID-19.
- Assess how the pandemic will impact consumers’ approaches to commercial insurance.

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