Business Monitor International


United Kingdom Insurance Report

Published 25 November 2013

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United Kingdom Insurance Report

BMI View: We expect that premiums will rise slowly and steadily in both major segments of the UK's massive and highly sophisticated insurance segment. In the life segment, the changes that were announced by the government in the March 2014 Budget are a game changer. Total premiums will be boosted as leading life insurers take advantage of the multiple strengths to promote products and solutions other than annuities. We would stress, though, that sales of annuities will not fall to zero. In the non-life segment, the continuing growth of the UK and global economies, along with product innovation, mean that premiums should rise. We think that prices in the motor vehicle insurance sub-sector are near a floor. Indeed, in the latest results (for H114 and the first nine months of the year) it is easy to find examples of major non-life companies that have lifted prices for motor insurance.

Even if London was not home to Lloyd's of London and the International Underwriting Association, the UK would still have a huge and dynamic insurance sector. Relative to other large European markets, the UK is unusual in that the competitive landscapes of both the non-life and the life segments contain large numbers of world-class indigenous companies (some of which have very large footprints outside the country) and numerous multi-national/global titans that are based in other countries. In short, customers in both major segments can be assured of world-class solutions that are provided by innovative insurers which have excellent access to global capital and reinsurance markets. Some of the leaders enjoy the additional stability of business that comes from being composite insurers.

The changes that were announced in the March 2014 Budget are momentous. This is because the life insurers dominate organised savings in the UK in a way that they do not in other Anglo-Saxon countries. Key metrics such as life density (premiums per capita) and penetration (premiums as a percentage of...

The United Kingdom Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's United Kingdom Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the British insurance industry.

Key Benefits

  • Benchmark BMI's independent insurance industry forecasts for United Kingdom to test other views - a key input for successful budgeting and strategic business planning in United Kingdom's insurance market.
  • Target business opportunities and risks in United Kingdom through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
  • Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).

Coverage

BMI Industry View

Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.

Regional Outlook

Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.

Business Environment Rankings

BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.

The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.

BMI Industry Forecasts

Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

Premiums: Total (US$mn), growth (% y-o-y), penetration (% of GDP), density (US$ per capita) for Life and Non-Life sectors, and total premiums.

Life: Data on gross written premiums for all major non-life segments (e.g. motor, fire, work).

Non-life: Data on gross written premiums for all major life segments (e.g. life, retirement).

Economic: Nominal GDP (US$bn), real GDP growth (%), GDP per capita (US$), population (mn), unemployment (%), exchange rate (against US$).

Competitive Landscape & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (US$mn) and market share (%). This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.

Company Profiles

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc