Research and Markets: UK Insurers Cut Rates; Extra Capacity Enters Market
Research and Markets(http://www.researchandmarkets.com/reports/c21813) has announced the addition of UK Commercial Property Insurance 2005 to their offering.
This report provides an in-depth analysis of the commercial property market in the UK, analyzing the key trends in premium income, claims and profitability – giving the reader insight into this market.
This report provides data on the size of the commercial property insurance market using ABI and FSA return data, including an analysis of the leading players.
It includes exclusive survey findings about property insurance attitudes and needs from 168 UK-based SMEs. Detailed forecasts to 2009 for commercial property premium income and underwriting result are also provided. This report will give readers an understanding of the views of leading industry executives as to the state of the market and the issues most likely to impact future growth.
Report highlights:
Insurers are cutting their rates as extra capacity entered the market in 2004 through established and newer players. It is estimated that rates dropped by an average of three per cent over the whole year as the last half of 2004 was characterized by clear price cutting.
The direct channel has the potential to grow its share of distribution. At present it would appear that it has approximately a 21.4% market share. However, 61.5% of SMEs say they would consider buying direct from an insurer.
The gross claims ratio of each top 10 insurer reduced in 2003, largely as a result of hard market conditions and benign weather conditions. The average gross claims ratio of the top 10 insurers was 42.7%.
Topics covered in the report include:
— Market Context
— Distribution
— Targeting SME Customers
— Competitive Dynamics
— The Future Decoded.
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