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General Insurance Market Assessment 2006
Key Note Publications Ltd, July 2006, Pages: 212
Executive Summary
1. Introduction
BACKGROUND
DEFINITION
2. Strategic Overview
ECONOMIC INDICATORS
Unemployment
Table 1: Actual Number of Unemployed Persons in the UK (million), 2001-2005
Gross Domestic Product
Table 2: UK Gross Domestic Product at Current and Annual Prices (£m), 2001-2005
Population
Table 3: UK Resident Population Estimates by Sex (000), Mid-Years 2001-2005
Household Disposable Income
Table 4: UK Household Disposable Income Per Capita (£), 2001-2005
Inflation
Table 5: UK Rate of Inflation (%), 2001-2005
MARKET DYNAMICS AND SEGMENTATION
Market Leaders
Table 6: The Top Ten General Insurers by Total UK Net Written Premiums (£m and rank), 2003 and 2004
Total Industry Value and Growth
Table 7: Total UK Net Written Premium Income by Class of Business (£m), 2001-2005
Figure 1: Total UK Net Written Premium Income by Class of Business — UK Risks (£m), 2001-2005
Table 8: Growth Rate of UK General Net Written Premium Income by Class of Business (%), 2005
Table 9: UK General Net Written Premium Income by Class of Business (%), 2001-2005
Figure 2: Estimated UK General Net Written Premium Income by Class of Business (%), 2005
DISTRIBUTION
Total General Insurance Business
Table 10: Sources of Total UK General Insurance Business by Value (% and £m), 2001-2005
Personal-Lines Business
Table 11: Sources of Total UK Personal-Lines Business by Value (% and £m), 2001-2005
COMPETITIVE STRUCTURE
Table 12: Mergers and Acquisitions in the UK General Insurance Industry, 1998-2005
ADVERTISING
Table 13: Main Media Advertising Expenditure on General Insurance Ranges (£000), Year Ending December 2005
CONSUMER TRENDS
CORPORATE GOVERNANCE
Table 14: Insurance Companies' Income and Expenditure — General Funds (£m), 2001-2005
REGULATION
Financial Services Authority
MARKET FORECASTS
3. Motor Insurance
BACKGROUND
MARKET SIZE
Table 15: UK Domestic Motor Insurance — Annual Business — by Net Written Premiums and Underwriting Profit (£m and index 2001=100), 2001-2005
Market Penetration
MARKET SHARE
Table 16: Top Ten Private Motor Insurers by UK Net Written Premiums, 2003 and 2004
DISTRIBUTION
Table 17: Sources of Personal Motor Insurance Business by Value (% and £m), 2001-2005
MARKETING ACTIVITY
Market Segments are Also Being Targeted
Main Media Advertising
Table 18: Main Media Advertising Expenditure on Motor Insurance (£000), Year Ending December 2005
CONSUMER TRENDS
Claims
Household Expenditure
Table 19: Average Weekly Household Expenditure on Motor Insurance (£), 2001/2002-2004/2005
Consumer Survey
'I Like to Shop Around for My Motor Insurance'
4. Housing Insurance
BACKGROUND
Definitions
Contents Insurance
Buildings Insurance
Mortgage Lenders
MARKET SIZE
Table 20: UK Domestic Property Insurance — Annual Business — by Net Written Premiums and Underwriting Profit (£m and index 2001=100), 2001-2005
MARKET SHARE
Table 21: The Top Ten Household (Domestic Property) Insurers by UK Net Written Premiums, 2003 and 2004
DISTRIBUTION
Table 22: Sources of Personal Household Insurance Premiums by Value (% and £m), 2001-2005
MARKETING ACTIVITY
Main Media Advertising Expenditure
Table 23: Main Media Advertising Expenditure on Home Contents Insurance (£000), Year Ending December 2005
Table 24: Main Media Advertising Expenditure on Buildings and Contents Insurance (£000), Year Ending December 2005
CONSUMER TRENDS
Household Expenditure
Table 25: Average Weekly Expenditure per Household on Household Insurance† (£), 2001/2002-2004/2005
Consumer Survey
'I Get My Buildings Insurance from My Mortgage Lender'
'I Get My Contents Insurance from My Mortgage Lender'
'I Do Not Buy Contents Insurance'
5. Travel Insurance
MARKET SIZE
MARKET SHARE
ABTA
DISTRIBUTION
MARKETING ACTIVITY
Main Media Advertising Expenditure
Table 26: Main Media Advertising Expenditure on Travel and Sport Insurance (£000), Year Ending December 2005
CONSUMER TRENDS
Overseas Visits
Table 27: Visits Abroad by UK Residents (000), 2001-2005
Consumer Survey
'I Buy My Travel Insurance Through the Travel Agent'
'I Buy My Travel Insurance on an Annual Basis'
6. Accident and Health Insurance
BACKGROUND
Definitions
Personal Accident
Private Medical Insurance
Long-Term Care
Sickness Insurance
Cash Plans
MARKET SIZE
Table 28: UK Accident Insurance — Annual Business — by Net Written Premiums and Underwriting Profit (£m and index 2001=100), 2001-2005
Table 29: UK Health Insurance — Annual Business — by Net Written Premiums and Underwriting Profit (£m and index 2001=100), 2001-2005
MARKET SHARE
Accident Insurance
Table 30: The Top Ten Accident Insurers by UK Net Written Premiums, 2003 and 2004
Health Insurance
Table 31: The Top Ten Health Insurers by UK Net Written Premiums, 2003 and 2004
Private Medical Insurance
Table 32: Size of the Private Medical Insurance Market by Volume (000 and £m), 2001-2005
DISTRIBUTION
MARKETING ACTIVITY
Main Media Advertising Expenditure
Accident Insurance
Private Healthcare Insurance
Table 33: Main Media Advertising Expenditure on Private Healthcare Insurance (£000), Year Ending December 2005
CONSUMER TRENDS
Household Expenditure
Table 34: Average Weekly Expenditure per Household on Medical Insurance Premiums (£), 2001/2002-2004/2005
Consumer Survey
'Given Changes to the NHS, I Am More Interested in Health Insurance'
'I Pay for Health or Accident Insurance Personally'
7. General-Liability Insurance
BACKGROUND
MARKET SIZE
Table 35: UK General-Liability Insurance — Annual Business — by Net Written Premiums and Underwriting Profit (£m and index 2001=100), 2001-2005
MARKET SHARE
Table 36: The Top Ten Liability Insurers by UK Net Written Premiums, 2003 and 2004
8. Pecuniary and Other Insurance
BACKGROUND
Pecuniary Loss: Mortgage Payment Protection Insurance and Mortgage Indemnity Insurance
Payment Protection Insurance
MARKET SIZE
Table 37: UK Pecuniary Loss Insurance — Annual Business — by Net Written Premiums and Underwriting Profit (£m and index 2001=100), 2001-2005
MARKET SHARE
Table 38: Top Ten Other† Insurers by Net Written Premiums, 2003 and 2004
9. An International Perspective
BACKGROUND
LARGEST NON-LIFE PREMIUM MARKETS
Table 39: Top 12 Markets for Non-Life Insurance Premium Volumes ($ and %), 2003 and 2004
Insurance Opportunities
Table 40: Non-Life Insurance Density in the Largest Insurance Markets (% and $), 2004
Table 41: Non-Life Business Insurance Density — Premiums Per Capita ($), 2003 and 2004
TRENDS IN EUROPEAN DISTRIBUTION
LEADING PLAYERS IN EUROPEAN GENERAL INSURANCE
EMERGING MARKETS
10. PEST Analysis
POLITICAL FACTORS
ECONOMIC FACTORS
SOCIAL FACTORS
TECHNOLOGICAL FACTORS
11. Consumer Dynamics
OVERVIEW
SUMMARY OF RESULTS
Table 42: Summary of Results (% of respondents), 2006
PROBLEMS WITH INSURERS AND reading the contract carefully
'I Know What to Do If I Have a Problem With My Insurer'
'When I Take Out Insurance, I Read the Contract Carefully'
Table 43: Attitudes Towards Problems With Insurers and Reading the Contract Carefully (% of respondents), 2006
AWARENESS OF EXCLUSION CLAUSES AND ACCEPTANCE OF EXTENDED WARRANTIES
'In My Experience, I Am Made More Aware of Exclusion Clauses Now Than 2 Years Ago'
'When I Buy Home Appliances or Computers in a Shop, I Accept the Extended Warranty'
Table 44: Awareness of Exclusion Clauses and Acceptance of Extended Warranties (% of respondents), 2006
CHOOSING AN INSURER
'I Choose My Insurer Based on Their Reputation'
'I Prefer to Go to a Supermarket or Other Retail Outlet to Buy My Insurance'
Table 45: Attitudes Towards Choosing an Insurer (% of respondents), 2006
SHOPPING AROUND FOR INSURANCE
'I Like to Shop Around for My Motor Insurance'
'I Prefer to Look for the Best Deals on Offer on the Internet Before Deciding on an Insurer'
'I Usually Renew My Existing Insurance Policies Without Checking Alternatives'
Table 46: Attitudes Towards Shopping Around for Insurance (% of respondents), 2006
GENERAL INSURANCE ADVICE
'I Prefer to Take the Advice of an Independent Adviser or Broker'
'I Prefer to Take the Advice of My Bank or Building Society'
'Before Taking Out Insurance, I Would First Like to Meet a Company Representative in Person to Discuss My Needs'
Table 47: Attitudes Towards General Insurance Advice (% of respondents), 2006
HEALTH INSURANCE
'Given Changes to the NHS, I Am More Interested in Health Insurance'
'I Pay for Health or Accident Insurance Personally'
Table 48: Attitudes Towards Health Insurance (% of respondents), 2006
PURCHASING OF TRAVEL INSURANCE
'I Buy My Travel Insurance Through the Travel Agent'
'I Buy My Travel Insurance on an Annual Basis'
Table 49: Purchasing of Travel Insurance (% of respondents), 2006
PURCHASING OF BUILDINGS AND CONTENTS INSURANCE
'I Get My Buildings Insurance from My Mortgage Lender'
'I Get My Contents Insurance from My Mortgage Lender'
'I Do Not Buy Contents Insurance'
Table 50: Purchasing of Buildings and Contents Insurance (% of respondents), 2006
12. Company Profiles
ALLIANZ CORNHILL INSURANCE PLC
Corporate Strategy
Strengths and Weaknesses
Product and Brand Development
Advertising
Distribution
Profitability
Table 51: Financial Results for Allianz Cornhill Insurance PLC (£000, % and £), Years Ending 31st December 2002-2004
Future Company Developments
AVIVA PLC (Norwich Union)
Corporate Strategy
Strengths and Weaknesses
Product and Brand Development
Innovations
Advertising
Distribution
Profitability
Table 52: Financial Results for Aviva PLC (£000, % and £), Years Ending 31st December 2003-2005
Future Company Developments
AXA INSURANCE PLC
Corporate Strategy
Product and Brand Development
Advertising
Distribution
Profitability
Table 53: Financial Results for AXA Insurance PLC (£000, % and £), Years Ending 31st December 2003-2005
Future Company Developments
BUPA INSURANCE LTD
Corporate Strategy
Strengths and Weaknesses
Product and Brand Development
Advertising
Distribution
Profitability
Table 54: Financial Results for BUPA Insurance Ltd (£000, % and £) Years Ending 31st December 2002-2004
Future Company Developments
CHURCHILL INSURANCE COMPANY LTD
Corporate Strategy
Strengths and Weaknesses
Product and Brand Development
Advertising
Distribution
Profitability
Table 55: Financial Results for Churchill Insurance Company Ltd (£000, % and £), Years Ending 31st December 2002-2004
Future Company Developments
DIRECT LINE INSURANCE PLC
Corporate Strategy
Strengths and Weaknesses
Product and Brand Development
Advertising
Distribution
Profitability
Table 56: Financial Results for Direct Line Insurance PLC (£000, % and £), Years Ending 31st December 2003-2005
Future Developments
ROYAL & SUNALLIANCE INSURANCE GROUP PLC
Corporate Strategy
Strengths and Weaknesses
Product and Brand Development
Innovations
Advertising
Distribution
Profitability
Table 57: Financial Results for Royal & SunAlliance Insurance Group PLC (£000, % and £), Years Ending 31st December 2003-2005
Future Company Developments
ZURICH FINANCIAL SERVICES (UKISA) LTD
Corporate Strategy
Product and Brand Development
Innovations
Advertising
Distribution
Profitability
Table 58: Financial Results for Zurich Financial Services (UKISA) Ltd (£000, % and £), Years Ending 31st December 2002-2004
Future Company Developments
13. The Future
THE ECONOMY
Unemployment
Table 59: Forecast Actual Number of Unemployed Persons (million), 2006-2010
Gross Domestic Product
Table 60: Forecast UK Growth in Gross Domestic Product in Real Terms (%), 2006-2010
Inflation
Table 61: Forecast UK Rate of Inflation (%), 2006-2010
Population
Table 62: Forecast UK Resident Population by Sex (000), Mid-Years 2006-2010
CONSUMER ISSUES
SUPPLIER ISSUES
Distribution of Suppliers
Table 63: Forecast Sources of Total UK Personal-Lines Business by Value (% and £m), 2006-2010
MARKET DYNAMICS
Political Factors
Economic Factors
Social Factors
Technological Factors
FORECASTS
Table 64: Forecast Total UK Net Written Premium Income by Class of Business (£m), 2006-2010
Figure 3: Forecast Total UK Net Written Premium Income by Class of Business (£m), 2006-2010
Table 65: Forecast UK General Net Written Premium Income by Class of Business (%), 2006-2010
Figure 4: Forecast Total UK Net Written Premium Income by Class of Business (£m), 2006-2010
Motor Insurance
Housing Insurance
Travel Insurance
Accident and Health Insurance
General Liability
Pecuniary Loss
14. Consumer Confidence
METHODOLOGY
KEY FINDINGS THIS QUARTER
THE WILLINGNESS TO BORROW
Confidence Declines Again
Table A: The Average Amount Consumers Are Willing to Borrow in Order to Purchase Expensive Items at Current and Constant November 2004 Prices (£ and £bn), May 2005, August 2005, November 2005, February 2006 and May 2006
Signs That the Decline Could be Bottoming Out
Table B: The Number of Adults Willing to Borrow in Order to Purchase Expensive Items (000 and %), May 2005, August 2005, November 2005, February 2006 and May 2006
THE WILLINGNESS TO SPEND FROM SAVINGS
Sharp Decline in Spending from Savings
Table C: The Average Amount Consumers Are Willing to Spend from Savings in Order to Purchase Expensive Items at Current and Constant November 2004 Prices (£ and £bn), May 2005, August 2005, November 2005, February 2006 and May 2006
Table D: The Proportion of Adults Without Any Savings (%), May 2005, August 2005, November 2005, February 2006 and May 2006
Borrowing Grows in Relative Importance
Table E: The Average Amounts Adults are Confident Spending to Purchase Expensive Items (£ and %), May 2005, August 2005, November 2005, February 2006 and May 2006
15. Further Sources
Associations
Publications
General Sources
Government Publications
Other Sources
Bisnode Sources
Customers who bought this item also bought
General Insurance Market Assessment 2008
UK Household Insurance 2006
UK Personal Insurance Distribution 2006
Direct Insurance Market Report 2007
UK Travel Insurance 2009
UK Commercial Motor Insurance 2006
Personal Lines Insurance Market Assessment 2007
UK Private Motor Insurance 2009
UK Commercial General Insurance 2006 - Market Context
UK Travel Insurance 2008
UK Travel Insurance 2007
UK Commercial General Insurance 2006
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