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UK Commercial Property Insurance 2004
Datamonitor, March 2004, Pages: 178
Introduction
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 volatile market. The report also includes a survey of UK SMEs to highlight the needs and requirements of this increasingly important client base. Premium income and profitability are forecast up to 2008.
Scope
Examines the size and health of the commercial property insurance market using ABI and FSA return data, including an analysis of the leading players
Features exclusive survey findings about property insurance attitudes and needs from almost 175 UK-based SMEs
Provides detailed forecasts to 2008 for commercial property premium income and underwriting result
Incorporates the views of leading industry executives as to the state of the market and the issues most likely to impact future growth
Report Highlights
The commercial property insurance market saw premium income leap by almost 25 per cent in 2002. Premium rates escalated dramatically in 2002 and at a more subdued pace in 2003. Commercial property claims costs soared in 2002 and all perils saw substantial cost increases
The SME survey found that most SMEs are satisfied with their commercial property insurance provider and typically stay for 2-5 years. To reduce churn, insurers should improve communication about renewals and develop a stronger service and product proposition
Norwich Union is the UK's leading commercial property insurer but its market share slipped by 2 percentage points in 2002. Four of the top ten commercial property insurers lost market share during the year following a strategy of portfolio rationalization and minimizing exposure to volatile and unpredictable risks
Reasons to Purchase
Analyses FSA return data to size the market and assess the premium income and claims ratios of all the leading competitors
The SME survey provides unique insight into this attractive segment and enables you to gear your offering to accurately meet SMEs' needs
Premium income and underwriting result forecasts to 2008 help you understand future growth prospects and identify new business opportunities
Region: UK
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