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Insurance Industry Market Review 2007
Key Note Publications Ltd, July 2007
Executive Summary
1. Industry Overview
REPORT COVERAGE
REPORT BACKGROUND
Lloyd's of London
ECONOMIC TRENDS
Population
Table 1.1: UK Resident Population Estimates by Sex (000), Mid-Years 2002-2006
Gross Domestic Product
Table 1.2: UK Gross Domestic Product at Current and Annual Prices (£m), 2002-2006
Inflation
Table 1.3: UK Rate of Inflation (%), 2002-2006
Unemployment
Table 1.4: Actual Number of Unemployed Persons in the UK (million), 2002-2006
MARKET SIZE
Table 1.5: The UK Insurance Market by Sector by Net Premium Income (£m), 2002-2006
Figure 1.1: The UK Insurance Market by Sector by Net Premium Income (%), 2006
MARKET SEGMENTATION
Long-Term Insurance
Life Insurance
Pensions
Annuities
Income-Protection Insurance
Critical-Illness Insurance
General Insurance
Motor Insurance
Property Insurance
Accident and Health Insurance
General Liability Insurance
Pecuniary-Loss Insurance
INDUSTRY STRUCTURE
Industry Synopsis
Life Insurance
Table 1.6: Average Financial Performance of Companies Engaged in Life Insurance| (£000, % and £), 2005/2006
Non-Life Insurance
Table 1.7: Average Financial Performance of Companies Engaged in Non-Life Insurance| (£000, % and £), 2005/2006
Concentration
Table 1.8: Number of VAT-Based Enterprises Engaged in Life Insurance and in Non-Life Insurance by Turnover Sizeband (£000 and number), 2005 and 2006
Employment
Table 1.9: Number of VAT-Based Enterprises Engaged in Life Insurance and in Non-Life Insurance by Employment Sizeband, 2005 and 2006
Distribution
Insurance Distribution Channels
Direct Sales Forces
Direct Marketing
Tied Agents
Multi-Tied Agents
Independent Intermediaries
Banks/Building Societies
Recent Developments
MARKET POSITION
KEY TRENDS
Sales of Long-Term Insurance are Growing Rapidly
Hardening of Rates
Profitability Remains a Key Issue
The Impact of Online Purchasing
Persistency in the Life and Pensions Sector is Declining
Insurers Striving to Create Niche Products
LEGISLATION
KEY TRADE ASSOCIATIONS
Association of British Insurers
International Underwriting Association of London
Lloyd's of London
National Association of Pension Funds
2. PEST Analysis
POLITICAL FACTORS
ECONOMIC FACTORS
SOCIAL FACTORS
TECHNOLOGICAL FACTORS
3. Key Note Primary Research
INTRODUCTION
SURVEY RESULTS
Satisfaction with the Claims Process
Table 3.1: Those Who Were Satisfied with the Claims Process by Sex, Age, Social Grade and Region (% of respondents), 2003, 2005 and 2007
Perception of Value for Money
Life Insurance
Table 3.2: Those Who Consider That Their Life Insurance Policy Gives Value for Money by Sex, Age, Social Grade and Region (% of respondents), 2003, 2005 and 2007
Pensions
Table 3.3: Those Who Consider That Their Pension Policy Gives Value for Money by Sex, Age, Social Grade and Region (% of respondents), 2003, 2005 and 2007
Motor Insurance
Table 3.4: Those Who Consider That Their Motor Insurance Policy Gives Value for Money by Sex, Age, Social Grade and Region (% of respondents), 2003, 2005 and 2007
Property Insurance
Table 3.5: Those Who Consider That Their Property Insurance Policy Gives Value for Money by Sex, Age, Social Grade and Region (% of respondents), 2003, 2005 and 2007
Medical Insurance
Table 3.6: Those Who Consider That Their Medical Insurance Policy Gives Value for Money by Sex, Age, Social Grade and Region (% of respondents), 2003, 2005 and 2007
Propensity to Change Insurer
Pensions
Table 3.7: Those Who Had Changed Their Pension Provider in the Previous 12 Months by Sex, Age, Social Grade and Region (% of respondents), 2003, 2005 and 2007
Motor Insurance
Table 3.8: Those Who Had Changed Their Motor Insurer in the Previous 12 Months by Sex, Age, Social Grade and Region (% of respondents), 2003, 2005 and 2007
Property Insurance
Table 3.9: Those Who Had Changed Their Property Insurer in the Previous 12 Months by Sex, Age, Social Grade and Region (% of respondents), 2003, 2005 and 2007
Medical Insurance
Table 3.10: Those Who Had Changed Their Medical Insurer in the Previous 12 Months by Sex, Age, Social Grade and Region (% of respondents), 2003, 2005 and 2007
Concern About the Financial Health of Insurers
Table 3.11: Those Who Were Concerned About the Financial Health of Their Insurance Company by Sex, Age, Social Grade and Region (% of respondents), 2003, 2005 and 2007
Confidence in the Final Value of Pension/Annuity Payments
Table 3.12: Those Who Were Confident About the Final Value of Their Pension/Annuity Payments by Sex, Age, Social Grade and Region (% of respondents), 2005 and 2007
4. Competitive Structure
THE MARKETPLACE
MARKET LEADERS
Table 4.1: The Top Ten Companies in the UK Markets for Long-Term Insurance and General Insurance by Net Premium Income (£m), 2002-2005
AEGON UK PLC
Company Structure
Financial Results
ALICO (American Life Insurance Company)
Company Structure
Current and Future Developments
Financial Results
Allianz Insurance PLC
Company Structure
Financial Results
Aviva PLC
Company Structure
Financial Results
AXA UK PLC
Company Structure
Financial Results
Barclays Bank PLC
Company Structure
Financial Results
BUPA Insurance Ltd
Company Structure
Financial Results
HBOS PLC
Company Structure
Financial Results
Legal & General Group PLC
Company Structure
Financial Results
Lloyds TSB Group PLC
Company Structure
Financial Results
The National Farmers Union Mutual Insurance Society Ltd
Company Structure
Financial Results
Prudential PLC
Company Structure
Financial Results
RBS Insurance
Company Structure
Financial Results
Royal & SunAlliance Insurance Group PLC
Company Structure
Financial Results
Standard Life Assurance Ltd
Company Structure
Financial Results
Zurich Financial Services
Company Structure
Financial Results
Other Companies
MARKETING ACTIVITY
Table 4.2: Main Media Advertising Expenditure on Insurance by Sector (£000), Years Ending December 2005 and 2006
5. Long-Term Insurance
DEFINITION
KEY TRENDS
MARKET SIZE
Table 5.1: The UK Market for Long-Term Insurance by Net Premium Income (£m), 2002-2006
Figure 5.1: The UK Market for Long-Term Insurance by Net Premium Income (£m), 2002-2006
Table 5.2: The UK Market for Long-Term Insurance by Sector by Net Premium Income (£m), 2002-2006
Policies in Force
Life Insurance
Table 5.3: Regular-Premium Individual-Life Business in Force in the UK -- Linked and Non-Linked Policies (000 policies and £m), 2002-2006
Personal Pensions
Table 5.4: Personal Pensions in Force in the UK (000 policies and £m), 2002-2006
Annuities
Table 5.5: Purchased Life Annuities in Force in the UK (000 and £m), 2002-2006
Income-Protection Insurance
Table 5.6: Income-Protection Policies in Force in the UK (000 policies and £m), 2002-2006
New Business
Regular-Premium Business
Table 5.7: New UK Regular-Premium Business by Type (£m), 2002-2006
Single-Premium Business
Table 5.8: New UK Single-Premium Business by Type (£m), 2002-2006
Benefits Paid
Table 5.9: Long-Term Insurance Benefits Paid in the UK by Type (£m), 2002-2006
SUPPLY STRUCTURE
Table 5.10: Breakdown of New UK Long-Term Insurance Business by Distribution Channel (% of premiums), 2006
MAJOR PLAYERS
FORECASTS 2007 TO 2011
Table 5.11: The Forecast UK Market for Long-Term Insurance by Net Premium Income (£m), 2007-2011
6. Motor Insurance
DEFINITION
KEY TRENDS
MARKET SIZE
Table 6.1: The UK Market for Motor Insurance by Net Premium Income (£m), 2002-2006
Figure 6.1: The UK Market for Motor Insurance by Net Premium Income (£m), 2002-2006
Profitability
Table 6.2: The UK Market for Motor Insurance -- Underwriting Result (£m and %), 2002-2006
Domestic Vehicles
Table 6.3: The UK Market for Motor Insurance -- Underwriting Result for Domestic Vehicles (£m and %), 2002-2006
Commercial Vehicles
Table 6.4: The UK Market for Motor Insurance -- Underwriting Result for Commercial Vehicles (£m and %), 2002-2006
Theft Claims
Table 6.5: The UK Market for Motor Insurance -- Domestic and Commercial Motor Theft Claims (number of claims and £), 2002-2006
SUPPLY STRUCTURE
MAJOR PLAYERS
FORECASTS 2007 TO 2011
Table 6.6: The Forecast UK Market for Motor Insurance by Net Premium Income (£m), 2007-2011
7. Property Insurance
DEFINITION
KEY TRENDS
MARKET SIZE
Table 7.1: The UK Market for Property Insurance by Net Premium Income (£m), 2002-2006
Figure 7.1: The UK Market for Property Insurance by Net Premium Income (£m), 2002-2006
Profitability
Table 7.2: The UK Market for Property Insurance -- Underwriting Result (£m and %), 2002-2006
Claims
Table 7.3: The UK Market for Property Insurance -- Domestic Claims by Type (£m), 2002-2006
Table 7.4: The UK Market for Property Insurance -- Commercial Claims by Type (£m), 2002-2006
Table 7.5: The UK Market for Property Insurance -- Total Claims by Type (£m), 2002-2006
SUPPLY STRUCTURE
MAJOR PLAYERS
FORECASTS 2007 TO 2011
Table 7.6: The Forecast UK Market for Property Insurance by Net Premium Income (£m), 2007-2011
8. Accident and Health Insurance
DEFINITION
KEY TRENDS
MARKET SIZE
Table 8.1: The UK Market for Accident and Health Insurance by Net Premium Income (£m), 2002-2006
Figure 8.1: The UK Market for Accident and Health Insurance by Net Premium Income (£m), 2002-2006
Profitability
Table 8.2: The UK Market for Accident and Health Insurance -- Underwriting Result (£m and %), 2002-2006
Claims
Table 8.3: The UK Market for Accident and Health Insurance -- Breakdown of Insurers' Outgoing Expenditure (£m), 2002-2006
Private Medical Insurance
Table 8.4: The UK Market for Private Medical Insurance by Type of Purchase (000 subscribers and £m), 2002-2006
SUPPLY STRUCTURE
MAJOR PLAYERS
FORECASTS 2007 TO 2011
Table 8.5: The Forecast UK Market for Accident and Health Insurance by Net Premium Income (£m), 2007-2011
9. General Liability Insurance
DEFINITION
KEY TRENDS
MARKET SIZE
Table 9.1: The UK Market for General Liability Insurance by Net Premium Income (£m), 2002-2006
Figure 9.1: The UK Market for General Liability Insurance by Net Premium Income (£m), 2002-2006
Profitability
Table 9.2: The UK Market for General Liability Insurance -- Underwriting Result (£m and %), 2002-2006
SUPPLY STRUCTURE
MAJOR PLAYERS
FORECASTS 2007 TO 2011
Table 9.3: The Forecast UK Market for General Liability Insurance by Net Premium Income (£m), 2007-2011
10. Pecuniary-Loss Insurance
DEFINITION
KEY TRENDS
MARKET SIZE
Table 10.1: The UK Market for Pecuniary-Loss Insurance by Net Premium Income (£m), 2002-2006
Figure 10.1: The UK Market for Pecuniary-Loss Insurance by Net Premium Income (£m), 2002-2006
Profitability
Table 10.2: The UK Market for Pecuniary-Loss Insurance -- Underwriting Result (£m and %), 2002-2006
SUPPLY STRUCTURE
MAJOR PLAYERS
FORECASTS 2007 TO 2011
Table 10.3: The Forecast UK Market for Pecuniary-Loss Insurance by Net Premium Income (£m), 2007-2011
11. A Global Perspective
THE LEADING INSURANCE MARKETS
Table 11.1: The World's Leading Insurance Markets by Premium Income ($bn and %), 2005
MARKET TRENDS
12. The Future
INTRODUCTION
Table 12.1: Forecasts for the UK Economy (000, % and million), 2007-2011
FORECASTS 2007 TO 2011
Table 12.2: The Forecast UK Insurance Market by Sector by Net Premium Income (£m), 2007-2011
MARKET GROWTH
Figure 12.1: The Actual and Forecast UK Insurance Market by Net Premium Income (£m), 2002-2011
FUTURE TRENDS
13. Consumer Confidence
METHODOLOGY
KEY FINDINGS THIS QUARTER
THE WILLINGNESS TO BORROW
Confidence Improves
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), February 2006-2007
Willingness to Borrow Slips Slightly
Table B: The Number of Adults Willing to Borrow in Order to Purchase Expensive Items (000 and %), February 2006-2007
SPENDING FROM SAVINGS
Slight Increase 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), February 2006-2007
Saving Grows in Relative Importance
Table D: The Average Amounts Adults Are Confident Spending to Purchase Expensive Items (£ and %), February 2006-2007
14. Further Sources
Associations
Publications
General Sources
Government Sources
Other Sources
Bisnode Sources
Product samples
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