Claims Management in UK General Insurance 2010
Datamonitor, October 2010, Pages: 51
Introduction
This report provides a comprehensive analysis of claims costs in the UK general insurance market covering motor, property and liability insurance. The report also provides a detailed discussion on key claims management issues in the UK. It reviews historical claims costs and estimates the future size of the claims bill up to 2014, as well as discussing the drivers behind these forecasts.
Features and benefits
Make informed decisions based on the most recent claims statistics and detailed analysis.
Bechmark your claims handling efficiency against the top 20 most efficient motor, liability and property claims handers.
Plan for the future by observing The outlook for future claims costs and how this will affect your margins.
Get to grips with the latest personal injury trends in the motor and employers' liability insurance markets.
Highlights
Personal injury claims for road traffic incidents increased by 15% in 2009/10 and so putting further pressure on claims inflation as these cases tend to increase claims costs.
esure, NFU Mutual and RBS are the most claims efficient of the large UK motor insurers.
The UK property insurers with the lowest claims handling ratio were mostly smaller players in the market; out of the top 10 most efficient insurers, there were only two major property players (Allianz and esure).
Your key questions answered
What is level of claims inflation and average claims costs across the motor and property insurance markets?
What are other insurers doing in terms of claims handling efficiency?
What are the main factors affecting claims costs and trends?
TABLE OF FIGURES
Figure 1: In 2009, net claims incurred increased for both the private and commercial motor markets
Figure 2: Motor claims frequency is at an all time low
Figure 3: Reported road traffic accidents in Great Britain are falling
Figure 4: Claims inflation was 12.7% in 2008 for the total UK motor market
Figure 5: 2009 was an average year for commercial property claims
Figure 6: Escape of water household claims showed another year-on-year increase in 2009
Figure 7: Fire and subsidence cases have the highest average claims cost
Figure 8: Domestic burglaries fell considerably during 2009/10
Figure 9: Lower rebuilding costs should reduce the claims bill
Figure 10: Employers' liability claims costs showed little change compared with 2008
Figure 11: Employers' liability claims incidence is falling
Figure 12: Liability claims handling efficiency worsened, while motor and property improved
Figure 13: esure, NFU Mutual and RBS are the most efficient of the large motor insurers
Figure 14: The largest property players tend to have higher claims handling ratios
Figure 15: LV= achieved the lowest ratio of liability claims management costs to net claims incurred
Figure 16: Net motor claims costs will increase year-on-year throughout the upcoming years
Figure 17: Claims inflation will drive an increase in the total property claims bill
Figure 18: Employers' liability claims costs will exhibit small but steady year-on-year increases
TABLE OF TABLES
Table 1: UK private and commercial motor net claims incurred, 1998–2009e
Table 2: Exposure and total claims in the UK motor insurance market (000s), 2005–Q1 2010
Table 3: Road traffic accidents relative to registered vehicles in Great Britain, 2005–09 (000s)
Table 4: Fatalities, seriously and slightly injured casualties in Great Britain, 2005–09
Table 5: Average motor claims payout and percentage of total claims by type, 2008
Table 6: Gross incurred UK commercial property insurance claims costs by peril (£m), 2005–09
Table 7: Cost of business interruption claims by cause (£m), 2005–09
Table 8: Number and average value of commercial property theft claims, 2005–09
Table 9: Gross incurred UK domestic property insurance claims costs (£m), 2005–09
Table 10: Domestic property weather claims (£m), 2005–09
Table 11: Average claims cost and number of household property claims, 2005–09
Table 12: Number of BCS-recorded burglaries in England and Wales (000s), 2001/02–2009/10
Table 13: UK employers' liability gross claims incurred (£m), 2004–09
Table 14: UK employers' liability personal injury claims split by accident and disease, 2004/05–2009/10
Table 15: Workplace injuries reportable under RIDDOR in the UK, 2004/05–2008/09p
Table 16: Claims management costs, net claims incurred and ratio of claims management costs to net claims incurred (£000s), 2005–09
Table 17: Top 20 most efficient motor insurance groups: ratio of claims management costs to net motor claims incurred (%), (2005–09)
Table 18: Top 20 most efficient motor insurance groups: change in ratio of claims management costs and net motor claims incurred, 2008–09
Table 19: Top 20 most efficient property insurance groups: ratio of claims management costs to net property claims incurred (%), 2005–09
Table 20: Top 20 most efficient property insurance groups: change in ratio of claims management costs and net motor claims incurred, 2008–09
Table 21: Top 20 most efficient liability insurance groups: ratio of claims management costs to net property claims incurred (%), 2005–09
Table 22: Top 20 most efficient liability insurance groups: change in ratio of claims management costs and net motor claims incurred, 2008–09
Table 23: Key drivers affecting motor claims costs, 2010–14f
Table 24: Key drivers affecting property claims costs, 2010–14f
Table 25: Key drivers affecting employers' liability claims costs, 2010–14f
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