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UK Commercial Insurance Distribution 2004
Datamonitor, Oct 2004, Pages: 275
Introduction
This report provides a comprehensive guide to the distribution of commercial general insurance, including current and future distribution channel market shares, unique competitor data enabling brokers to rank their competitors by client type and industry sector. Unique surveys also provide insight into the purchasing habits of SMEs, and the service requirements of brokers.
Scope
Indicates distribution splits within the commercial insurance sector based on Datamonitor research and industry insight.
Gives access to competitor data on We have Insurance Broker Database, sizing brokers by client turnover, client employee number and industry.
Features two exclusive surveys of brokers and SMEs, providing insight into their needs and requirements and actionable conclusions.
Provides distribution split forecasts to 2008 to indicate the development of the commercial market in future years.
Highlights
Brokers remain the dominant force in the commercial insurance distribution market, accounting for an estimated 90 per cent of all business sold in 2004. While their share has remained relatively static over time, the superprovincial broker sub-segment has displayed the strongest growth in the last few years.
Jardine Lloyd Thompson was the best performing multinational broker in 2003 and had the highest incidence of new client acquisition. The top ten brokers accounted for just over three quarters of all clients in the commercial insurance market.
Multinational and superprovincial brokers are expected to exert a stronger grip on the commercial insurance market while provincial brokers market share will continue to decline. The direct channel will gradually have a stronger influence but banks and building societies will fail to make significant advancements from their current position.
Reasons to Purchase
Access detailed competitor information to understand broker strategies in the commercial market
Understand the major issues affecting SMEs and brokers to gain a better insight into how best to service these important relationships
Gauge the future direction of commercial distribution to enable more accurate planning of customer acquisition strategies
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