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UK Insurance Brokerage Market

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  • 129 Pages
  • June 2022
  • Region: United Kingdom
  • IndustryARC
  • ID: 5021616
The rise of automation has become one of the major challenges for the insurance brokerage market. Developments in technology, such as artificial intelligence, have a posed a threat to the jobs of brokers. But technology also provides the opportunity to free up their time and help them focus on risk-based client management activities. The UK Insurance Brokerage market is expected to surpass $19.9 billion by 2024. The steady growth rate can be attributed to the increase in opportunities for healthcare insurance, accidental insurance, and many others. Also, the rise of the small and medium enterprises (SME) in the country is boosting the demand for insurance products.

U.K. Insurance Brokerage Market Outlook

Insurance brokers are basically intermediaries between the policyholders and the insurers. Insurance brokers are specialized in insurance and risk management. They help the policy holders identify and decide on what to insure, how much to insure, and how to manage risks in different ways. In recent times, the advancements in machine learning and AI is enabling major players to increase their focus on business intelligence. This includes the process of converting raw data into key marketing insights and information. Using machine learning and AI can help brokers create data sets, and then create and share the relevant information to customers. The brokers collect more data on different data points such as age, income, and location, and occupation, business intelligence can help in creating complex segmentations with highest return on investment. Financial and professional service insurance has major demand in the market and captive insurance management has high growth rate in the market.

According to the author, Healthcare Insurance has major share and expected to grow with a CAGR of 3.4%.Health insurance, also known as private medical insurance (PMI), covers the cost of private medical treatment for acute conditions. In U.K., healthcare insurance are provided by private insurance companies as well as by healthcare agents.

U.K. Insurance Brokerage Market Growth Drivers

The U.K. is one of the leading countries for international traded insurance and reinsurance. It is the only country where the World’s 20 largest insurers have set up offices, and this acts as driving factor for the market. The increase in demand for accidental insurance, vehicle insurance, and medical insurance are further driving the market growth.

U.K. Insurance Brokerage Market Challenges

The major challenge for the U.K. Insurance brokerage market is the direct purchase of insurance policies by customers. Developments in technology, such as smartphones and the Internet, leads to direct sales of insurance policies.

U.K. Insurance Brokerage Market Research Scope

The base year of the study is 2017, with forecast done up to 2024. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the U.K. Insurance Brokerage market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and its analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of U.K. Insurance Brokerages, and their specific application.

U.K. Insurance Brokerage Market Report: Industry Coverage

Offering Types of U.K. Insurance Brokerage Market: Aerospace and Aviation Insurance & Risk Management, Captive Insurance Management, Cargo Insurance, Communication Technology and Media Insurance, Construction Insurance, Consumer, Affinity and SME Insurance, Credit, Political and Security Risk Based Insurance, Energy Insurance, Facultative Reinsurance, Financial and Professional Service Insurance, Fine Art, Jewelry & Specie Insurance, Healthcare insurance, Marine Insurance, Mining Insurance, Sports, Media and Entertainment Insurance and Others.

The U.K. Insurance Brokerage market report also analyzes the major geographic regions for the market in the country. The regions covered in the study include:
  • North Region
  • East Region
  • West Region
  • South Region

U.K. Insurance Brokerage Market Key Players Perspective

Jardine Lloyd Thompson Group Plc (JLT Group) is a major player in the U.K. Insurance Brokerage Market. In July 2017, the company announced that its first-half underlying pretax profit rose 12%to £100.1 million ($131.44 million), helped by weakness in sterling since Britain’s vote to leave the EU, and revenue in the UK employee benefits business rose 8% to £149.1 million , while trading profit was 2.9% higher at £17.9 million £.

Some of the other key players mentioned in this report are American International Group Inc (AIG), AON PLC, Zurich Insurance Group Ltd, Allianz Group, Marsh & Mclennan Companies, Liberty Mutual Insurance, AXA, Aviva Plc, and Chubb Ltd.

U.K. Insurance Brokerage Market Trends

  • The advancements in technology have enabled insurance providers to use analytical solutions to improve their product in terms of design and gain a better understanding of customer demographics. Data analytical tools are helping insurance brokers to unearth and identify hidden patterns; and by utilizing complex patterns; they are creating tailor-made insurance packages.
  • The rising deployment of business intelligence is helping insurance companies to gain hidden marketing insights and information. This information enables the providers to improve decision making, enhance performance, and improve customer service, ultimately leading to higher profits. In addition, incorporation of IT helps insurers to address the negative trends of their firms.
  • Cyber security is becoming a major concern for all businesses and organizations. The rise in security breaches is propelling businesses and organizations to protect their clients’ sensitive information. While the demand for cyber insurance has been largely US driven, the evolution of cyber threats coupled with stringent regulations imposed European authorities and China means the global demand is set to increase. The increasing regulations would provide a relief for UK businesses and also enable insurers to create new groups of products aimed at product insurance.

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Table of Contents

1. UK Insurance Brokerage Market - Overview
1.1. Definitions and Scope
2. UK Insurance Brokerage Market - Executive summary
2.1. Market Revenue, Market Size and Key Trends by Company
2.2. Key Trends by type of Application
2.3. Key Trends segmented by Geography
3. UK Insurance Brokerage Market
3.1. Comparative analysis
3.1.1. Product Benchmarking - Top 10 companies
3.1.2. Top 5 Financials Analysis
3.1.3. Market Value split by Top 10 companies
3.1.4. Patent Analysis - Top 10 companies
3.1.5. Pricing Analysis
4. UK Insurance Brokerage Market Forces
4.1. Drivers
4.2. Constraints
4.3. Challenges
4.4. Porters five force model
4.4.1. Bargaining power of suppliers
4.4.2. Bargaining powers of customers
4.4.3. Threat of new entrants
4.4.4. Rivalry among existing players
4.4.5. Threat of substitutes
5. UK Insurance Brokerage Market -Strategic analysis
5.1. Value chain analysis
5.2. Opportunities analysis
5.3. Product life cycle
5.4. Suppliers and distributors Market Share
6. UK Insurance Brokerage Market - By Offering Type (Market Size -$Million / $Billion)
6.1. Market Size and Market Share Analysis
6.2. Application Revenue and Trend Research
6.3. Product Segment Analysis
6.3.1. Aerospace and Aviation Insurance & Risk Management
6.3.2. Captive Insurance Management
6.3.3. Cargo Insurance
6.3.4. Communication Technology and Media Insurance
6.3.5. Construction Insurance
6.3.6. Consumer, Affinity and SME Insurance
6.3.7. Credit, Political and Security Risk Based Insurance
6.3.8. Energy Insurance
6.3.9. Facultative Insurance
6.3.10. Financial and Professional Service Insurance
6.3.11. Fine Art, Jewellery, and Special Insurance
6.3.12. Healthcare Insurance
6.3.13. Marine Insurance
6.3.14. Mining Insurance
6.3.15. Sports, Media, and Entertainment Insurance
6.3.16. Others
7. UK Insurance Brokerage - By Region (Market Size -$Million / $Billion)
7.1. UK Insurance Brokerage Market - U.K Segment Research
7.2. U.K Market Research (Million / $Billion)
7.2.1. Segment type Size and Market Size Analysis
7.2.2. Revenue and Trends
7.2.3. Application Revenue and Trends by type of Application
7.2.4. Company Revenue and Product Analysis
8. UK Insurance Brokerage Market - Entropy
8.1. New product launches
8.2. M&A's, collaborations, JVs and partnerships
9. UK Insurance Brokerage Market Company Analysis
9.1. Market Share, Company Revenue, Products, M&A, Developments
9.2. American International Group Inc (AIG)
9.3. AON PLC
9.4. Zurich Insurance Group Ltd
9.5. Allianz Group
9.6. Marsh & Mclennan Companies
9.7. Liberty Mutual Insurance
9.8. Aviva Plc
9.9. Chubb Ltd.
9.10. Company 9
9.11. Company 10 and more
10. UK Insurance Brokerage Market -Appendix
10.1. Abbreviations
10.2. Sources