This report analyzes the UK commercial property insurance market, looking at drivers of uptake across different demographics and dwelling types. It discusses the current claims landscape, the commercial property market across London, and the upcoming regulatory changes within insurance. Incumbent competitors are analyzed and compared, along with newcomers and insurtechs within the space. Future impactors in the market are also examined, including climate change, sustainability, underinsurance, and the changing office environment.
The analyst projects that gross written premiums (GWP) for the UK commercial property market grew by 3.3% in 2024, reaching GBP13.9 billion by year-end, as rising repair costs and continued hardening market rates push premiums higher. In 2023, the UK commercial property insurance market’s GWP grew by 15.4% to GBP13.5 billion, driven primarily by rising premium prices due to persistently high inflation and supply chain disruptions that increased rebuild costs. Claims notifications (excluding subsidence and other claims for comparative purposes) returned to pre-pandemic levels in 2023, supported by a 15.7% reduction in claims, including a notable 43.6% drop in weather-related claims.
The analyst projects that gross written premiums (GWP) for the UK commercial property market grew by 3.3% in 2024, reaching GBP13.9 billion by year-end, as rising repair costs and continued hardening market rates push premiums higher. In 2023, the UK commercial property insurance market’s GWP grew by 15.4% to GBP13.5 billion, driven primarily by rising premium prices due to persistently high inflation and supply chain disruptions that increased rebuild costs. Claims notifications (excluding subsidence and other claims for comparative purposes) returned to pre-pandemic levels in 2023, supported by a 15.7% reduction in claims, including a notable 43.6% drop in weather-related claims.
Scope
- The UK commercial property insurance market is expected to have grown by 3.3% to GBP13.9 billion in 2024, following a 15.4% growth in 2023.
- Gross claims incurred increased by 14.9% in 2023, driven particularly by a significant 38.5% increase in escape of water claims.
- There was a 15.7% drop in claims notified, driven by a 43.6% drop in weather-related claims.
Reasons to Buy
- Analyze the drivers of growth within the UK commercial property market.
- Determine areas of concern for insurers and the wider market, including in the claims landscape.
- Recognize the impact of Brexit, the cost-of-living crisis, and inflation on the market.
- Ascertain the market shares of the leading players.
- Examine future opportunities and challenges within the market.
Table of Contents
1. Executive Summary2. Market Dynamics
3. Competitor Dynamics
4. The Market Going Forward
5. Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Aviva
- AIG
- Zurich
- AXA
- Allianz
- Munich Re
- RSA
- Chubb
- NFU Mutual
- Direct Line
- Knight Frank
- Cluttons
- Willis Towers Watson
- BCIS
- Intelligent AI
- KPMG
- Swiss Re
- Gallagher
- FloodFlash
- Specialist Risk Group
- Pool Re
- Aurora
- Cytora
- Aureum Insurance
- QBE
