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UK Directors’ & Officers’ Insurance Market 2024

Publisher GlobalData
Published Sep 23, 2024
Length 32 Pages
SKU # GBDT19233767

Description

UK Directors’ & Officers’ Insurance Market 2024 Summary The report provides in-depth analysis of the UK directors' and officers' insurance market. It looks at market size as well as changes in premiums, claims, distribution, regulation, and future opportunities, including our proprietary GWP forecasts. The report uses results from our annual UK SME Insurance and UK Commercial Insurance Broker Surveys, as well as additional in-depth interviews with industry leaders. UK directors’ and officers’ (D&O) insurance gross written premiums (GWP) continued to shrink in 2023. Over the last few years, conditions in the market have shifted. Competition and capacity have increased, as the market correction over 2019-21 improved profitability and the anticipated wave of COVID-19-related claims failed to materialize. As a result, premium rates have declined for large corporates, and softer market conditions are also in evidence for SMEs. However, falling prices are occurring during a period of significant economic headwinds, with growing risk exposures gathering on the horizon. These could have a significant impact on the future course of the market. Underwriters are therefore not expecting a return to lengthy soft market conditions, and prudence will ensure a return to growth by 2026. Scope - The proportion of SMEs with D&O continues to gradually increase. GlobalData’s 2023 UK SME Insurance Survey found that 39.9% of SMEs now have D&O (excluding sole traders), a figure that rises along with company size. - However, SMEs are re-evaluating their D&O holdings as a result of cost pressures; a quarter of medium-sized D&O policyholders and 20.8% of small companies are currently considering or have considered canceling their policy. - As competition and capacity return to the D&O market, switching levels have increased, rising to 13.3% in 2023. Meanwhile, the proportion of SMEs that renewed with their existing provider after comparing prices increased substantially (+5.9 percentage points [pp]) compared to during the hard market in 2021. Reasons to Buy - Understand the current and forecast sizes and growths of the UK D&O insurance market - Gain insight into the impact of the softening market on SME switching and renewal behaviors - Discover the SME market shares of the leading UK D&O insurers and understand broker preferences - Learn about key distribution trends in the market

Table of Contents

32 Pages
    • Market overview
    • Key findings
    • Critical success factors
    • Soft market conditions have led to a drop in market size
    • D&O profitability was boosted by market correction, but the sector is facing uncertain headwinds
    • The number of companies with D&O is growing, but cost pressures are impacting product holding
    • Appetite and capacity have returned to the D&O market
    • AXA remains the market leader for SME D&O cover
    • AXA is the most favored insurer for D&O placement among brokers
    • SME buying habits have been largely unaffected by changing market conditions
    • Switching has increased as competition returns
    • Legal services are the most sought-after added-value service
    • UK D&O market growth will be impacted by softening conditions
    • The evolving risk landscape will be under intense scrutiny
    • Abbreviations, acronyms, and initialisms
    • Methodology
    • Definitions
    • Secondary sources
    • Further reading

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