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UK Employers’ Liability Insurance: Market Dynamics and Opportunities 2017

UK Employers’ Liability Insurance: Market Dynamics and Opportunities 2017

Summary

An unexpected extent of the changes to the Ogden rate has shaken the employers’ liability (EL) market. Premium rate rises have been forced on a sector characterized by over-capacity and high levels of competition. In spite of the recent rate increases, underlying market dynamics persists, and the sector faces a period of continued turbulence, due to uncertainties over key pieces of legislation and the performance of the economy.

Key findings include in this report -

  • UK EL market gross written premium (GWP) contracted by 7.4% in 2016.
  • Insurers have responded to the 2017 discount rate change with significant reserve strengthening and premium rate rises, which has led to estimates of more robust GWP growth.
  • The number of accident and disease EL claims recorded fell significantly in 2016-17 (-15.2%) with the impact of the LASPO spike. Noise-induced hearing loss (NIHL) claims have waned in combination with continued improvements in workplace health and safety.
Critical success factors
  • Tackling the impact of Brexit in the face of economic uncertainty - EL insurers need to be prepared to respond in the face of considerable economic uncertainties. A slowdown in GDP growth, higher inflation, interest rate rises, an increase in wage inflation, and the risk of a decline in skilled labor could all impact profitability and demand.
  • Preparation for government reforms - Insurers need to be prepared for any future developments in personal injury reforms. The spiral of NIHL claims has already demonstrated the effect that a shift in the attentions of claimant parties can have. Insurers and regulators therefore need to be on alert for any unintended consequences and knock-on EL impacts.
  • Ogden strategic responses - Insurer responses to the current and future Ogden rate will be vital to success in terms of profitability and market share. Failing to respond sufficiently could lead to long-term profitability issues, while responding too vigorously could cause significant loss of market share. Either way, EL insurers are walking a tightrope. Rating and new business strategies will need close examination, and increasing sophistication in terms of rating factors such as workforce age profile and claims experience will be key to success.
The report UK Employers’ Liability Insurance: Market Dynamics and Opportunities 2017 tracks the health and the shape of the UK employers’ liability market, taking into account market size, profitability and performance ratios, and the claims environment. The context of the UK’s economic growth, business landscape, and the impact of a post-Brexit environment are all taken into consideration to build a full picture of this space. Key announcements, shifts in the market, and likely future changes are analyzed for impact across all relevant stakeholders.

Companies mentioned in this report: Zurich, Aviva, QBE, AXA, AIG, Allianz, RSA, Liberty Mutual, Travelers, ACE

Scope
  • UK EL market gross written premium (GWP) contracted by 7.4% in 2016.
  • Insurers have responded to the 2017 discount rate change with significant reserve strengthening and premium rate rises, which has led to estimates of more robust GWP growth.
  • The number of accident and disease EL claims recorded fell significantly in 2016-17 (-15.2%) as a result of the impact of the LASPO spike.
  • Noise-induced hearing loss claims waned in combination with continued improvements in workplace health and safety.
Reasons to buy
  • Review your strategy against both the existing and new challenges regarding the employers’ liability market.
  • Benchmark against the market's experience of market size, growth, performance, and claims environment.


Report Guidance
GlobalData Clinical Trials Report Coverage
Clinical Trials by Region
Clinical Trials and Average Enrollment by Country
Top Five Countries Contributing to Clinical Trials in Asia-Pacific
Top Five Countries Contributing to Clinical Trials in Europe
Top Countries Contributing to Clinical Trials in North America
Top Five Countries Contributing to Clinical Trials in Middle East and Africa
Top Five Countries Contributing to Clinical Trials in Central and South America
Clinical Trials by G7 Countries: Proportion of Herpes Zoster (Shingles) to Infectious Disease Clinical Trials
Clinical Trials by Phase in G7 Countries
Clinical Trials in G7 Countries by Trial Status
Clinical Trials by E7 Countries: Proportion of Herpes Zoster (Shingles) to Infectious Disease Clinical Trials
Clinical Trials by Phase in E7 Countries
Clinical Trials in E7 Countries by Trial Status
Clinical Trials by Phase
In Progress Trials by Phase
Clinical Trials by Trial Status
Clinical Trials by End Point Status
Subjects Recruited Over a Period of Time
Clinical Trials by Sponsor Type
Prominent Sponsors
Top Companies Participating in Herpes Zoster (Shingles) Therapeutics Clinical Trials
Prominent Drugs
Latest Clinical Trials News on Herpes Zoster (Shingles)
Jun 21, 2017: GSK Presents Positive Results from Phase III Revaccination Study of its Candidate Shingles Vaccine Shingrix at CDC's Advisory Meeting
Jun 21, 2017: Positive Phase 3 for GSK's Shingles Vaccine Shingrix with Agenus QS-21 Stimulon Immune Adjuvant
Clinical Trial Profile Snapshots
Appendix
Abbreviations
Definitions
Research Methodology
Secondary Research
About GlobalData
Contact Us
Source
List of Tables
Herpes Zoster (Shingles) Therapeutics, Global, Clinical Trials by Region, 2017*
Herpes Zoster (Shingles) Therapeutics, Global, Clinical Trials and Average Enrollment by Top Countries, 2017*
Herpes Zoster (Shingles) Therapeutics, Global, Clinical Trials In Progress by Top Countries, 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Asia-Pacific, Top Five Countries, 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Europe, Top Five Countries, 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, North America, Top Countries, 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Middle East and Africa, Top Five Countries, 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Central and South America, Top Five Countries, 2017*
Proportion of Herpes Zoster (Shingles) to Infectious Disease Clinical Trials, G7 Countries (%), 2017*
Herpes Zoster (Shingles) Therapeutics, G7 Countries, Clinical Trials by Phase, 2017*
Herpes Zoster (Shingles) Therapeutics, G7 Countries, Clinical Trials by Trial Status, 2017*
Proportion of Herpes Zoster (Shingles) to Infectious Disease Clinical Trials, E7 Countries (%), 2017*
Herpes Zoster (Shingles) Therapeutics, E7 Countries, Clinical Trials by Phase, 2017*
Herpes Zoster (Shingles) Therapeutics, E7 Countries, Clinical Trials by Trial Status, 2017*
Herpes Zoster (Shingles) Therapeutics, Global, Clinical Trials by Phase, 2017*
Herpes Zoster (Shingles) Therapeutics, Global, Clinical Trials In Progress by Phase 2017*
Herpes Zoster (Shingles) Therapeutics, Global, Clinical Trials by Trial Status, 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Global, by End Point Status, 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Global, Average Enrollment Target Trends, 2012-2016
Herpes Zoster (Shingles) Therapeutics Market, Global, Clinical Trials by Sponsor Type, 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Global, Key Sponsors, 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Global, Top Companies by Phase, 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Global, Ongoing Clinical Trials by Prominent Drugs, 2017*
List of Figures
Herpes Zoster (Shingles) Therapeutics, Global, Clinical Trials by Region (%), 2017*
Herpes Zoster (Shingles) Therapeutics, Global, Clinical Trials and Average Enrollment by Top Countries, 2017*
Herpes Zoster (Shingles) Therapeutics, Global, Clinical Trials In Progress by Top Countries, 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Asia-Pacific, Top Five Countries (%), 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Europe, Top Five Countries (%), 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, North America, Top Countries (%), 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Middle East and Africa, Top Five Countries (%), 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Central and South America, Top Five Countries (%), 2017*
Proportion of Herpes Zoster (Shingles) to Infectious Disease Clinical Trials, G7 Countries (%), 2017*
Herpes Zoster (Shingles) Therapeutics, G7 Countries, Clinical Trials by Phase, 2017*
Herpes Zoster (Shingles) Therapeutics, G7 Countries, Clinical Trials by Trial Status, 2017*
Proportion of Herpes Zoster (Shingles) to Infectious Disease Clinical Trials, E7 Countries (%), 2017*
Herpes Zoster (Shingles) Therapeutics, E7 Countries, Clinical Trials by Phase, 2017*
Herpes Zoster (Shingles) Therapeutics, E7 Countries, Clinical Trials by Trial Status, 2017*
Herpes Zoster (Shingles) Therapeutics, Global, Clinical Trials by Phase (%), 2017*
Herpes Zoster (Shingles) Therapeutics, Global, Clinical Trials In Progress by Phase, 2017*
Herpes Zoster (Shingles) Therapeutics, Global, Clinical Trials by Trial Status, 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Global, by End Point Status, 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Global, Average Enrollment Target Trends, 2012-2016
Herpes Zoster (Shingles) Therapeutics Market, Global, Clinical Trials by Sponsor Type (%), 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Global, Key Sponsors, 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Global, Top Companies by Phase, 2017*
Herpes Zoster (Shingles) Therapeutics Clinical Trials, Global, Ongoing Clinical Trials by Prominent Drugs, 2017*
GlobalData Methodology

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