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United Kingdom (UK) Directors and Officers Insurance Market Size, Competitive Landscape, Product Analysis and Forecast, 2021-2025

Publisher GlobalData
Published Jan 28, 2022
Length 37 Pages
SKU # GBDT17019946

Description

United Kingdom (UK) Directors and Officers Insurance Market Size, Competitive Landscape, Product Analysis and Forecast, 2021-2025

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 and the impact of COVID-19. 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.

Over the last few years, the UK directors and officers (D&O) market has undergone a significant market correction. Substantial premium rate increases - facilitated by drastically reduced capacity - have driven unprecedented market growth. The sector is also traversing the economic uncertainties and impacts of the COVID-19 pandemic, which could have a significant impact on the future course of the market. While claims are emerging, there will be a lag before the true impact of the pandemic is known, particularly as government support packages are withdrawn. As the hard market gradually improves profitability, the appetite of existing insurers and new entrants is expected to increase, and competition will re-emerge.

Scope
  • We estimate the UK D&O market to be worth GBP691m in 2021. Its substantial growth has been driven by extreme capacity reductions and stratospheric premium rate rises. While there are still some rate adjustments to be made during 2022, it is anticipated that by the end of the year there will be a return to flatter rates.
  • Penetration of D&O among SMEs has remained largely stable. GlobalData’s 2021 UK SME Insurance Survey found that 34.3% of SMEs now have D&O (excluding sole traders), a figure that rises along with company size.
  • 24.1% of SMEs have made a claim on their D&O policy as a result of the COVID-19 pandemic, with around four in fives claims accepted.
  • Switching has increased among the smallest SMEs, while medium-sized companies are now more likely to have renewed after comparing prices (+7.0 percentage points compared to 2018).
Reasons to Buy
  • Understand the current and forecast size and growth of the UK D&O insurance market
  • Gain insight into how the COVID-19 pandemic has impacted claims and product uptake
  • See what impact the hard market has had on SME switching and renewal behaviors
  • Benefit from GlobalData’s UK SME Insurance and UK Commercial Insurance Broker Surveys, as well as in-depth interviews with industry participants
  • Get access to D&O insurer SME market shares and understand broker preferences
  • Understand D&O product distribution trends
  • Learn how regulatory changes will affect the shape of the future UK D&O insurance market
Companies Mentioned

AXA
AXA XL
Lloyd’s of London
Marsh
Zurich
Willis Towers Watson
AXIS
Argo
Neon
Pioneer
Chubb
AIG
RSA
Markel
Allianz
Aviva
Hiscox
Angel
Berkshire Hathaway
Beazley
Convex
Inigo
Equity Red Star
Mosaic
SCOR
Arcadian

Table of Contents

37 Pages
    • Market overview
    • Key findings
    • Critical success factors
    • Exceptionally hard conditions have driven market growth
    • The number of companies with D&O cover remains stable
    • D&O profitability may be improving, but the risk landscape is dynamic and concerns remain
    • There have been significant shifts in appetite
    • AXA remains the market leader for SME D&O cover
    • AXA is also the favored insurer for D&O placement among brokers
    • Competition is starting to re-emerge
    • SME buying habits have been largely unaffected by the hard market
    • Switching has increased, but only among the smallest SMEs
    • UK D&O market growth is forecast to stabilize to 2025
    • COVID-19 impacts could still significantly affect the market
    • Other factors that could impact D&O
    • Abbreviations and acronyms
    • Definitions
    • Methodology
    • Secondary sources
    • Further reading
  • About GlobalData
  • Contact Us

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