UK Insurance Market Essentials
The personal lines insurance market is expected to grow only very slowly over the next few years, as an incredibly competitive market flush with capacity will be unable to sustain rate hardening. A still-profitable home insurance market is under-priced for high-cost weather events, while the motor market jumped the gun on rate cuts in lieu of LASPO savings. The commercial lines market stepped into profitable territory in 2014. However, this was supported by reserve releases, and its underlying health is never clear given the heavy influence of long-tail business. Overcapacity remains but the market has started to see green shoots from improving economic conditions. GWP can now be expected to grow year-on-year.
- The total UK general insurance market grew by 0.5% in terms of GWP in 2014.
- The personal lines market represented 63% of the total market in 2014.
- In contrast to a contracting personal lines space, the commercial lines market found reasonable growth after contraction over the previous three years.
- Reserve development levels in personal lines have been broadly similar for the past three years, with results being supported by high levels of releases.
This pack is a one-stop-shop to access the market-level data you need to understand the context of any given market within the UK insurance space. For each key segment, an overview of the trends and developments is provided along with data on market size, ratio and reserve development metrics, and a forecast to 2019.Reasons To Buy
- Access all of the key market-level metric data you need in one place for personal and commercial lines.
- Build a view of the UK insurance market's health, by line, and the trends and figures that sit behind this.
- 1. Total General Insurance Market
- 2. Personal Insurance
- 3. Commercial Insurance
- 4. Distribution
- 5. Appendix