The study covers important players such as Zurich, Chubb, QBE, Hiscox, Allianz, RSA, NFU Mutual, Ocado, British Airways, Uber, MākuSafe etc
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UK Employers’ Liability Insurance: Market Dynamics and Opportunities 2019
The UK employers’ liability insurance market is quite volatile. The market is more closely aligned to developments in the UK economy compared to other products. While uncertainty around Brexit has diminished, trade negotiations over the next year will determine the impact leaving the EU will have on the UK’s economy.
There are also other factors – including the negative Ogden rate and the continuing growth of e-commerce and the gig economy – that will affect the employers’ liability market going forward. While the market contracted in 2018, underwriting has never been more profitable, partly due to a sustained reduction in workplace injuries. The market will continue to fluctuate over the next five years, but will see marginal growth by the end of 2023. However, much of this estimate stems from a favorable outcome to the Brexit negotiations. If a trade agreement cannot be agreed upon between the government and the EU, the UK economy and the employers’ liability market will likely suffer as a result.
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This report tracks the health and shape of the employers’ liability market – taking into account market size, profitability and performance ratios, and the claims environment. Bringing this to life, the context of the UK’s economic growth, business landscape, and the 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.
– The employers’ liability market contracted by 2.3% in 2018, with GWP falling to £1,213m.
– Employers’ liability experienced the highest underwriting profit on record at £193m.
– The proportion of non-fatal injuries in the workplace fell by 13.9% between 2012 and 2019, leading to fewer claims being made.
– AIG is the largest general liability insurer in the UK, accounting for 19.3% of GWP.
Reasons to buy
– Review your strategy against both existing and new challenges regarding the employers’ liability market.
– Benchmark yourself against the market’s experience of growth, performance, and the claims environment.
Companies Mentioned in the Report
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Table of Contents
1. EXECUTIVE SUMMARY
1.1. The employers’ liability market hinges on the strength of the UK economy
1.2. Key findings
1.3. Critical success factors
2. MARKET DYNAMICS
2.2. At the beginning of 2019 there were 1.4 million employing businesses in the UK
2.2.1. Micro businesses have grown the most over the past seven years
2.2.2. Wales saw the largest growth in the number of employing businesses at the start of 2019
2.2.3. Specialist insurers may face challenges as growth rates vary considerably across industries
2.3. The employers’ liability market has marginally decreased since 2014
2.3.1. Changes to the Ogden rate will continue to affect premiums
2.4. Employers’ liability recorded its highest ever underwriting profit
2.5. Claims numbers continue to fall following a pre-LASPO surge
2.5.1. Workplace injuries continue to fal
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