Dublin, March 08, 2021 (GLOBE NEWSWIRE) -- The "United Kingdom (UK) Employers Liability Insurance - Market Dynamics and Opportunities 2020" report has been added to ResearchAndMarkets.com's offering.
GWP in the employers' liability market fell to £1,108m in 2019, although insurers managed to retain strong profits as claims costs remained low. This market is more closely aligned to developments in the UK economy compared to other insurance lines. This is problematic for the sector, as the UK is likely headed towards a recession following the severe impact of COVID-19, which brought the economy to a standstill for much of 2020 and continuing into 2021. The unemployment rate in the UK is set to soar as government support such as the furlough scheme comes to an end. The market is directly reliant on the number of businesses and employees in the UK, so this will have a negative impact on premiums. Insurers may have the ability to raise premiums given the significant cuts seen in 2020, and the curtailing of claims in recent years means they may be able to endure a tough 2021.
This report tracks the health and shape of the employers' liability market - taking into account market size, profitability, performance ratios, and the claims environment. The UK's economic growth, business landscape, COVID-19, 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.
Scope
- The employers' liability market contracted by 12.1% in 2019, with GWP falling to £1,108m. GWP is expected to have declined to £1,071m in 2020.
- The proportion of non-fatal injuries in the workplace fell by 15.3% between 2013-14 and 2019-20, leading to fewer claims being made.
- AXA is the largest employers' liability insurer for SMEs in the UK, accounting for 8.2% of the market.
- The market is expected to contract by a further 0.3% in 2021, generating £1,068m in GWP before stabilizing to reach £1,134.65m by 2024.
Key Topics Covered:
1. Executive Summary
1.1 The employers' liability market is dependent on the UK economy
1.2 Key findings
1.3 Critical success factors
2. Market Dynamics
2.1 Employers' liability GWP declined in 2019, but strong underwriting profit marked a positive year for insurers
2.2 Employers' liability has maintained strong underwriting profit
2.3 Claims numbers continue to fall post-LASPO
2.4 The Civil Liability Act has been delayed again - this time due to COVID-19
3. Competitor Dynamics
3.1 Leading general liability insurers saw swings in 2019 market shares
4. The Market Going Forward
4.1 Employers' liability GWP is forecast to continue its decline as the pandemic's impact will be felt
4.2 A number of factors will influence growth in the market
5. Appendix
Companies Mentioned
- AIG
- AXA
- Aviva
- Zurich
- Chubb
- QBE
- Hiscox
- Allianz
- RSA
- NFU Mutual
For more information about this report visit https://www.researchandmarkets.com/r/y57dzj
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