UK Employers Liability Insurance: Market Dynamics, Size, Share, Key Trends, Emerging Opportunities and Outlook 2016
ResearchMoz added Latest Research Report titled " UK Employers Liability Insurance: Market Dynamics and Opportunities 2016 " to it's Large Report database.
Summary
The UK employers liability insurance market continues to be characterized by overcapacity and unprofitability. While underlying demand for employers liability has steadily increased in recent years, premium rates continue to lag behind claims inflation. In the wake of the uncertainties created by the Brexit vote and the governments personal injury reforms, the market could be in for a turbulent few years.
Key Findings
UK employers liability market gross written premium grew by 1% in 2015, hampered by tough underwriting conditions in a competitive market. Premium rates are currently reported to be largely flat to slightly negative across the UK as a whole.
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Employers liability remains unprofitable; the sector has not made an underwriting profit since 2005. The market continues to be propped up by reserve releases, which are showing no signs of slowing down.
The level of claims inflation has reduced due to the success of LASPO and fixed recoverable costs. However, this is likely to be temporary, and inflation for catastrophic losses remains above 10%.
The number of accident and disease employers liability claims recorded fell significantly in 201516 (-16.3%) due to a reduction in the impact of the LASPO spike, the start of a decline in noise-induced hearing loss (NIHL) claims, and continued improvements in workplace health and safety.
However, disease claims settled are yet to show any signs of falling (+29.1% in 201516), reflecting the greater length of time it takes to settle disease claims and the time lag before insurers will feel the impact of any reduction in NIHL claims recorded.
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Table of Contents
EXECUTIVE SUMMARY
EL market conditions remain tough and the sector faces a turbulent few years
Key findings
Critical success factors
MARKET DYNAMICS
Underlying demand for EL continued to rise, particularly in service industries
The number of businesses and employees continued to grow in 2015
SMEs account for over 52% of private sector employees
Increasing demand is occurring at the small and large ends of the company size spectrum
The UK economy has continued to shift from manufacturing to services
High levels of competition continue to dampen growth in the EL market
The UK EL market grew slightly in 2015
Premium rates are flat or slightly negative
The underlying macroeconomic environment remained positive but uneven
The top 10 EL insurers increased their market share in 2015
Lloyd's is gaining market share as it increases binder and line slip business
EL remains unprofitable and continues to be propped up by reserve releases
EL has not made an underwriting profit since 2005
EL loss ratios continue to be plagued by claims inflation that outpaces premium rate rises
The number of EL claims recorded is falling
Claims numbers have fallen in both sectors of EL
NIHL continues to take its toll
NIHL drove a spike in disease claims, which peaked in 2013-14
NIHL claims started to wane in 2015-16
About ResearchMoz
ResearchMoz is the world's fastest growing collection of market research reports worldwide. Our database is composed of current market studies from over 100 featured publishers worldwide. Our market research databases integrate statistics with analysis from global, regional, country and company perspectives. ResearchMoz's service portfolio also includes value-added services such as market research customization, competitive landscaping, and in-depth surveys, delivered by a team of experienced Research Coordinators.
Contact Us:
Mr. Nachiket Ghumare
90 State Street, Albany NY, United States - 12207
Tel: +1-518-621-2074 / Tel: 866-997-4948 (Us-Canada Toll Free)
Email: sales@researchmoz.us
Follow us on LinkedIn at: http://bit.ly/1TBmnVG
Follow me on Blogger at: http://deep-research-report.blogspot.com/
Summary
The UK employers liability insurance market continues to be characterized by overcapacity and unprofitability. While underlying demand for employers liability has steadily increased in recent years, premium rates continue to lag behind claims inflation. In the wake of the uncertainties created by the Brexit vote and the governments personal injury reforms, the market could be in for a turbulent few years.
Key Findings
UK employers liability market gross written premium grew by 1% in 2015, hampered by tough underwriting conditions in a competitive market. Premium rates are currently reported to be largely flat to slightly negative across the UK as a whole.
Request for Sample PDF of Premium Research Report with TOC: http://www.researchmoz.us/enquiry.php?type=S&repid=786590
Employers liability remains unprofitable; the sector has not made an underwriting profit since 2005. The market continues to be propped up by reserve releases, which are showing no signs of slowing down.
The level of claims inflation has reduced due to the success of LASPO and fixed recoverable costs. However, this is likely to be temporary, and inflation for catastrophic losses remains above 10%.
The number of accident and disease employers liability claims recorded fell significantly in 201516 (-16.3%) due to a reduction in the impact of the LASPO spike, the start of a decline in noise-induced hearing loss (NIHL) claims, and continued improvements in workplace health and safety.
However, disease claims settled are yet to show any signs of falling (+29.1% in 201516), reflecting the greater length of time it takes to settle disease claims and the time lag before insurers will feel the impact of any reduction in NIHL claims recorded.
Read All Banking Market Research Reports @ http://www.researchmoz.us/banking-market-reports-159.html
Table of Contents
EXECUTIVE SUMMARY
EL market conditions remain tough and the sector faces a turbulent few years
Key findings
Critical success factors
MARKET DYNAMICS
Underlying demand for EL continued to rise, particularly in service industries
The number of businesses and employees continued to grow in 2015
SMEs account for over 52% of private sector employees
Increasing demand is occurring at the small and large ends of the company size spectrum
The UK economy has continued to shift from manufacturing to services
High levels of competition continue to dampen growth in the EL market
The UK EL market grew slightly in 2015
Premium rates are flat or slightly negative
The underlying macroeconomic environment remained positive but uneven
The top 10 EL insurers increased their market share in 2015
Lloyd's is gaining market share as it increases binder and line slip business
EL remains unprofitable and continues to be propped up by reserve releases
EL has not made an underwriting profit since 2005
EL loss ratios continue to be plagued by claims inflation that outpaces premium rate rises
The number of EL claims recorded is falling
Claims numbers have fallen in both sectors of EL
NIHL continues to take its toll
NIHL drove a spike in disease claims, which peaked in 2013-14
NIHL claims started to wane in 2015-16
About ResearchMoz
ResearchMoz is the world's fastest growing collection of market research reports worldwide. Our database is composed of current market studies from over 100 featured publishers worldwide. Our market research databases integrate statistics with analysis from global, regional, country and company perspectives. ResearchMoz's service portfolio also includes value-added services such as market research customization, competitive landscaping, and in-depth surveys, delivered by a team of experienced Research Coordinators.
Contact Us:
Mr. Nachiket Ghumare
90 State Street, Albany NY, United States - 12207
Tel: +1-518-621-2074 / Tel: 866-997-4948 (Us-Canada Toll Free)
Email: sales@researchmoz.us
Follow us on LinkedIn at: http://bit.ly/1TBmnVG
Follow me on Blogger at: http://deep-research-report.blogspot.com/
UK Employers Liability Insurance: Market Dynamics, Size, Share, Key Trends, Emerging Opportunities and Outlook 2016
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