UK Commercial Property Insurance Market Size, Cost and Price, Key Trends and Opportunities by Radiant Insights Summary The commercial property insurance sector has endured low premium rates for several years and 2015 has been no different. As a result, the value of the market has experienced little change and gross written premiums (GWP) are forecast to grow at a slow and steady rate. Commercial property insurance is very much a self-serving market, with progress only achieved if it creates opportunities for itself, i.e. more properties to insure. Currently, the construction industry continues on an upward trend, increasing output volumes, which suggests confidence has returned to the sector, although the number of new orders has declined from last year, meaning it remains to be seen if the current buoyancy of the market will be short-lived. The prospect of strong underwriting returns has encouraged more competitors to enter the marketplace, which in turn has driven down premium rates to stubbornly low levels, and a relatively benign claims environment indicates a rate rise may be a long way off. Although this is encouraging for insurers, the cost of claims has risen, meaning incidents of peril are becoming even costlier for providers to compensate. Coupled with this are the effects of the severe weather at the beginning of 2016, which is likely to impact the market in the immediate year going forward. The UK's decision to exit the EU will also undoubtedly affect foreign investment in commercial property and the business prospects of UK-based insurers. The commercial property space has demonstrated signs of both optimism and unpredictability. Click Here for Complete Report @ http://www.radiantinsights.com/research/uk-commercial-property-insurance Key Findings - The commercial property market amounted to just over £5bn of GWP in 2015. - Lloyd's of London wrote £568m of commercial property insurance GWP in 2015. - Gross claims paid in 2015 amounted to £3.2bn. - The market is forecast to grow steadily, reaching GWP of £5.4bn by 2018. Synopsis Verdict Financial's “UK Commercial Property Insurance: Market Dynamics and Opportunities” report provides an in-depth analysis of the UK commercial property insurance market. The points discussed include the size of the market, performance ratios, and changes in premiums, claims, incidents of peril, regulations, and opportunities. The report provides a thorough overview of the market along with future forecasts. Reasons To Buy - Benchmark yourself against the rest of the market.Ensure you remain competitive as new innovations and significant market developments occur. - Be prepared for how the commercial property sector could be affected following the UK's decision to leave the EU. Key Highlights - Benchmark yourself against the rest of the market.Ensure you remain competitive as new innovations and significant market developments occur. - Be prepared for how the commercial property sector could be affected following the UK's decision to leave the EU. Table of Contents EXECUTIVE SUMMARY The commercial property market remains stuck in a soft cycle Key findings Critical success factors MARKET DYNAMICS Introduction The market is beginning to see signs of growth as commercial property lending increases There was a 14.6% increase in the value of UK commercial property over 2013-14 The commercial property market performed better then household 2015 saw an increase in GWP, showing signs of a bigger market and stronger economy Commercial property insurance GWP marginally increased in 2015 Core commercial property insurance grew by 1.8% in 2015 Lloyd's of London had an 11.0% share of the commercial property insurance market in 2015 Although GWP grew, profitability is being challenged COR has increased to 103.5% in 2015 Weather claims increased the loss ratio Commission rates keep the expense ratio high The claims environment remains benign, although costs are increasing 2015 saw a £6m increase in gross claims paid The number of claims reported continues on a downward trend Claims costs have grown, with significant increases in fire and business interruption Click Here for Complete Report @ http://www.radiantinsights.com/research/uk-commercial-property-insurance About Us: Radiant Insights Inc. is a platform for companies looking to meet their market research and business intelligence requirements. We assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. We have a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, our experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions. Contact Details: Michelle Thoras Corporate Sales Specialist, USA Radiant Insights, Inc 28 2nd Street, Suite 3036 San Francisco, CA 94105 United States Phone: 1-415-349-0054 Toll Free: 1-888-202-9519 Website: http://www.radiantinsights.com/ Email: [email protected] Visit our Blog: http://chemicalsandmaterialsri.blogspot.com
The market is forecast to grow steadily, reaching GWP of £5.4bn by 2018. Read More @ http://www.radiantinsights.com/research/uk-commercial-property-insurance
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