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UK Commercial Insurance Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: August, 2022
No of Pages: 165
Delivery Format: PDF + Excel

$2,950.00

Description

According to MWR, COVID-19 is expected to affect market premiums in addition to claims, product consumption, and exposure. COVID-19 has influenced and will continue to alter the way consumers behave. Reinsurance rates are predicted to rise because of the high level of competition and a deficiency of disposable income in consumers; the burden of these increases may be passed on to commercial customers of insurance. The changes will lead to a rise in demand for certain kinds of insurance, a shift in how companies purchase insurance, and a challenge for brokers who have relied upon face-to-face contacts to promote policies.

The impact of COVID-19’s legislation will also be spread over a longer time. In the short run, commercial insurance landscape will alter in direct response to the economic crisis, lockdowns in countries and a decrease in social interactions. The changes and developments that will occur in the long and medium term will result from permanent changes in the behavior of businesses and consumers.

This report examines COVID-19’s impact on the UK commercial insurance industry. It examines the immediate and long-term consequences of the lockdown imposed by the government on the insurance industry as well as the behavior of businesses and consumers. It offers estimated gross written premiums for three business lines of Commercial Insurance Market. It also examines the issues that insurance brokers face due to COVID-19.

UK Commercial Insurance Market  Report Scope and Segmentation
ATTRIBUTESDETAILS
ESTIMATED YEAR2022
BASE YEAR2021
FORECAST YEAR2030
HISTORICAL YEAR2017-2021
UNITValue (USD Million/Billion)
BY REGIONNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa

A sample of the companies that are mentioned in this  report include:

  • Allstate
  • American Family Insurance
  • Prudential plc
  • Hiscox
  • AXA
  • Direct Line
  • Allianz
  • Ageas Group
  • Simply Business
  • Legal & General
  • Aviva
  • By Miles
  • Zurich Insurance Company Ltd
  • RSA Insurance Group
  • Others

Commercial Insurance Market Key Segments

By Type

  • Commercial Motor Insurance
  • Commercial Property Insurance
  • Liability Insurance
  • Marine Insurance
  • Others

By Distribution Channel

  • Agents & Brokers
  • Direct Response
  • Others

By Enterprise Size

  • Large Enterprises
  • Medium-sized Enterprises
  • Small-sized Enterprises

By Industry Vertical

  • Manufacturing
  • Construction
  • IT & Telecom
  • Healthcare
  • Energy & Utilities
  • Transportation & Logistics
  • Others

Regional Analysis

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA

Scope

  • Lockdown measures can have immediate and long-lasting impacts on insurance companies in the UK commercial insurance industry.
  • Working from home for extended periods opens businesses up to cyber-attacks and will increase the demand for cyber insurance.
  • The lockdown will dramatically decrease the number of claims on the market for motor insurance.
  • Brokers ‘ resistance to investing in digital technology will hinder their ability to communicate with their customers during the outbreak.

Reasons to Buy

  • Determine the main factors that impact growth in all aspects of the UK, the commercial market for insurance.
  • Learn how premiums written in gross amounts across the board will perform post-COVID-19.
  • Consider how the pandemic might influence the ways that people approach commercial insurance.

Table of Contents

1. EXECUTIVE SUMMARY

  • COVID-19s impact on commercial insurance will be immediate and lasting

2. THE COVID-19 DISEASE

3. COVID-19 IN THE UK

  • A brief timeline
  • The impact of COVID-19 on the UK economy

4. THE IMPACT ON COMMERCIAL INSURANCE

  • Lifestyle changes will largely impact commercial insurance products
  • Growth in the motor insurance market is expected to remain flat in 2020
  • Commercial motor insurers will benefit from growth in online retail
  • Online shopping and working from home will benefit cyber insurers
  • The hastening of the popularity of online channels will also benefit cyber insurers
  • The commercial property insurance market will suffer from the downturn in the economy
  • Home insurers will benefit at the expense of commercial property insurers
  • Employers could face increased liability claims once offices are reopened
  • Changes to consumer expectations will spur the interest in usage-based insurance (UBI) policies

5. BROKERS WILL COME UNDER IMMENSE PRESSURE DURING THE OUTBREAK

  • The majority of business interruption policies in the UK do not cover pandemics
  • Lack of technological adoption harms brokers

6. THE UK COMMERCIAL INSURANCE MARKET AFTER COVID-19

  • Interest in pandemic insurance will be at an all-time high
  • Specialty insurers will benefit from attempts to insulate the economy from supply chain shocks

7. APPENDIX

  • Methodology
  • About the Publisher
  • Trusted intelligence in uncertain times
  • Contact us

Major Companies

  • Allstate
  • American Family Insurance
  • Prudential plc
  • Hiscox
  • AXA
  • Direct Line
  • Allianz
  • Ageas Group
  • Simply Business
  • Legal & General
  • Aviva
  • By Miles
  • Zurich Insurance Company Ltd
  • RSA Insurance Group
  • Others

 

Segmentation

Commercial Insurance Market Key Segments

By Type

  • Commercial Motor Insurance
  • Commercial Property Insurance
  • Liability Insurance
  • Marine Insurance
  • Others

By Distribution Channel

  • Agents & Brokers
  • Direct Response
  • Others

By Enterprise Size

  • Large Enterprises
  • Medium-sized Enterprises
  • Small-sized Enterprises

By Industry Vertical

  • Manufacturing
  • Construction
  • IT & Telecom
  • Healthcare
  • Energy & Utilities
  • Transportation & Logistics
  • Others

Why Choose MWR

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Free Company Inclusion 

We give you an option to include 3-4 additional company players of your choice in our report without any extra charges

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Covid-19 Impact Analysis

All our research report includes latest Covid-19 Impact and its analysis

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