Industry Analysis & Industry Trends
On the whole, the Risk and Damage Evaluation industry acts as an outsourced claims adjusting and processing service for insurers. The industry also provides services to policyholders in the form of independent third party validation, or contesting of evaluations made by assessors employed by the insurers underwriting the policy. Thus, the demand for the industry's services is closely aligned with the level of outsourcing insurers opt to undertake, insurance coverage and the occurrence of insured risks that give rise to the need for assessing damage caused and the level of payouts.
Over the past five years, the industry has struggled to operate in a stagnant UK economy, with revenue declining at an annualised 0.7%. In 2012-13, the industry is estimated to be worth £234.4.. purchase to read more
Industry Report - Industry Key Buyers Chapter
Market share concentration in the industry is high, due to the three largest players dominating over 70% of the market. After the major players however, market shares drop-off dramatically for the subsequent tier of firms. The major players enjoy some benefits of size, such as the ability to invest in technology to automate some aspects of the claims administration process. In terms of loss adjusting and risk evaluation however, there are few potential economies of scale to be exploited. Reflecting this is the fact that there are many small businesses in the industry, operated as a sole proprietorship or with only a handful of employees... purchase to read more