Ensuring growth: Increasing insurance claims benefited the industry over the past five years

The industry acts as an outsourced claim adjusting and processing service for insurers. The industry also provides services to policyholders in the form of independent third-party validation, or the contesting of evaluations made by assessors employed by the insurers underwriting the policy. Therefore, 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 pay-outs. Over the five years through 2019-20 industry revenue is expected to increase at a compound annual rate of 2.1%In the current year industry revenue is estimated to grow by 3.1% to reach £1.7 billion...read more.

Industry Statistics & Market Size
Revenue
£1.7bn
Annual Growth 15-20
2.1%
Forecast Growth 20-25
Profit
Employment
13,577
Businesses
698

Industry Threats & Opportunities

  • Recent extreme weather, namely flooding and heatwaves, has increased downstream demand
  • Technological advances have increased external competition, as apps can render some services unnecessary
  • Reduced whiplash claim volumes are likely to negatively affect revenue over the coming years
  • Industry Report - Industry SWOT Analysis Chapter

    The Risk and Damage Evaluation industry is in the mature stage of its life cycle. Although technological advances have caused the level of work outsourced by insurers to decline, the extent to which insurers and customers can bypass operators is primarily limited to relatively straightforward claims, as the skills of industry professionals are important in assessing complex claims. Industry value added, which measures the industry’s contribution to the overall economy, is expected to grow at a compound annual rate of 2.2% over the 10 years through 2024-25. Meanwhile, the overall UK economy is forecast to grow at a compound annual rate of 1.5% over the same period. The suggests that the industry will grow at a slightly faster rate when compared with wider economy. How...purchase to read more.

    Additional Insights for the Risk & Damage Evaluation Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Risk & Damage Evaluation Industry are

  • Access to highly skilled workforce
  • Having a good reputation
  • Having a good technical knowledge of the product
  • IBISWorld analysts also discuss how external factors such as Demand from general insurance and Damage caused by natural disasters in the Risk & Damage Evaluation industry impact industry performance..

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    What's in this report

    What is the Risk & Damage Evaluation Industry?

    The industry provides insurance administration services, assessing insurance claims made by policyholders and settling claims.

    Industry Products
  • Motor risk and damage evaluation
  • Property and content risk and damage evaluation
  • Marine, aviation and transport risk and damage evaluation
  • Accident and health insurance risk and damage evaluation
  • Other services
  • Industry Activities
  • Claims adjusting
  • Risk assessing
  • Risk and damage evaluation
  • Average and loss adjusting
  • Assessing and settling insurance claims
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Demand from general insurance
  • Damage caused by natural disasters
  • Number of households
  • Total number of registered motor vehicles
  • Number of businesses

  • Current Performance
  • Demand conditions
  • Applied competition
  • Margins improve
  • Chart: Revenue Growth

  • Industry Outlook
  • Demand grows
  • Regulatory developments
  • Potential uncertainties
  • Table: Risk & Damage Evaluation Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Risk & Damage Evaluation Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • General Insurance
  • Consumers

  • Key Selling Industries
  • Car Rental & Leasing
  • Renting and Operating of Own or Leased Real Estate

  • Products & Services
  • Property and content risk and damage evaluation
  • Motor risk and damage evaluation
  • Marine, aviation and transport risk and damage evaluation
  • Other services
  • Accident and health insurance risk and damage evaluation
  • Chart: Risk & Damage Evaluation Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Insurance companies
  • Households
  • Commercial
  • Chart: Major Market Segmentation for the Risk & Damage Evaluation Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitProfitability varies considerably between industry operators. Factors including areas of specialism, agreements with key customers, geographic location and the size of the firm can significantly influence profit margins. The industry’s overall operating profit margin is expected to increase slightly over the five years through 2019-20 and account for 6.7% of revenue in the current year. The overall increase in demand for industry services has allowed for fixed costs to be absorbed by an expanding revenue base, which contributed positively to margins. Measures introduced to improve cost efficiencies also aided margin growth. WagesPurchasesDepreciationMarketingRentUtilitiesOther
  • Chart: Cost Structure Benchmarking – Sector vs Risk & Damage Evaluation

  • Basis of Competition
    Internal competitionExternal competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Risk & Damage Evaluation Industry

  • Industry Globalization
    Sedgwick International UK, Crawford & Co Adjusters (UK) Ltd, Davies Group Ltd,
  • Table: Sedgwick International UK - financial performance
  • Table: Crawford & Co Adjusters (UK) Ltd - financial performance
  • Table: Davies Group Ltd - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Risk & Damage Evaluation Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Risk & Damage Evaluation Industry
    Includes:
  • Industry Revenue (2011-2025)
  • Industry Gross Product (2011-2025)
  • Establishments (2011-2025)
  • Businesses (2011-2025)
  • Employment (2011-2025)
  • Wages (2011-2025)
  • Wages (2011-2025)
  • Purchases (2011-2025)
  • Profit (2011-2025)
  • Depreciation (2011-2025)
  • Marketing (2011-2025)
  • Rent (2011-2025)
  • Utilities (2011-2025)
  • Other (2011-2025)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Claim
  • A formal request to an insurance company asking for a payment based on the terms of the insurance policy.
  • Insurance Coverage
  • The amount of risk or liability covered for an individual or entity by the way of insurance services.
  • Underwriting
  • A process of measuring risk and determining the premium that needs to be paid to insure that risk.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Risk & Damage Evaluation market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Risk & Damage Evaluation:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Risk & Damage Evaluation market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Risk & Damage Evaluation, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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