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General Insurance in the UK: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

General Insurance Market Research Report | SIC K65.120 | Jun 2017

A premium performance: Despite difficult conditions, revenue is projected to increase

IBISWorld’s General Insurance 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.

Report Snapshot
Market Share of Companies
Aviva plc Aviva plc market share
AXA Insurance AXA Insurance market share
Direct Line Group Ltd Direct Line Group Ltd market share
RSA Insurance Group RSA Insurance Group market share
Industry Statistics & Market Size
Revenue
£59bn
Annual Growth 13-18
4.3%
Annual Growth 18-23
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Profit
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Employment
108,836
Businesses
496
Industry Threats & Opportunities
  • Revenue is expected to increase in the current year as demand for insurance steadily rises
  • Improving efficiency through specialisation is helping operators become more price competitive
  • Firms with innovative online platforms are expected to perform well
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Industry Analysis & Industry Trends

General insurance providers offer products including motor insurance, property and content insurance, general liability insurance, accident insurance and health insurance. The industry generates revenue by charging its customers premiums and investing this income. Over the past decade, the share of total revenue that is generated through investments has fluctuated greatly. IBISWorld expects investment conditions to be volatile over 2017-18, as a result of financial market turbulence due to uncertainty created by the UK's decision to leave the European Union... purchase to read more

Industry Report - Industry SWOT Analysis Chapter

The General Insurance industry is in the mature stage of its life cycle. Merger and acquisition activity is taking place. Industry value added, which measures its contribution to the economy, is expected to increase at a compound annual rate of 3.1% over the 10 years through 2022-23, while the economy is forecast to expand at a compound annual rate of 2% over the same period. Although this means the industry will grow at a faster pace than the rest of the economy, it is not in a growth stage because industry value added has been distorted by a low base year in 2012-13.

Although there has been some product innovation, it has largely been cosmetic in nature. For example, some web-based systems have changed. Sin.. purchase to read more

Additional Insights for the General Insurance Industry

IBISWorld identifies 250 Key Success Factors for a business.The most important for the General Insurance Industry are

  • Ability to effectively manage risk
  • Management of a high quality assets portfolio
  • Superior financial management and debt management
  • IBISWorld analysts also discuss how external factors such as Real household disposable income and Business confidence index in the General Insurance industry impact industry performance... purchase to read more

     


    Industry ProductsRelated Reports

    What is the General Insurance Industry?

    Businesses in this industry underwrite insurance policies relating to property, casualty, liability and other general risks. The premiums they earn from this are then invested to generate additional income. Underwriting life and disability is a separate industry, although many firms compete in both insurance markets.

    Industry Products
    Motor insuranceGeneral liability insuranceLegal insuranceProperty insuranceMarine, aviation and transport insuranceAccident and health insurance
     
    Industry Activities
    Providing motor vehicle insurance, including compulsory third-party insuranceProviding householder insuranceProviding fire and industrial special risk insuranceProviding travel insuranceProviding mortgage and consumer credit insuranceProviding employers' liability insuranceProviding professional indemnity insuranceProviding public and product liability insurance


    Table of Contents
    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Real household disposable income
  • Business confidence index
  • Damage caused by natural disasters
  • Number of households
  • Total number of registered motor vehicles
  • year bond rate
  • FTSE 100
  • Current Performance
  • Low-risk investment approach
  • Referendum woes
  • Efficiency improvements
  • Regulation changes
  • Supervisory framework
  • Profit pressures
  • Chart: Revenue Growth
  • Industry Outlook
  • Equivocal environment
  • Online platforms
  • Risk of rain
  • Risk and consolidation activity
  • Table: General Insurance Industry Revenue Outlook
  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - General Insurance Industry Lifecycle vs The Economy
  • Products & Markets
    Supply Chains
  • Key Buying Industries
  • Agriculture, Forestry and Fishing
  • Mining and Quarrying
  • Wholesale and Retail Trade
  • Transportation and Storage
  • Financial and Insurance Activities
  • Human Health and Social Work Activities
  • Consumers
  • Key Selling Industries
  • Insurance Agents & Brokers
  • Reinsurance
  • Products & Services
  • Motor insurance
  • Property insurance
  • Other
  • Marine, aviation and transport insurance
  • General liability insurance
  • Accident and health insurance
  • Legal insurance
  • Chart: General Insurance Industry Products and Services Segmentation
  • Demand Determinants
    Major Markets
  • Private clients
  • Commercial clients
  • Chart: Major Market Segmentation for the General Insurance Industry
  • International Trade
    Business Locations
  • Chart: Business Locations by State
  • Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Claims
  • Commissions and wages
  • Underwriting expenses
  • Reinsurance
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs General Insurance
  • Basis of Competition
  • Internal competition
  • External competition
  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the General Insurance Industry
  • Industry Globalization
    Major Companies
    Aviva plc
    Direct Line Insurance Group plc
    AXA UK plc
    RSA Insurance Group plc
  • Table: Aviva plc - financial performance
  • Table: Direct Line Insurance Group plc - financial performance
  • Table: AXA UK plc - financial performance
  • Table: RSA Insurance Group plc - financial performance
  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the General Insurance Industry
  • Chart: Tools of the Trade: Growth Strategies for Success
  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth
  • Regulation & Policy
    Industry Assistance
    Key Statistics
  • Table: Industry Data for the General Insurance Industry
  • Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Total Assets (2009-2023)
  • Table: Annual Percentage Change for Key Industry Data
  • Table: Key Ratios for Industry Key Data
  • Jargon & Glossary
    Capacity
  • The maximum amount of insurance a company or market can underwrite based on its financial strength.
  • Cessation Ratio
  • The proportion of insurance that an insurer cedes, or passes on, to a reinsurer.
  • Combined Ratio
  • A measure of underwriting performance, which equals the sum of the loss and expense ratios. A combined ratio above 100% indicates an underwriting loss.
  • Ebit
  • Earnings before interest and tax.
  • Solvency Margin
  • An insurer’s assets free of foreseeable liabilities and other comparable commitments.

  • Why Buy this Report?
    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 General Insurance:
    • 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 of 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 General Insurance 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 General Insurance, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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