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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 | Sep 2016

Assured of growth: Continued demand and improved investment conditions have supported growth

IBISWorld’s General Insurance market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

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
£56bn
Annual Growth 12-17
5.0%
Annual Growth 17-22
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Profit
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Employment
108,365
Businesses
502
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 2016-17, as a result of financial market turbulence due to uncertainty created by the UK's decision to leave the European Union.

Operating conditions at the beginning of the five-year period through 2016-17 were difficult for the industry. The poor performance of the UK economy following the financial crisis resulted in weak demand for insurance... purchase to read more

Industry Report - Industry Investment Chapter

Information technology is an important component of general insurers' operations and, consequently, accounts for a sizeable portion of insurers' capital investment programmes. IT is used for back-office functions, investment activities and retail activities. Indeed, investment in IT has eased the labour burden of risk assessment, policy pricing and historical claims analysis. In the past, many employees were needed to analyse a large body of claims and loss data, but IT now allows firms to store, aggregate, manipulate and analyse claims data better. They can then overlay this analysis on their balance sheet. This has reduced the labour intensity of this process. Commissions are not included in the calculation of capital intensity as those costs are variable.

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Industry ProductsRelated ReportsTable of Contents

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 businesses 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


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