UK Directors and Officers Insurance 2010 | Market Research Report On Aarkstore Enterprise
UK Directors and Officers Insurance 2010 | Market Research Report On Aarkstore Enterprise
Introduction
This report provides an overview of the total size and profitability of the UK D&O insurance market, analysing trends in premium rates, demand, penetration, and claims, as well as a discussion of the current issues affecting this market. It also analyzes the distribution of D&O insurance and the developments among players in the UK market. The final section provides a 5 year forecast period.
Features and benefits
* Examines the current size and shape of the UK directors and officers liability insurance and explores the current makret issues.* Identifies the main players in the D&O market and estimates market share for the top 5 competitors.
Highlights
The total D&O market fell by an estimated 3% over 2009, which is a reflection of the tough conditions that the market is currently experiencing. 2009 saw a market size of 454m as measured by gross written premiums (GWP), down from its five year peak of 468m.Premium rates for commercial risks deteriorated over 2009 more than financial institution lines, due to the tough market conditions that financial institutions are continuing to experience as a result of the fallout from the financial crisis.A combination of regional broking practices and enhanced technology have made it easier to sell D&O insurance to SMEs. Regional brokers are situated closer to the SME client base in which they wish to serve, giving their clients greater accessibility to professional services.
Your key questions answered
* Provides detailed analysis of developments and issues in the directors and officers liability market* Indetify competitor dynamics of the market in order to plan future business strategies.
Table of Contents :
Executive Summary
The UK directors and officers insurance market declined in 2009
Gross written premiums fell in 2009 due to the increase in competition, as barriers to entry remain low
National brokers continue to be the largest form of distribution for commercial general insurance
Independent intermediaries accounted for 83% of the market in 2009, flat on 2008 market share
Direct players accounted for 8.6% of the market in 2009
Chartis, ACE, and Chubb maintain their positions as the top three directors and officers insurance providers
Chartis has remained strong throughout the rebranding of AIG
ACE continues to challenge for the number one spot in the D&O market
Chubb remained in third place in 2009, with a market share of 18%
OVERVIEW
Catalyst
Summary
MARKET CONTEXT
Introduction
The UK directors and officers insurance market declined in 2009
Gross written premiums fell in 2009 due to sustained competition in the market
The market remained soft in 2009 as premium rates continue to decline
Increased product penetration has gone some way towards stabilizing GWP as premium rates continue to fall
Directors and officers liability insurance remains a priority during a time of austerity
Despite a reduction in GWP, D&O insurance remains a priority purchase for listed companies
SMEs are receiving outstanding value for their D&O policies, making it a more attractive product to hold
Profit margins are being squeezed by the increasing number of new entrants into the market
New players and additional capacity continued to appear in the D&O market in 2009
The top players are struggling to maintain their market share
Claim numbers continue to rise due to the current economic climate
There is a correlation between the state of the economy and the level of claims
Claim levels have not been significantly higher than expected
The increase in claim levels is also attributable to the increased cover that policies offer
Regulation changes and active regulators are increasing claim levels
Third party funding will exacerbate the already increasing claim levels
Providers should be aware of multiple factors impacting upon the directors and officers insurance market
Product providers need to focus on educating the market
Providers should focus on different client groups who have different reasons for purchase
DISTRIBUTION DYNAMICS
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