Abstract
Introduction
This report provides a comprehensive analysis of claims costs in the UK
general insurance market covering motor, property and liability insurance. The
report also provides a detailed discussion on key claims management issues in
the UK. It reviews historical claims costs and estimates the future size of
the claims bill up to 2014, as well as discussing the drivers behind these
forecasts.
Scope of this research
- Detailed analysis of the claims cost efficiency for the 20 most efficient
groups in the motor, property and liability insurance markets.
- Extensive claims costs data for the UK motor, property and liability
insurance markets.
- A comprehensive analysis of the latest issues affecting claims management
in the UK.
- Forecasts of net claims incurred for the motor, property and liability
insurance markets until 2014.
Research and analysis highlights
The overall cost of claims resulting from the major perils insured against by
domestic property insurers decreased by 25.2%, to £2.6 billion, in 2008.
The primary driver behind this fall was a significant decrease in
weather-related claims.
The ratio of total claims management costs to total net claims incurred rose
by 0.2 percentage points, from 5.2% in 2007 to 5.4% in 2008, which was
primarily due to a decrease in claims efficiency in the UK liability insurance
market.
The recession is likely to lead to an increase in property claims relating to
theft and arson, placing an upward pressure on claims costs in the short term,
while increases in rebuilding costs will increase property insurers' claims
costs in the long term.
Key reasons to purchase this research
- Benchmark your claims handling efficiency against your competitors.
- Understand the key drivers behind claims inflation in the UK property,
liability and motor insurance markets.
- Gain an insight into the latest issues affecting claims management in the
UK general insurance market.
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