Abstract
Overview
Introduction
This report provides a comprehensive analysis of claims costs in the UK
general insurance market covering motor, property and liability insurance. It
reviews historical claims costs and makes predictions about the future claims
bill as well as discussing the drivers behind these forecasts. The report also
analyses the claims management efficiency of a number of competitors in the
market.
Scope
- Detailed analysis of the claims cost efficiency of the top 20 insurers in
the motor, property and liability markets
- Extensive claims costs and underwriting data for the motor, property and
liability markets
- Forecasts of net claims incurred for the motor, property and liability
markets until 2012
Report Highlights
The number of road accidents fell significantly in 2006, declining by 5.0 per
cent to a total of 189,000. The number of accidents has been declining
steadily since 1997, and accidents have declined particularly quickly since
2001, falling by an average of over 3.5 per cent per year between 2001 and
2006.
The ratio of total claims management costs to total net claims incurred
reached 5.7 per cent in 2006, an increase of 0.1 percentage points from 2005
indicating a small decline in total claims handling efficiency
UKI Ins was the most efficient property insurance claims handler in 2006. UKI
Ins recorded the lowest ratio of property insurance claims management costs to
net property insurance claims incurred at just 1.6 per cent in 2006 despite
its ratio deteriorating by 0.4 percentage points from 2005.
Reasons to Purchase
- Benchmark your claims handling efficiency against your competitors
- Understand the key trends in motor, property and liability insurance
claims costs
- Gain an insight into profitability of the motor, property and liability
insurance markets
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