Employers,Liability,Insurance, finance, share, loan UK Employers Liability Insurance: Market Dynamics And Opport
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The UK employers liability insurance market continues to be characterized by overcapacity and unprofitability. While underlying demand for employers liability has steadily increased in recent years, premium rates continue to lag behind claims inflation. In the wake of the uncertainties created by the Brexit vote and the governments personal injury reforms, the market could be in for a turbulent few years. Key Findings UK employers liability market gross written premium grew by 1% in 2015, hampered by tough underwriting conditions in a competitive market. Premium rates are currently reported to be largely flat to slightly negative across the UK as a whole. Employers liability remains unprofitable; the sector has not made an underwriting profit since 2005. The market continues to be propped up by reserve releases, which are showing no signs of slowing down. The level of claims inflation has reduced due to the success of LASPO and fixed recoverable costs. However, this is likely to be temporary, and inflation for catastrophic losses remains above 10%. The number of accident and disease employers liability claims recorded fell significantly in 201516 (-16.3%) due to a reduction in the impact of the LASPO spike, the start of a decline in noise-induced hearing loss (NIHL) claims, and continued improvements in workplace health and safety. However, disease claims settled are yet to show any signs of falling (+29.1% in 201516), reflecting the greater length of time it takes to settle disease claims and the time lag before insurers will feel the impact of any reduction in NIHL claims recorded. Synopsis Verdict Financials UK Employers Liability Insurance 2016: Market Dynamics and Opportunities tracks the health and the shape of the market, taking into account market size, profitability and performance ratios, and the claims environment. Bringing this to life, the context of the UKs economic growth, business landscape, and the impact of a post-Brexit environment are all taken into consideration to build a full picture of this space. Key announcements, shifts in the market, and likely future changes are analyzed for impact across all relevant stakeholders. Download Sample Copy of this Report at http://www.marketresearchreports.biz/sample/sample/786590 Reasons To Buy Review your strategy against both existing and new challenges regarding the employers liability market. Benchmark against the market's experience of market size, growth, performance, and claims environment. Table of Contents EXECUTIVE SUMMARY EL market conditions remain tough and the sector faces a turbulent few years Key findings Critical success factors MARKET DYNAMICS Underlying demand for EL continued to rise, particularly in service industries The number of businesses and employees continued to grow in 2015 SMEs account for over 52% of private sector employees Increasing demand is occurring at the small and large ends of the company size spectrum The UK economy has continued to shift from manufacturing to services High levels of competition continue to dampen growth in the EL market The UK EL market grew slightly in 2015 Premium rates are flat or slightly negative The underlying macroeconomic environment remained positive but uneven The top 10 EL insurers increased their market share in 2015 Lloyd's is gaining market share as it increases binder and line slip business EL remains unprofitable and continues to be propped up by reserve releases EL has not made an underwriting profit since 2005 EL loss ratios continue to be plagued by claims inflation that outpaces premium rate rises The number of EL claims recorded is falling Claims numbers have fallen in both sectors of EL NIHL continues to take its toll NIHL drove a spike in disease claims, which peaked in 2013-14 NIHL claims started to wane in 2015-16 Claims settled are still sharply rising, and recorded claims remain significantly above pre-LASPO levels The number of asbestosis and mesothelioma cases are largely stable Accident claims numbers have fallen below pre-LASPO levels
Employers,Liability,Insurance,