This report analyzes the UK commercial property insurance market, looking at drivers of uptake across different demographics and dwelling types. It discusses the claims landscape in 2022, the commercial property market across London, and the upcoming regulatory changes within insurance. Incumbent competitors are analyzed and compared, along with newcomers and insurtechs within the space. Future impactors in the market are also examined, including climate change, sustainability, underinsurance, and the changing office environment.
The publisher expects gross written premiums in the UK commercial property insurance market to grow by 9.1% to GBP13.3 billion by the end of 2023, following its 18.5% growth to GBP12.2 billion in 2022. The main causes of the increase in 2022 were the ongoing high rates of inflation and supply chain issues that increased rebuild costs. At the same time, the claims environment returned to pre-pandemic levels, having experienced improvements in 2022. This improvement was mostly caused by a 16.4% decline in gross claims incurred, particularly a significant 48.3% decrease in business interruption claims. There was a 5.8% drop in claims notified, from 173,000 to 163,000, which helped to lower the total value of claims incurred.
The publisher expects gross written premiums in the UK commercial property insurance market to grow by 9.1% to GBP13.3 billion by the end of 2023, following its 18.5% growth to GBP12.2 billion in 2022. The main causes of the increase in 2022 were the ongoing high rates of inflation and supply chain issues that increased rebuild costs. At the same time, the claims environment returned to pre-pandemic levels, having experienced improvements in 2022. This improvement was mostly caused by a 16.4% decline in gross claims incurred, particularly a significant 48.3% decrease in business interruption claims. There was a 5.8% drop in claims notified, from 173,000 to 163,000, which helped to lower the total value of claims incurred.
Scope
- The UK commercial property insurance market is expected to grow by 9.1% to GBP13.3 million in 2023, following an 18.5% growth in 2022.
- Gross claims incurred declined by 16.4% in 2022, driven particularly by a significant 48.3% decrease in BI claims.
- There was a 5.8% drop in claims notified, from 173,000 to 163,000, which helped to lower the total value of claims incurred.
- Aviva holds its position as market leader with a 12.3% share of the market. It is expected to increase its share in 2023 courtesy of it now being able to underwrite engineered timber, showing its dedication to environmental, social, and governance (ESG) initiatives.
Reasons to Buy
- Analyze the drivers of growth within the UK commercial property market.
- Determine areas of concern for insurers and the wider market, including in the claims landscape.
- Recognize the impact of Brexit, the cost-of-living crisis, and inflation on the market.
- Ascertain the market shares of the leading players.
- Examine future opportunities and challenges within the market.
Table of Contents
1. Executive Summary
2. Market Dynamics
3. Competitor Dynamics
4. The Market Going Forward
5. Appendix
List of Tables
List of Figures
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Aviva
- AIG
- Zurich
- AXA
- Allianz
- Munich Re
- RSA
- Chubb
- NFU Mutual
- Direct Line
- Knight Frank
- Savills
- Winterflood
- Cluttons
- Willis Towers Watson
- Ageas
- JPMorgan
- Intelligent AI
- Arturo
- ICEYE
- Maptycs
- Zesty.ai
