UK Commercial Property Insurance Market Report- Growth Dynamics & Opportunities 2019

The UK Commercial Property Insurance Market research report provides wide-range coverage of the UK Commercial Property Insurance Market in the forecast period 2021-2026. UK Commercial Property Insurance Market provides historical, current, and future trends of the market that help develop robust market strategy addition. In addition, UK Commercial Property Insurance Market offers value chain analysis, key drivers and challenges, and includes upcoming opportunities in the market that will enable business success.

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The commercial property insurance market saw stable gross written premiums (GWP) growth again in 2018. The market remains competitive, with the leading players retaining similar shares year on year. This keeps premium rates at stubbornly low levels. Profitability remains significantly affected by weather conditions, and a sharp rise in claims at the beginning of 2018 forced a competitive market to harden rates, resulting in the worst profitability results in 12 years. Besides weather, the other key factor affecting the market is Brexit, which insurers also have no control over. In the long term we expect growth in GWP up until 2024, with growth rates improving after 2020 when the UK’s Brexit position should be clearer.

UK Commercial Property Insurance Market Report provides in-depth analysis of the UK commercial property insurance market. Among the points discussed include the size of the market and performance ratios, as well as changes in premiums, claims, incidents, regulations, and opportunities. The report provides a thorough overview of the market along with future forecasts.

Scope of this Report-
- In 2018 the commercial property market grew by 4.1% to £5.6bn in GWP, with a five-year compound annual growth rate of 3.2%.
- Underwriting profitability fell to a 10-year low in 2018 as insurers recorded a loss of £317m.
- All new construction work saw a slight rise in 2018, although growth slowed significantly from 2017. In addition, new orders declined for the second year running due to Brexit uncertainty.
- Aviva continues to lead the market, after growing its market share in 2019 to 16.9%. AXA overtook Zurich to capture second place, with Allianz and RSA making up the rest of the top five.

Reasons to buy this Report-
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and significant market developments occur.
- Be prepared for how the commercial property sector could be affected following the UK’s decision to leave the EU.

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Table of Contents
1. EXECUTIVE SUMMARY
1.1. The competitive commercial property insurance market continues to grow steadily
1.2. Key findings
1.3. Critical success factors
2. MARKET DYNAMICS
2.1. Introduction
2.2. The commercial property market recorded steady GWP growth
2.2.1. GWP increased by 4.1% in 2018 as the market reached £5.6bn
2.2.2. Insurers saw the worst underwriting performance in 12 years due to weather incidents
2.2.3. Market COR soared in 2018, exceeding 100% for the first time since 2015
3. MARKET OPPORTUNITIES
3.1. Total UK construction growth slowed significantly in 2018
3.1.1. New construction rose in 2018 for the fourth consecutive year
3.2. Investment in the capital looks set to continue despite Brexit
3.3. Rents are rising slowly across commercial sectors
3.3.1. Commercial property occupiers prefer renting to ownership
3.3.2. Commercial rents are consistently growing
3.4. An increasing population and vacant property rates could prove detrimental to the commercial sector
3.4.1. WeWork shows signs of struggling
3.5. Regulation has dampened consumers’ interest in commercial property investment
4. COMPETITOR DYNAMICS
4.1. The top five insurers dominate the market
4.1.1. Aviva expects a slowdown in the commercial property market following Brexit
4.1.2. AXA turned to AI bots to increase efficiency and updated its AXA Commercial app
4.2. Technology and preventative measures are emerging
4.2.1. Cytora continues to raise significant sums of money as it looks to digitalize the sector
4.2.2. RSA is targeting prevention with the relaunch of the RSAred database
4.2.3. FloodFlash aims to offer fairer cover to businesses in flood risk areas
5. THE MARKET GOING FORWARD
5.1. The commercial property insurance sector will top £6.7bn by 2024
5.2. Brexit will have a significant impact on the industry
5.2.1. A lack of skilled workers and economic uncertainty will hurt the construction industry in the immediate aftermath of Brexit
5.3. Technology and the sharing economy are reshaping elements of the market
5.3.1. Airbnb and on-demand policies are disrupting the commercial property space
5.3.2. Data from drones could become key in assessing risk and damage
6. APPENDIX
6.1. Abbreviations and acronyms
6.2. Methodology
6.2.1. UK Top 20 General Insurance Competitor Analytics methodology
6.2.2. Forecasting methodology
6.2.3. 2019 UK Life & Pensions Survey
6.2.4. 2019 Global Wealth Managers Survey
6.3. Secondary sources
6.4. Further reading

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