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Introduction

This report gives a capacious analysis of distribution in the UK commercial insurance market. It explores issues including the increase of direct insurers in commercial insurance and the acquisitions occurring between commercial insurance brokers. The report also includes data and insight up~ SMEs’ purchasing behavior, broker consolidation and the latest activity of the prudent general agents.

Scope

Insight into the latest issues affecting the skilled in commerce insurance market and the impact these are having on distribution.

The latest given conditions on SMEs’ purchasing behavior, managing general agents and broker combination in the UK commercial insurance market.

The latest data on the size of the commercial insurance market and GWP splits by distribution cut furrows in.

Forecasts up to 2014 of the market share of different channels in the UK mercantile insurance space.

Highlights

SMEs have been generally loyal to their relating to traffic insurance providers, most commonly maintaining the relationship for two to five years. However, SMEs were maybe expectedly motivated to stay or leave their provider according to price, implying a high level of potential churn in that sector.

For the spent year, broker networks have continued to acquire regional brokers in a pray to increase their market share and improve their regional coverage. According to Datamonitor’s commercial insurance broker survey, 45.7% of commercial brokers are part of a broker network or club.

A number of insurers withdrew capacity from frugal general agents (MGAs) in H1 2009 but the total number of MGAs is cluster to increase. The cost efficiency and penetration into niche markets are benefits ~ people insurers are keen to exploit and as such major players like as Giles have been forming new MGAs.

Reasons to Purchase

Understand issues impressive the commercial insurance market such as the promiscuity of SMEs, possible growth of MGAs and channel preferences.

Understand the future level of union in the sector and the companies which are most likely to go by carriage this consolidation.

Gain insight into the prevalent broker network model, factors driving the pattern and why the direct and affinity channels are of increasing importance.

Table of Content

Overview

Catalyst

Summary

Executive Summary

Total general insurance GWP declined in 2006

Brokers continued to dominate the distribution of trading insurance

National brokers have lost distribution market share to the out-spoken channel, chain brokers and telebrokers

Larger companies are more likely to take switched brokers between 2006 and 2007

Companies with a large turnover are in greater numbers likely to switch broker

The market saw a number of mergers and acquisitions, ~ persons involving brokers

The broker channel is dominant in UK commercial security against loss distribution, however its share of the market is declining

Brokers are anticipate to see a 1% decline in market share between 2007 and 2011

Table of Contents

Table of figures

Table of tables

Introduction

What is this describe about?

Who is the target reader?

How to use this take down ?

Market Context

Introduction

Total general insurance GWP declined in 2006

The motor insurance market recorded its fourth consecutive year of decline

Property insurance GWP rose highly slightly in 2006

General liability recorded a significant fall in GWP

Accident and hale condition was the only business line to record strong growth

Pecuniary destruction GWP fell by 3.2%

The general liability, commercial property, skilled in commerce motor and pecuniary loss markets recorded a fall in GWP in 2006

The UK vocation parc is continuing to grow steadily with most of the impetus coming from the smallest firms

The majority of UK businesses esteem no employees

Distribution Dynamics

Introduction

Brokers continued to dominate the disposition of commercial insurance

National brokers have lost distribution market share to the from father to son channel, chain brokers and telebrokers

The direct channel increased its parcel out of commercial insurance GWP by 1% in 2006

Affinity groups be left behind a small channel for the distribution of commercial insurance

Banks and fabric societies continue to play a small role in the distribution of mercantile insurance

Organic growth remains a key strategy for brokers, although broker acquisitions remain popular

Brokers are keen to pursue organic growth

More than individual fifth of the brokers surveyed have acquired a fellow broker

More than a third of brokers surveyed are considering planning an acquisition in the nearest 12 to 18 months

Increasing premium turnover and regional growth are the guide motivations for planning a broker acquisition

The broker network model posthumous works popular as many brokers wish to gain access to a larger body of jurors of insurers

Over a third of brokers are part of a broker network

Many brokers joined a broker network to gain access to a larger array of insurers

The proportion of brokers considering joining a broker netting has decreased since the H1 2007 survey

Customer Focus

Introduction

Larger companies are greater quantity likely to have switched brokers between 2006 and 2007 while Jardine Lloyd Thompson performed well in conditions of acquisition and retention

Companies with a large turnover are in greater numbers likely to switch broker

Commercial clients are more likely to switch from a multinational than at all other intermediary but overall those who switch are more likely to actuate to a smaller broker

Jardine Lloyd Thompson leads the pack in prosperously acquiring and retaining customers, with Willis a close second, whilst Marsh and Aon in specific suffered negative net retention

Aon was the largest net loser of clients betwixt 2006-7, shedding clients to brokers from both within and outward the top four

SMEs buy mainly through brokers and long-time relationships are the norm

In general SMEs are content with their security against loss providers and satisfaction levels remain high

Retention levels among SMEs sojourn high with most staying with their provider for longer than sum of ~ units years

Almost 90% of SMEs are not considering a change of provider in the nearest year

A small group of SMEs are willing to switch provider in explore of lower prices

Only 16 per cent of SMEs have changed insurance provider in the last two years

Premium costs are particularly a anxiety for those that have switched recently

One in 10 SMEs are allowing for switching their insurance provider in the next 12 months

Recent switchers sight lower loyalty levels than other SMEs

Price is the dominant interest for potential switchers

Most SMEs would approach a broker if switching yet some are open to alternatives

Brokers remain the top choice as antidote to SMEs to approach if they had to switch provider

Many SMEs are disposed to consider alternative channels when prompted

Up to 44% of SMEs would reflect upon using a bank as an insurance provider

Almost three quarters of SMEs would exist willing to consider direct insurers, in the hope of cost savings

Many SMEs are liberal to purchasing insurance by telephone

Even more SMEs are willing to bribe their insurance via the Internet, showing the potential of this platform

Commercial motor and property insurance are most likely to be purchased through alternative platforms

Alternative arrangement channels face a number of challenges in attracting switchers

A essential part group of SMEs will not buy direct, as they believe that superscribe insurers are more expensive

Brand awareness in the commercial sector dead body low, hampering progress for direct insurers

Over 50% of SME bequeath not consider buying from bancassurers

Direct insurers and bancassurers also esteem to overcome the unwillingness of some SMEs to buy by telephone or Internet

Two thirds of SMEs heed purchasing commercial general insurance too complex for the telephone

A majority of SMEs view commercial general insurance as too complex for the Internet

Competitive Dynamics

Introduction

The place of traffic saw a number of mergers and acquisitions, many involving brokers

AXA acquired numerous commercial brokers in 2007, reinforcing its position in the SME sector

Groupama acquired a full age stake in Lark Group in August 2007

Direct Line began to sacrifice business insurance in 2007

Equity Insurance Group recorded a large figure of small-scale acquisitions

Towergate continued to acquire numerous brokers in 2007

Other brokers acquiring included Jelf, Giles, Broker Network and Oval

The apex ten brokers have a market share of 96% of client turnover

The greater the turnover, the greater the place of traffic share of the multinational brokers

Of the companies in Datamonitor’s Insurance Broker Database, 22 arranged their assurance in-house

Aon acquired Footman James in 2007 and is looking to improve its claims advance

Aon to use InterResolve to revolutionize claims process

Aon acquired specialist motor insurance broker Footman James in 2007

Willis is planning to grow its SME trade and introduced a new commission structure in 2007

Willis aims to be augmented its UK SME business

Willis alters remuneration package by introducing 2.5% depute on top of all fees

Jardine Lloyd Thompson is to make stable a new underwriting division and has said that a transformational deal may fall out in future

Jardine Lloyd Thompson asserts independence from big 3

JLT bought nook personal lines broker Pavilion in 2007

JLT to establish an underwriting class

The Future Decoded

Introduction

The broker channel is dominant in UK mercantile insurance distribution, however its share of the market is declining

Brokers are foresee to see a 1% decline in market share between 2007 and 2011

The direct channel will see its commercial insurance distribution share rise to 11% by 2011

It is anticipated that insurers will make more affinity deals through retailers and associations to sell commercial insurance

Banks are expected to keep in pay a distribution share of around 1% between 2007 and 2011

Company partisan and agents will see slight reductions in market share

APPENDIX

Definitions

SME

Definitions of ABI stipulations

Brokers

National brokers

Other intermediaries & brokers

Chain brokers & telebrokers

Direct

Other copartnership agents

Utilities/retailers/affinity groups

Company staff

Banks/building societies

Written premiums

Methodology

Datamonitor’s UK Commercial Insurance Broker Competitor Database

Source of premises

Industry sectors

Further reading

Ask the analyst

Datamonitor consulting

Disclaimer

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Related Reports:

UK Commercial Insurance Distribution 2009

Distribution in UK Commercial General Insurance 2008

UK Personal Insurance Distribution 2010

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