UK Employers Liability Insurance: Competitor Dynamics

UK Employers Liability Insurance: Competitor Dynamics

Code: VF-2470002 | Published: Dec-2015 | Pages: 17 | Verdict Financial
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The UK Employers Liability (EL) insurance market continues to be characterized by overcapacity and unprofitability. While underlying demand for EL has steadily increased in recent years, premium rates continue to lag behind claims inflation.

Key Findings
- Zurich, with a large municipal and corporate book for employers liability insurance, maintained its grip as the UKs largest employers liability insurer with 2014 GWP of Pound189m.

- Allianz saw its business rebound in 2014. After reporting a GWP decrease in both 2012 and 2013, the insurer reported a healthy 10.6% growth in GWP in 2014.

- AXA continued to reign as the insurer most often selected by commercial insurance brokers placing employers liability cover, as per our 2015 Commercial Broker Survey.

The employers liability insurance market remains dominated by a group of large, established insurers. As a compulsory line, however, this is a market that commercial insurers must enter to offer mid-market commercial combined or SME packaged products. Given this dynamic, an insurers employers liability business is often best not regarded in isolation but linked with the performance of public liability and commercial property books. This report will look at the top 20 insurers in the market by GWP, the insurers selected by surveyed brokers for placement of cover, and the insurers of choice as per our 2015 UK SME Insurance Survey.

Reasons To Buy
- Review your strategy against both the existing and new challenges regarding the employers liability market.

- Benchmark against the experience of the markets key players in terms of market share, growth, and book performance.

Table of Contents

The market positions of key players changed in 2014
Zurich continues to maintain a strong grip on the market
Aviva regained second place in 2014
QBEs book has yo-yoed as the insurer seeks to maintain writing discipline
Allianzs business grew in 2014 after a setback in previous years
AIG Europe was the only insurer to report notable growth in market share
The majority of the top 11-20 insurers reported premium growth in 2014
Insurers strategies differ by segment focus and the strength of other commercial lines
Employers liability insurance is rarely traded in isolation to other commercial cover
Employers liability insurers vary in strength by business size sector
AXA is the most popular employers liability insurer among SMEs
Aviva and AXA are brokers preferred employers liability insurers
Abbreviations and acronyms
Gross premium
Reported year combined ratio
Reserve development
Written premiums
Primary and secondary research
Forecast methodology
Verdict Financials 2015 UK SME Insurance Survey
Verdict Financials 2015 Commercial Broker Survey
Further reading
About Verdict Financial

List of Tables

Table 1: Top 10 employers liability insurers by GWP (Pound000s), 2011-14
Table 2: Top 10 employers liability insurers by market share (%), 2011-14
Table 3: Top five insurers for employers liability insurance, by business size (% of respondents), 2015
Table 4: Top 10 employers liability insurers as selected by surveyed broker respondents, 2014

List of Figures

Figure 1: Zurich achieved a 15.4% market share in 2014
Figure 2: AXA was the most selected employers liability insurer among SME respondents
Liberty Mutual

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