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Insurance Market 2012 - Market Report by Bharat Book Bureau
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Insurance Market 2012 - Market Report |
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Insurance,Business,Marketing
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This Key Note Market Report examines the market for insurance in the UK, focussing on both the general insurance and long-term insurance sectors. The market for insurance has experienced prolonged difficulties of late, with some significant declines in value witnessed in recent years. The market contracted year-on-year between 2007 and 2010, and Key Note is predicting that a further decline in value will be seen in 2011, when the market is expected to have fallen by a further 0.7% from £144.6bn in 2010 to an estimated £143.63bn in 2011. http://www.bharatbook.com/insurance-market-research-reports/insurance-market-2012-market-report.html
The long-term insurance sector has been hit the hardest, and much of the decline in the industry’s value is down to the value of the long-term insurance sector falling from £185.38bn in 2007 to £108.42bn in 2011, an overall fall of 41.5%. The occupational pensions sector is the largest subsector of long-term insurance and this has been hit particularly hard by the recession, mostly due to the high levels of unemployment, meaning so many fewer workers are part of such schemes. Income protection insurance and annuities have also fallen fairly considerably from their 2009 peak.
Although the general insurance sector declined in value between 2007 and 2009, growth returned in 2010 and Key Note is predicting further growth in 2011, when the sector will grow by 3.2% from £34.12bn to £35.22bn. The rising cost of car insurance, the largest subsector of the general insurance sector, is a major driving factor behind the increase. Growth in motor insurance was strong in 2010 and Key Note is predicting stronger growth for 2011. More modest increases were also seen in the accident and health subsector, and in private medical insurance, which was more than enough to offset declines seen in general liability and property insurance.
The insurance market remains relatively concentrated, with the largest 15 companies continuing to dominate as they have always done. Some of the largest companies in the entire market include Aviva, AXA, RSA, Allianz, Lloyds Banking Group, Aegon, Prudential and Legal & General.
Despite the blip seen in the first quarter economic recovery, although slight, is predicted for 2012. However, this is unlikely to have a large effect on the rate of unemployment — one of the biggest factors in the decline of the long-term insurance sector — for some years to come. However, once the recovery really gets underway, Key Note is predicting year-on-year growth for the market between 2012 and 2016, with overall growth being 11.6% over this period, taking the market to a value of £166.75bn by 2016.
Table of Contents
Foreword
Executive Summary
Market Definition
REPORT COVERAGE
MARKET SECTORS
Long-Term Insurance
General Insurance
MARKET TRENDS
Compensation Culture
Growth of Specialist Insurance
Impact of the Recession
Growth of the Internet and Online Price Comparison Sites
Persistently Soft Market
ECONOMIC TRENDS
Population
Gross Domestic Product
Inflation
Unemployment
Household Disposable Income
MARKET POSITION
The UK
Overseas
Market Size
THE TOTAL MARKET
BY MARKET SECTOR
Long-Term Insurance
General Insurance
Industry Background
RECENT HISTORY
NUMBER OF COMPANIES
For more information kindly visit :
Insurance Market 2012 - Market Report
Or
Bharat Book Bureau
Tel: +91 22 27810772 / 27810773
Fax: + 91 22 27812290
Email: info@bharatbook.com
Website: www.bharatbook.com
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Our Blogs: http://3marketresearchreport.blogspot.in/
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