Introduction

This report is an indispensable guide to the commercial general insurance sector in the UK. It focuses on group accident and health, general liability, motor, pecuniary loss and Property Finance Finance markets. The report includes market sizing information, competitor premiums and Datamonitor's unique forecasts of premium income by line of business.

Scope

• GWP growth and profitability data for the key sectors of the commercial insurance market
• Discussion of the major issues and trends shaping the commercial sector
• Loss, expense and combined ratio information for the major lines of business
• GWP forecasts for the major commercial up to 2011

Highlights

Retailers and affinity groups continue to occupy only a small space in the commercial insurance distribution landscape. While organizations within this category have had major success in selling personal lines insurance, they are hampered in commercial lines because of the clients' need for advice during the purchase

In December 2006, Australian insurer Insurance Australia Group (IAG) bought the Equity Group, which consists of Equity Red Star and Equity Insurance Brokers.

imarket added two new carriers to the system in 2005 and 2006. In August 2005, NIG signed up to imarket stating that it would initially offer SME packages and motor trader cover.

Reasons to Purchase

• Develop your business planning using Datamonitor's GWP forecasts and analysis for the major commercial lines of business
• Benchmark the underwriting performance of the insurers featured
• Understand the key issues affecting the distribution of commercial insurance products

• Chapter 1 Executive Summary
  • Profits slipped in the UK general insurance market in 2005, as soft market conditions took their toll on most lines of business
  • Soft market conditions were evident in many lines of business in 2005
  • The motor market led the decline with a reduction of 1.5 per cent
  • Property Finance and accident and health also went into decline
  • Liability and pecuniary loss continued to improve
  • Commercial insurance is largely distributed through intermediaries, however, there are signs of growth in other channels
  • Brokers still dominate the distribution of commercial lines insurance
  • Direct insurers hold a relatively small share of the commercial market
  • Banks and building societies remain small players in the commercial insurance market
  • The top 10 commercial insurers control almost 70 per cent of the market
  • The three largest commercial insurers RSA, Norwich Union and Zurich all have substantial Property Finance, commercial motor and liability accounts
  • Royal & SunAlliance has large motor, Property Finance and liability accounts, and saw growth in Risk Solutions and marine in 2005, amongst other areas
  • Norwich Union also has large Property Finance, motor and liability accounts and focuses on small and mid-sized businesses
  • Zurich's largest line was liability, which was hit by strong competition
  • The total commercial market will grow at a steady pace driven largely by the commercial liability sector, while group accident and health and commercial pecuniary loss are set to see steadier growth
  • The commercial liability market and the commercial pecuniary loss market are forecast to see the fastest growth between 2006 and 2011
  • Group accident and health and commercial motor are forecast to see steady growth
• Chapter 2 Introduction
  • What is this report about?
  • Who is the target reader?
  • How to use this report
• Chapter 3 Market Context
  • Introduction
  • Profits slipped in the UK general insurance market in 2005, as soft market conditions took their toll on most lines of business
  • Soft market conditions were evident in many lines of business in 2005
  • The motor market led the decline with a reduction of 1.5 per cent
  • Property Finance and accident and health also went into decline
  • Liability and pecuniary loss continued to improve
  • The commercial market suffered more than the personal market in 2005
  • Property Finance Finance and commercial motor led the commercial GWP contraction
  • The general insurance market's underwriting profit began to decline in 2005, as competition took its toll on most sectors
  • The accident and health market declined in 2005, driven by a large fall in accident sector premium income, in spite of robust growth in the group health sector
  • Group accident and health GWP increased, while the individual sector stagnated
  • The group health market drove the growth in the group accident and health sector
  • The accident and health market recorded an underwriting profit for the sixth consecutive year in 2005, but profitability declined
  • The proportion of the accident and health market written outside the company market has increased as Lloyd's and others have increased GWP, while company players have decreased
  • The liability market achieved marginal growth, and came very close to achieving underwriting profitability in 2005
  • Competition took its toll on the liability market, though increased penetration rates in some lines secured marginal growth overall
  • The liability market almost moved into a profit in 2005 due to strong NWP growth
  • Lloyd's and non-company players decrease in market share, but maintain a significant role in the liability market
  • The commercial and private motor markets contracted in 2005 as soft market conditions persisted
  • Sustained high levels of competition and sliding premium rates led to declines in GWP for both private and commercial motor
  • The fleet market held up in 2005, while commercial vehicle recorded the worst decline of any motor line
  • The motor market's underwriting losses increased in 2005 due to the poor performance of the private sector
  • The commercial motor market returned a much reduced underwriting profit in 2005
  • Lloyd's insurers have continued to reduce exposure to the motor market in 2005, a move pursued since 2001
  • The pecuniary loss market grew rapidly in 2005 and although profitability fell, it still returned a healthy underwriting result
  • The pecuniary loss market was worth 5.5 billion in 2005
  • Although the underwriting result dropped in 2005, pecuniary loss remains a profitable line
  • The market share and premium income of non-ABI companies and Lloyd's syndicates grew in 2005
  • Following a significant slowdown in 2004, the Property Finance market went into decline in 2005 due to the performance of Property Finance Finance
  • The market's overall decline resulted from a 7.5 per cent fall in Property Finance Finance GWP
  • Property Finance underwriting profits fell slightly in 2005, as the effect of increased competition began to have an impact
  • Profitability declined as growth in total outgoings outstripped growth in NWP
  • The Property Finance Finance underwriting result fell by 38.6 per cent in 2005
  • Lloyd's and other non-ABI companies accounted for an increasing share of the Property Finance insurance market in 2005
• Chapter 4 Customer Focus
  • Commercial insurance is largely distributed through intermediaries, however, there are signs of growth in other channels
  • Brokers still dominate the distribution of commercial lines insurance
  • Independent intermediaries are still the major distribution channel within commercial lines insurance
  • Direct insurers hold a relatively small share of the commercial market, however, growth is expected to pick up in terms of policy numbers
  • Direct insurers hold a small share of the commercial insurance market
  • Insurers are expecting to see growth in the direct channel
  • The growth of the direct channel will be limited by low average premium spends and buying behaviour
  • Banks and building societies remain small players in the commercial insurance market
  • There is potential for retailers and affinity groups to grow their market share, however, this is limited by the need for advice
  • imarket makes interactions between insurers and brokers more efficient and further progress is expected in the coming years
  • imarket is an internet portal for brokers that allows multiple quotes to be generated from one application form
  • imarket added two new carriers in 2005 and 2006
  • Further integration with software houses would benefit imarket
• Chapter 5 Competitive Dynamics
  • Introduction
  • Merger and acquisition interest among insurers was muted in 2006, but three new start-up underwriting agencies entered the market
  • M&A activity was muted among insurers, though failed bids and speculation show insurers' continued interest
  • A few deals were made in 2006 involving Lloyd's insurers
  • Acquisition activity has been more common among brokers
  • Three new start-up underwriting agencies entered the commercial insurance market in 2006, targeting the SME sector
  • Start-up ABC Insurance was bought by Liverpool Victoria
  • M4 Underwriting started writing business in June 2006 backed by Allianz
  • Start-up Arista Insurance will also target the SME market
  • A continued focus on cost reductions led to job cuts and offshoring in 2006
  • 2006 saw a number of high profile UK job cuts as insurers continued to move jobs abroad
  • Brokers are also showing interest in offshoring
  • The top 10 commercial insurers control almost 70 per cent of the market
  • The three largest commercial insurers RSA, Norwich Union and Zurich all have substantial Property Finance, commercial motor and liability accounts
  • Royal & SunAlliance has large motor, Property Finance and liability accounts, and saw growth in Risk Solutions and marine in 2005, amongst other areas
  • Norwich Union also has large Property Finance, motor and liability accounts and focuses on small and mid-sized businesses
  • Zurich's largest line was liability, which was hit by strong competition
  • AXA and Allianz emphasize the strong competition in commercial lines, but saw growth in selected areas
  • AXA experienced decreases in liability, but saw growth in group health
  • Allianz also found liability challenging
  • New Hampshire, BUPA and NFU Mutual are specialist commercial lines insurers
  • New Hampshire focuses on liability insurance
  • BUPA is exclusively a health insurer
  • NFU writes only liability and motor insurance in commercial lines
  • ACE and QBE were number eight and ten in the ranking of UK commercial insurers in 2005
  • ACE was ranked 8th among commercial insurers in 2005 and focuses almost exclusively on liability insurance in the UK
  • QBE is the 10th largest UK commercial insurer and focuses on commercial motor and liability insurance
  • Among commercial insurers ranked 11-20 some insurers are growing quickly, suggesting that they may one day threaten the position of the top 10
  • For most of the top 10 commercial insurers commercial business is the most important line
  • The commercial book dominates for all but one of the top 10 insurers that focus on both commercial and personal lines
  • Two of the top 10 commercial lines have no personal book to speak of
  • Norwich Union is the only insurer among the top 10 for which personal lines dominates
  • Profitability declined in the accident and health market, driven by increases in loss ratios in particular
  • Changes in FSA reporting categories have affected accident and health ratio comparisons
  • Many accident and health insurers saw loss ratios increase in 2005, but a clear divide is emerging between PMI and accident insurance specialists
  • Norwich Union, BCWA and Legal & General all recorded double digit loss ratio growth
  • Stonebridge, SimplyHealth and Fortis achieved impressive loss ratio reductions
  • Expense ratios rose by 3.0 per cent in 2005, with accident specialists driving this increase
  • While PMI providers succeeded in reducing their expense ratios, accident and travel insurance specialists more often suffered an increase
  • PMI providers BUPA and WPA had the best expense ratios in 2005
  • Norwich Union, Legal & General and New Hampshire achieved the best expense ratio reductions
  • BCWA and Stonebridge recorded large expense ratio increases
  • The combined ratio of the top A&H providers rose by 5.3 per cent in 2005, with the majority of PMI and accident providers contributing to this performance
  • The companies with the best ratio metrics were from the accident and travel sectors, not the PMI market
  • New Hampshire, Fortis and SimplyHealth all made impressive combined ratio improvements in 2005
  • BCWA had a terrible year in 2005, however GEFI, Clinicare and Groupama all suffered big combined ratio increases as well
  • Liability insurers recorded improvements in profitability in 2005, as many insurers combined premium income growth with a reduction in combined ratio
  • Changes in FSA reporting categories have affected liability ratio comparisons
  • Over half of the top 20 liability insurers increased their premium income in 2005, with the majority also experiencing reductions in loss ratio
  • Many companies combined increases in premium income with improvements in loss ratio
  • Only three liability insurers saw an increase in loss ratio in 2005
  • The largest liability insurers generally have loss ratios of around 60 per cent, while smaller insurers have more varied loss ratios
  • The majority of liability insurers saw increases in their expense ratios in 2005
  • XL and Catlin saw the highest increases in expense ratios in 2005, while many other insurers saw smaller increases
  • However, a few insurers bucked this trend and managed to reduce their expense ratio
  • Over half of the top 20 liability insurers improved their profitability in 2005, athough reporting has had an impact on these figures
  • Of the top 20 liability insurers 13 returned combined ratios below 100 per cent in 2005
  • Some companies, however, still suffer from unprofitable liability books
  • Soft market conditions led to both falling premiums and reductions in profitability for many of the top 20 motor insurers
  • The loss ratio of the top 20 motor insurers increased in 2005 and soft market conditions were evident as many companies suffered declining premium income
  • Many insurers saw worsening loss ratios and reductions in income, suggesting that some have accepted reduced premiums
  • Three companies saw a decline in premium income but improved loss ratio
  • Six companies managed to improve their loss ratios while growing their motor books
  • First Alternative was the only top 20 company that combined an increase in premium income with a growing loss ratio
  • The expense ratio of the top 20 motor insurers saw a small deterioration in 2005
  • Only a few insurers saw substantial changes to their expense ratios in 2005
  • Soft market conditions led many insurers with a combined ratio already over 100 per cent to suffer further reductions in profitability
  • 11 of the top 20 motor insurers failed to return an underwriting profit in 2005
  • Many companies combined increasing unprofitability with falling premium income, suggesting that some players have cut their premiums to maintain market share
  • 11 of the top 20 returned an underwriting loss and seven of these further increased their combined ratios in 2005
  • Nine companies recorded underwriting profits in 2005, with five of these seeing improvements on their 2004 results
  • Several players have dealt well with the soft cycle so far and are set to continue riding the cycle in the future
  • Pecuniary loss is a profitable line with an average combined ratio below 100 per cent however, high expense ratios are a problem for a sub-group of insurer
  • Changes in FSA reporting categories have affected pecuniary loss ratio comparisons
  • In general the loss ratio for pecuniary loss is lower than other lines
  • The influence of the expense ratio or the loss ratio on pecuniary loss insurers' profitability varies depending on their main line of business
  • Insurers that mainly write personal creditor business have low loss ratios and high expense ratios
  • Insurers that specialize in commercial pecuniary loss generally have low expense ratios
  • The remainder of the top 20, with expense ratios around 40-60 per cent, underwrite a variety of pecuniary loss lines
  • Just over half of the top 20 pecuniary loss insurers recorded underwriting profits in 2005, making it a profitable business overall
  • Pecuniary loss is a profitable business for many insurers
  • However, a group of companies struggled to secure a profit
  • Property Finance insurance operating conditions improved slightly in 2005, although many players saw their combined ratios increase
  • The loss ratio of the top 20 Property Finance insurers improved in 2005
  • Nine of the top 20 actually recorded an increase in loss ratio, with significant increases from several players
  • Ecclesiastical, Direct Line and Allianz all recorded large loss ratio increases
  • St. Andrew's and Norwich Union all achieved big reductions in loss ratio, going against the market trend of rising claims costs
  • Liverpool Victoria's loss ratio was the worst of the Property Finance sector's top 20 players
  • The expense ratio of the top 20 Property Finance insurers increased by 1.8 percentage points in 2005
  • Direct writers and mutual insurance companies had the best expense ratios
  • CIS, Royal & SunAlliance and Zurich all saw significant increases in expense ratios
  • Lloyds TSB and NIG achieved large reductions in their expense ratios
  • The combined ratio of the top 20 Property Finance insurers fell marginally by 0.4 per cent in 2005, driven by the performance of just under half of this peer group
  • 11 of the top 20 Property Finance insurers recorded an increase in combined ratio
  • Reflecting softer market conditions, Legal & General moved into an underwriting loss
  • Direct Line, Allianz and Ecclesiastical saw the biggest increase in combined ratio
  • Lloyds TSB, St. Andrew's and Norwich Union all achieved double digit figure combined ratio reductions
• Chapter 6 Future Decoded
  • Introduction
  • The total commercial market will grow at a steady pace driven largely by the commercial liability sector, while group accident and health and commercial pecuniary loss are set to see steadier growth
  • The commercial liability market and the commercial pecuniary loss market are forecast to see the fastest growth between 2006 and 2011
  • Group accident and health and commercial motor are forecast to see steady growth
  • The accident and health market will record slow growth, as the group sector continues to outperform the individual sector
  • The group sector will manage to sustain marginal policyholder number growth, while increases in premium inflation are recorded
  • The group accident and health market is forecast to grow by a compound annual rate of 4.8 per cent between 2006 and 2011
  • Liability is expected to remain competitive until the end of 2007, after which GWP growth is forecast to pick up
  • Competition continued to dominate the liability market in 2006, putting pressure on premium rates
  • The turn of the cycle is expected in late 2007
  • Commercial motor GWP is expected to recover in the second half of 2007, with stronger growth to come
  • Rate increases are expected to lead to an improvement in operating conditions in the commercial motor market
  • The commercial motor market is forecast to reach a value of 4.1 billion by 2011
  • The commercial pecuniary loss market is forecast to grow to a value of 1.7 billion by 2011
  • The forecast for pecuniary loss is based on historical trends
  • The commercial pecuniary loss market is forecast to grow by 10.0 per cent on a compound annual basis between 2006 and 2011
  • The Property Finance Finance market is seeing price competition, however it is expected to turn in 2008 and reach a value of 5.5 billion by 2011
  • The Property Finance Finance market is seeing intense competition
  • Datamonitor forecasts that the Property Finance Finance insurance market will reach 5.5 billion by 2011
• Chapter 7 Appendix
  • Methodology
  • FSA Return changes
  • Major changes in FSA Return categories and their impact
  • Market size
  • Changes in market size information
  • Market size methodology
  • Lloyd's players and underwriting result figures
  • 2005 definitions for lines of business
  • Accident & health
  • Medical expenses
  • HealthCare cash plan
  • Travel
  • Personal accident or sickness
  • Motor
  • Total private motor
  • Total commercial motor
  • Private motor comprehensive
  • Private motor non-comprehensive
  • Motorcycle
  • Fleets
  • Commercial vehicles (non-fleet)
  • Property Finance
  • Total Property Finance Finance
  • Household and domestic all risks.
  • Consequential loss (i.e. business interruption)
  • Financial/Pecuniary loss business
  • Total personal financial loss business
  • Total commercial financial loss business
  • Legal expenses
  • Fidelity and contract guarantee
  • Liability business
  • Employers liability (including the employers liability part of mixed liability packages but excluding mixed commercial packages)
  • Professional indemnity (including directors' and officers' liability and errors and omissions liability)
  • Public and products liability
  • Mixed commercial package
  • Total personal
  • Total commercial
  • Pre-2005 definitions for lines of business
  • Accident and health
  • Individual accident and health
  • Group accident and health
  • General liability
  • Motor
  • Pecuniary loss
  • Total pecuniary loss figures
  • Property Finance
  • Definitions of ABI terms
  • Brokers
  • National brokers
  • Other intermediaries & brokers
  • Chain brokers & telebrokers
  • Direct
  • Other company agents
  • Utilities/retailers/affinity groups
  • Company staff
  • Banks/building societies
  • Written premiums
  • Current readings
  • Future readings
  • Do you need more information?
  • Datamonitor Financial Services Consulting
  • SPP writing team
• List of Tables
  • Table 1: Total general insurance GWP by line of business 2001-5
  • Table 2: Commercial general insurance market GWP and year-on-year growth, split by sector 2001-5
  • Table 3: Total general insurance underwriting result, by line of business, 1995-2005
  • Table 4: Accident & health GWP split between individual and group, 2001-5
  • Table 5: Accident and health GWP by sector, 2001-5
  • Table 6: Total accident and health underwriting result, 1995-2005
  • Table 7: Accident and Health market GWP split by UK company market players and Lloyd's/Non-company market, 1995-2005
  • Table 8: General liability market GWP split by line of business, 2001-5
  • Table 9: Total general liability underwriting result, 1995-2005
  • Table 10: General liability GWP split between ABI members and Lloyd's / Other, 1995-2005
  • Table 11: Motor insurance GWP split between private and commercial business, 2001-5
  • Table 12: Commercial motor insurance GWP split by line, 2001-5
  • Table 13: Total motor underwriting account, 2001-5
  • Table 14: Commercial motor underwriting account, 1995-2005
  • Table 15: Motor GWP split between ABI members, Lloyd's / Other, 1995-2005
  • Table 16: Pecuniary loss market GWP by line of business, 2001-5
  • Table 17: Pecuniary loss underwriting account, 2001-5
  • Table 18: Pecuniary loss GWP split between ABI members and Lloyd's / Other, 1995-2005
  • Table 19: Property Finance insurance GWP split between household and commercial business, 2001-5
  • Table 20: Property Finance underwriting account, 1995-2005
  • Table 21: Property Finance Finance underwriting result, 1995-2005
  • Table 22: Property Finance GWP split between ABI members and Lloyd's / Other, 1995-2005
  • Table 23: Market share of distribution channels in the commercial general insurance market, 2002-5
  • Table 24: Top 10 commercial competitors by GWP and market share, 2005
  • Table 25: GWP of selected fast growing commercial insurance players ranked 11-20
  • Table 26: Split between commercial and personal business for the top 10 commercial insurers, 2005
  • Table 27: Premium income compared to loss ratio, top 20 A&H insurers, 2004-5
  • Table 28: Expense ratio of the top 20 A&H insurers, 2004-5
  • Table 29: Premium income compared to combined ratio, top 20 A&H insurers, 2004-5
  • Table 30: Loss ratio compared to premium income for the top 20 liability insurers, 2004-5
  • Table 31: Expense ratio compared to premium income for the top 20 liability insurers, 2004-5
  • Table 32: Combined ratio compared to premium income for the top 20 liability insurers, 2004-5
  • Table 33: Loss ratio compared to premium income for the top 20 motor insurers, 2004-5
  • Table 34: Expense ratio compared to premium income for the top 20 motor insurers, 2004-5
  • Table 35: Premium income compared to combined ratio for the top 20 motor insurers, 2004-5
  • Table 36: Loss and expense ratios compared to GWP for the top 20 pecuniary loss insurers, 2005
  • Table 37: Combined ratio compared to GWP for the top 20 pecuniary loss insurers, 2005
  • Table 38: Premium income compared to loss ratio, top 20 Property Finance insurers, 2004-5
  • Table 39: Expense ratio of the top 20 Property Finance insurers, 2004-5
  • Table 40: Premium income compared to combined ratio, top 20 Property Finance insurers, 2004-5
  • Table 41: Forecast commercial general insurance GWP, 2001-11f
  • Table 42: Group accident and health GWP forecast, 2001-11
  • Table 43: Forecast general liability GWP, 2001-11
  • Table 44: Commercial motor market GWP forecast. 2001-2011f
  • Table 45: GWP forecast for commercial pecuniary loss, 2001-11
  • Table 46: Forecast Property Finance Finance GWP, 2001-11f
• List of Figures
  • Figure 1: Soft market conditions were evident in many lines in 2005
  • Figure 2: Commercial motor and Property Finance saw declines in GWP in 2005
  • Figure 3: In 2005, group accident and health grew faster than the historical five year trend, while Property Finance Finance fell well below
  • Figure 4: The underwriting profit of the general insurance market deteriorated in 2005 as the market slipped off its peak
  • Figure 5: The group accident and health sector picked up in 2005, recording strong GWP growth
  • Figure 6: Individual and group accident, and 'other' accident and health business GWP fell in 2005
  • Figure 7: The accident and health underwriting result declined in 2005, but the market still returned a comfortable profit
  • Figure 8: Lloyd's and other non-ABI companies win market share from the company market and account for the accident and health market's expansion
  • Figure 9: The liability market achieved moderate growth, in spite of a decline in employers' liability
  • Figure 10: The underwriting result for general liability has improved sharply since 2001
  • Figure 11: Company players won market share from Lloyd's players as the liability market saw little growth
  • Figure 12: Both private and commercial motor GWP continued to decline and have stagnated since 2001
  • Figure 13: The performance of the commercial motor market's sub sectors diverged in 2005
  • Figure 14: Motor underwriting losses increased in 2005
  • Figure 15: Underwriting profits suffer in the commercial motor market in 2005
  • Figure 16: Lloyd's has continued to reduce exposure to motor, with some former Lloyd's players writing from offshore locations accounting for the increase in other
  • Figure 17: Pecuniary loss is a profitable line, and the profit recorded in 2005 is near the record for the decade
  • Figure 18: The majority of pecuniary loss insurance is underwritten by ABI members
  • Figure 19: Property Finance Finance GWP declined in 2005, having slowed significantly in 2004
  • Figure 20: Profits fell slightly in 2005, as the effect of increased competition began to have an impact
  • Figure 21: The Property Finance Finance insurance underwriting result fell by over a third in 2005
  • Figure 22: The vast majority of Property Finance business remains with ABI companies but the amount written outside the company market has grown
  • Figure 23: National brokers dominate the distribution of commercial insurance
  • Figure 24: imarket generates a number of quotes, while the user only has to input the risk details once
  • Figure 25: The top 10 commercial insurers together accounted for 68.2 per cent of the market in 2005
  • Figure 26: There are some fast growing commercial insurers in the group ranked 11-20
  • Figure 27: Commercial business was more important than personal business for most of the top 10 commercial insurers in 2005
  • Figure 28: Many PMI players in the accident and health sector recorded an increase in their loss ratio
  • Figure 29: Expense ratio changes varied in the accident and health sector in 2005, but many PMI providers' ratios deteriorated slightly
  • Figure 30: Most liability insurers achieved improvements in loss ratio in 2005 and many also saw their premium income grow
  • Figure 31: The majority of the top 20 liability insurers saw increases in their expense ratios in 2005
  • Figure 32: The majority of liability insurers improved their combined ratios in 2005
  • Figure 33: Softening market conditions clearly affected the loss ratio of the top motor insurers
  • Figure 34: Most motor insurers saw only relatively small changes to their expense ratios in 2005
  • Figure 35: The four largest motor insurers have combined ratios below the top 20 average
  • Figure 36: Pecuniary loss insurers generally have low loss ratios, but expense ratios vary by line of business
  • Figure 37: On average Property Finance insurers increased premium income in 2005, but also saw their loss ratios rise
  • Figure 38: With the exception of a few companies like Lloyds TSB, NIG and Ecclesiastical, most Property Finance insurance providers saw expense ratios rise in 2005
  • Figure 39: Key to the relative importance of forecast variables
  • Figure 40: The total commercial insurance market is expected to grow between 2006 and 2011
  • Figure 41: Key variables influencing GWP in the accident and health market, 2006f-11
  • Figure 42: The group accident and health market is forecast to achieve a compound annual growth rate of 4.8% between 2006 and 2011
  • Figure 43: Key variables affecting liability GWP, 2006-11
  • Figure 44: The liability market is expected to see strong growth between 2008 and 2010
  • Figure 45: Key variables affecting commercial motor GWP, 2006e-11f
  • Figure 46: GWP is forecast to begin growing again in 2007 as the motor market recovers
  • Figure 47: Commercial pecuniary loss is forecast to grow by a compound annual growth rate of 10.0 per cent between 2006 and 2011
  • Figure 48: Key variables affecting Property Finance Finance GWP, 2006e-11f
  • Figure 49: Property Finance Finance GWP will decline until 2008 when rates are expected to rise again