Claims Management in UK General Insurance 2011
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Claims Management in UK General Insurance 2011

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This report provides a comprehensive overview and analysis of claims costs in the UK general insurance, including motor, property and liability. The report looks at the current issues in the market, ...

This report provides a comprehensive overview and analysis of claims costs in the UK general insurance, including motor, property and liability. The report looks at the current issues in the market, providing historical data on claims costs and forecasts for up to 2015.

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Claims Management in UK General Insurance 2011 Claims Management in UK General Insurance 2011 Document Transcript

  • Claims Management in UK General Insurance 2011 The number of casualties is falling along with the number of accidents, while the number of motor personal injury claims is increasing. Motor insurance fraud carries the highest costs, and therefore continues to receive the most attention from anti-fraud initiatives. Escape of water in commercial property insurance has been the fastest growing cause out of the five major perils. This report provides a comprehensive overview and analysis of claims costs in the UK general insurance, including motor, property and liability. The report looks at the current issues in the market, providing historical data on claims costs and forecasts for up to 2015. Request a Sample for or Inquire before buying the report Claims Management in UK General Insurance 2011 Features and benefits Find out about the current level of claims costs and types of claims in motor, property and liability insurance. Benchmark your claims handling efficiency against the top 20 most efficient motor, liability and property claims handlers. Gain insight into the future level of claims costs. Major points covered in Table of Contents of this report include: Table of Contents OVERVIEW Catalyst Summary EXECUTIVE SUMMARY Motor claims have been rising consistently over recent years Despite declining claims frequency, motor insurance claims costs continue to rise One of the key issues in motor personal injury is whiplash, the most frequent type of bodily injury sustained Lord Justice Jacksons review of civil litigation costs The overall costs of commercial property claims continues to decline Commercial escape of water recorded another year of increased claims costs Weather-related claims costs are on the increase again Domestic burglaries are on the increase again The gross value of employers liability claims decreased in 2010 Gross claims amounted to £967m in 2010 Claims handling efficiency improved in 2010 The total claims management cost ratio improved from 5.1% in 2009 to 4.8% in 2010
  • CLAIMS COST ANALYSISIntroductionMotor insurance claims costsMotor claims continued to increase in 2010Despite declining claims frequency, motor insurance claims costs continue to riseThe total number of registered vehicles continues to rise, while road traffic accidents are indeclineThe number of casualties is falling along with the number of accidents, while motorpersonal injury claims are increasingOne of the key issues in motor personal injury is whiplash, the most frequent type ofbodily injury sustainedClaims inflation is showing a slowdown for the first time after a long period of consistentincreasesMotor bodily injury claims are the most expensive to settle, followed by theft claimsLord Justice Jacksons review of civil litigation costsFraud in personal motor claims is more prevalent than in commercial motorUninsured driving continues to declineProperty insurance claims costsAfter a peak in 2007, commercial insurance claims costs continue to go downCommercial escape of water recorded another year of increased claims costsBusiness interruption following fire damage increased significantly in 2010Claims inflation for commercial property theft claims has slowed, while the number ofclaims continues to declineCalls for changes to scrap metal sales due to increases in metal theftTotal domestic property insurance claims costs decreased by 7% in 2010The issue of flood cover for high-risk properties became the subject of heated debatesWeather-related claims costs are on the increase againThe number of household property claims continues to fallRebuilding costs increased again in 2010 and will potentially increase claims inflationDomestic burglaries are on the increase againEmployers liability claims costsEmployers liability gross claims amounted to £967m in 2010Accidental injury claims continue to account for the vast majority of claimsThe propensity of workplace injuries is decreasingThe total number of injuries decreased in 2010/11COMPETITIVE DYNAMICSIntroductionClaims handling efficiency improved in 2010The total claims management cost ratio improved from 5.1% in 2009 to 4.8% in 2010Efficiency in the liability market decreased by 0.3 percentage pointsThe motor claims management efficiency ratio improved by 0.4 percentage points between2009 and 2010Commercial motor improved by 0.9 percentage pointsThe total claims management efficiency ratio in property recorded a 0.5 percentage pointimprovementHousehold insurance claims handling efficiency improved by 0.8 percentage pointsThe top 20 most efficient motor claims insurersBrit Insurance and Cornish Mutual were the most efficient claims handlers in motorinsurance, followed by AgeasBrit Insurance and Cornish Mutual were also the most efficient in personal and commercial
  • motorThe top 20 most efficient property claims insurersBrit Insurance and AIG had the best efficiency ratio in 2010Brit Insurance was also the most efficient claims insurer in household and commercialproperty insuranceThe top 20 most efficient liability claims insurersThe top 20 most efficient liability claims insures improved their claims ratio by 1.1percentage pointsFUTURE DECODEDIntroductionMotor claims costs will continue to increase in the near futureMotor claims will continue to increase, albeit at a slower paceProperty claims costs will continue to remain stableTotal property claims will grow at a CAGR of 2.3% between 2010 and 2015Claims costs inflation is forecast to rise steadily over the forecast periodEmployers liability claims costsLegislative outcomes will have an impact on the market over the forecast periodEmployers liability claims costs are likely to increase slightlyGreater market consolidation as a result of the new alternative business structure initiativeAPPENDIXList of TablesList of FiguresExplore Comprehensive list of Tables & Figures available in the report @http://www.reportsnreports.com/reports/145399-claims-management-in-uk-general-insurance-2011.html.Report Details:Published: January 2012No. of Pages: 61Price: Single User License – US$4495 Corporate User License – US$11238Contact:Priyank Tiwari7557 Rambler road,Suite 727, Dallas, TX 75231Tel: +1-888-391-5441sales@reportsandreports.comVisit our Market Research Blog @ http://www.reportsnreportsblog.com/
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