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Laura Hughes
- 1. Association of British Insurers
- 2. Association of British Insurers abi.org.uk @BritishInsurers Association of British Insurers The UK Property Insurance Landscape Laura Hughes, Manager, General Insurance 6 November 2019 BDMA Conference
- 3. Association of British Insurers Who are the ABI and what do we do? 3 • Voice of the UK insurance industry • Both general insurance and long-terms savings • Over 250 members, approx. 90% of UK insurance premiums • Largest insurance industry in Europe and fourth largest in the world • Work with government, regulators and policymakers
- 4. Association of British Insurers Overall rise in claims incurred 4 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Gross claims incurred (£m) • Total gross claims incurred up from £3.8 billion in 2017 to £4.3 billion in 2018 • Largest proportional year on year increase since 2007 at 14% • Despite this, gross claims incurred still below 2016 levels
- 5. Association of British Insurers Large weather events 5 Beast from the East Summer Heatwave 0 100 200 300 400 500 600 700 800 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 2014 2015 2016 2017 2018 Gross claims incurred (£m) – weather claims 0 10 20 30 40 50 60 70 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 2014 2015 2016 2017 2018 Gross claims incurred (£m) – subsidence claims
- 6. Association of British Insurers Minor changes in the make up of claims 6 2017 2018 Fire & Explosion 30% Theft 12% Weather 16% Escape of Water 22% Domestic Subsidence 3% Accidental Damage 5% Business Interruption 6% Other Domestic Claims 6% Fire & Explosion 34% Theft 13% Weather 9% Escape of Water 24% Domestic Subsidence 2% Accidental Damage 6% Business Interruption 5% Other Domestic Claims 7%
- 7. Association of British Insurers 11 years of fewer claims 7 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2006 2008 2010 2012 2014 2016 2018 2020 Number of claims notified (000s)
- 8. Association of British Insurers 0 500 1000 1500 2000 2500 3000 3500 4000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Average cost of claims
- 9. Association of British Insurers View from the consumer 9 • Buying on price vs what you need • Home insurance is confusing • Prevention • Claims handling and supply chain • Expectation management • Communication • Best practice • Training and accreditation
- 10. Association of British Insurers 10
- 11. Association of British Insurers Priorities for 2020 11 Flood Risk Management Fire Safety and Building Regulations Modern Methods of Construction Loyalty Pricing
- 12. Association of British Insurers` 12