Insurance Industry Market Assessment 2008


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Previewing a Market Assessment

Published Date :
July 2008find similar
Report Type :
Market Assessmentfind similar
Report Sector :
Insurancefind similar
Price :
£ 575
Contents :
11 Chapters

Table of Contents

The table of contents below is for Insurance Industry 2008

Executive Summary

1. Introduction

ΤΗΕΤΟΠΙΧ

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Methodology

Original Research

Problems In The Research Process

Definition

2. Strategic Overview

Market Dynamics

The Business Of Risk

Threats To Insurers

The Economy Depends On Finance

Dominant Companies Worldwide

Table: Rank Order Of Leading Global Banks And Insurers By Market Value ($m),

Figure: Rank Order Of Leading Global Banks And Insurers By Market Value ($bn),

Value Losses In The Uk

Table: Change In Market Capitalisation Of Leading Uk Banks And Insurers (£m),st December-20th March

Figure: Change In Market Capitalisation Of Leading Uk Banks And Insurers (£m),st December-20th March

Soaring Remuneration For Directors

Table: Remuneration Of Chief Executives And Chairmen Of Selected Insurance Companies And Banks In The Uk (£000 Annually, Excluding Share Options And Pension Funds), And

Women's Slow, Slow Advance

Non-executive Directors: Much Debate, Little Action

Distribution Patterns

Financial Advisers Remain Pivotal

Table: New Regular-premium Sales Reported By The Association Of British Insurers By Product Category (£m),-2007

Figure: New Regular-premium Sales Reported By The Association Of British Insurers By Product Category (£m),-2007

Table: New Single-premium Sales Reported By The Association Of British Insurers By Product Category (£m),-2007

Figure: New Single-premium Sales Reported By The Association Of British Insurers By Product Category (£m),-2007

Overall Fall In The Number Of Long-term Insurance Policies

Table: Uk Long-term Insurance Net Premium Income And Benefits Paid (£m And %),-2006

Figure: Uk Long-term Insurance Net Premium Income And Benefits Paid (£m),-2006

Sector Leaders

Advertising

Advance Of Price-comparison Sites

Main Media Advertising Expenditure Headed By The Royal Bank Of Scotland Group

The Consumer

Consumers' Opinions

Consumers' Purchases

Table: Weekly Household Spending On Insurance In The Uk By Income Range (£),

Table: Total Household Weekly Expenditure By Gross Income Decile In The Uk (£),

Household Overspending: Implications For Insurance

Key Points

3. Marketing Trends

Motor And Home Insurance Dominate

Table: Insurance Products Receiving More Than £3m In Main Media Advertising Expenditure In The Uk (£000), Year Ending December

Table: Leading Categories Of Insurance By Main Media Advertising Expenditure In The Uk (£000), Year Ending December

Concentrated Groups

Table: Leading Insurance Brands By Main Media Advertising Expenditure In The Uk (£000), Year Ending December

Figure: Leading Insurance Brands By Main Media Advertising Expenditure In The Uk (£m), Year Ending December

Bundling

Fragmentation

Key Points

4. Threats And Opportunities

Threats To Long-term Insurance And Related Products

Wild Swings In Fund Values

The Decline Of Long-term Salaried Careers

Equity Release In An Over-valued Property Market

Opportunities In Long-term Insurance

Threats To General Insurance And To Health And Income-protection Insurance

Natural Disasters

Litigious Risks To General Liability

Pressures On Consumer Spending

Opportunities In General Insurance, And In Health And Income-protection Insurance

Table: Net Written Premiums For Uk General Insurance Business By Product Category (£m),-2006

Figure: Net Written Premiums For Uk General Insurance Business (£m),-2006

Key Points

5. An International Perspective

Global Heart

Western Europe Is The Centre Of World Insurance

Table: Total World Insurance Premiums By Global Region ($m),

Figure: Total World Insurance Premiums By Global Region ($m),

Premiums Per Head Are Higher In North America

Table: Insurance Premiums Per Capita By Global Region ($),

Figure: Insurance Premiums Per Capita By Global Region ($),

Financing The Elderly, Worldwide

Table: Actual And Projected Percentage And Number Of Population Aged And Over In Selected Industrial Nations (% And), And

Table: Actual And Projected Total Population And Number Of Population Aged And Over In Selected Industrial Nations (000), And

Figure: Number Of Population Aged And Over, And Total Population, In Selected Industrial Nations (000),

Figure: Projected Number Of Population Aged And Over, And Total Population, In Selected Industrial Nations (000),

Energy Costs May Reverse Globalisation

Key Points

6. Pest Analysis

Political Factors

Welfare Dependency

Economic Factors

Emphasis On Shopping Is Dependent On Wages And Salaries

Table: Changes In Main Components Of Gross Domestic Product In The Uk By Value At Current Prices, Not Seasonally Adjusted (£m), ,,,,, And

Figure: Changes In Main Components Of Gross Domestic Product In The Uk By Value At Current Prices, Not Seasonally Adjusted (£m), ,,,,, And

Spectre Of Commodity-price Inflation

Table: Price Changes For Selected Commodities (£, Cents And $),nd April-1st April

Gambling On Future Property Prices To Spend Today

Majority Of Taxpayers Earn Less Than £15,000 A Year After Tax

Table: Income Distribution In The Uk (£, % And Multiple), /2000,/2005 And/2006

Financially Disadvantaged Women

Table: Number And Percentage Of Taxpayers In The Uk Population By Sex (000 And %),/2006

Figure: Number Of Taxpayers In The Uk Female Population (000),/2006

Figure: Number Of Taxpayers In The Uk Male Population (000),/2006

Financial Groups Among The Uk's Largest Companies

Table: The Importance Of Financial-services Companies In The Uk's Top By Market Value ($m),th March

Social Factors

The Rise Of The One-person Household

Table: Number Of Households In Great Britain Containing Only One Adult (million), And

Figure: Number Of Households In Great Britain Containing Only One Adult (million), And

Technological Factors

Technology As A Means Of Getting Closer To Customers

Key Points

7. Consumer Dynamics

Overview

Insurers' Popularity Has Improved

Table: Rating As `a Very Good Insurance Company Overall' Selected Leading Insurers (% Of Respondents And Ratio), May And February

Figure: Rating As `a Very Good Insurance Company Overall' Selected Leading Insurers' Improvement Ratios, February Compared With May

Figure: Rating As `a Very Good Insurance Company Overall' Selected Leading Insurers (% Of Respondents), May And February

Summary Of Ratings For Selected Leading Insurers

Other Key Findings

Selected Insurers' Ratings By Socio-demographic Group

Norwich Union Rated Highly Overall

Direct Line Popular Among People In Their Early-20s

Table: Rating As `a Very Good Insurance Company Overall' Norwich Union And Direct Line (% Of Respondents), February

Approval For Prudential Among The Middle-aged

Large Gain In Popularity For Legal & General

Table: Rating As `a Very Good Insurance Company Overall' Prudential And Legal & General (% Of Respondents), February

Co-operative Insurance Services Well Respected Among Social Grade D

More Th>n Gains Praise From The Young

Table: Rating As `a Very Good Insurance Company Overall' Co-operative Insurance Services And More Th>n (% Of Respondents), February

Axa Makes Gradual Advance In Popularity

Table: Rating As `a Very Good Insurance Company Overall' Axa (% Of Respondents), February

Selected Insurers' Ratings Among The Upper Social Grades

Table: Rating As `very Good Insurance Company Overall' Among Social Grade A Selected Leading Insurers (% Of Respondents In Social Grade A), February

Shopping Around For Other Quotes

More Than Half Of Respondents Always Shop Around

Table: Those Who Always Shop Around For Other Quotes At Renewal Time (% Of Respondents), February

Use Of The Internet For Buying And Comparing Insurance Products

Surge In Online Buyers

Use Of Price-comparison Sites High In Social Grade A

Table: Those Who Have Purchased Insurance Online In The Past Year And Those Who Have Chosen Insurance From An Online Price-comparison Site In The Past Year (% Of Respondents), February

Importance Of Local Offices Versus Remoteness Of Insurer

More Than A Third Of The Elderly Prefer Local Offices

Almost Half Of Adults Say Insurance Companies Are Too Remote

Table: Preference For Buying Insurance From A Company With A Local Office, And Opinion That Insurers Are Too Remote From Their Customers (% Of Respondents), February

Insurance Bundled With Bank Accounts

Table: Those Who Have A Bank Account That Includes Some Free Or Discounted Insurance (% Of Respondents), February

Consumers' Perception Of Their Insurance As Good Value

Large Majority Say Their Insurance Is Good Value

Peak Age For Insurance Cover Is To

Table: Consumers' Perception Of Their Insurance As Good Value (% Of Respondents), February

Affordability Of Insurance

Unaffordability An Issue For Customers Aged Under Or Over

Table: Those Struggling To Pay For Their Existing Insurance (% Of Respondents), February

Key Points

8. Company Profiles

Overview

Improving Perceptions

Definition Of `turnover'

Allianz

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Allianz Insurance Plc (£m, Number, %, Ratio And £), Years Endingst December-2007

Future Developments

Aviva

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Aviva Plc (£m, Number, %, Ratio And £), Years Endingst December-2007

Future Developments

Axa

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Axa Insurance Plc (£m, Number, %, Ratio And £), Years Endingst December-2007

Future Developments

Barclays

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Barclays Plc (£m, Number, %, Ratio And £), Years Endingst December-2007

Future Developments

Bupa

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Bupa Insurance Ltd (£m, Number, %, Ratio And £), Years Endingst December-2007

Table: Financial Results For The British United Provident Association Ltd (£m, Number, %, Ratio And £), Years Endingst December-2007

Future Developments

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Canada Life Ltd (£m, Number, %, Ratio And £), Years Endingst December-2006

Future Developments

Chesnara

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Chesnara Plc (£m, Number, %, Ratio And £), Years Endingst December-2007

Future Developments

Hbos

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Hbos Plc (£m, Number, %, Ratio And £), Years Endingst December-2007

Esure

Table: Financial Results For Esure Insurance Ltd (£m, Number, %, Ratio And £), Years Endingst December-2006

Table: Financial Results For Esure Holdings Ltd (£m, Number, %, Ratio And £), Years Endingst December-2006

St Andrew's Group

Future Development

Hiscox

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Hiscox Insurance Company Ltd (£m, Number, %, Ratio And £), Years Ending St December-2006

Future Developments

Hsbc

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Hsbc Holdings Plc ($m, Number, %, Ratio And $), Years Endingst December-2007

Future Developments

Legal & General

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Legal & General Group Plc (£m, Number, %, Ratio And £), Years Endingst December-2007

Future Developments

Liverpool Victoria Friendly Society

Corporate Strategy

Advertising And Distribution

Profitability

Future Developments

Lloyd's Of London

Corporate Strategy

Advertising And Distribution

Profitability

Future Developments

Lloyds Tsb Group

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Lloyds Tsb Group Plc (£m, Number, %, Ratio And £), Years Endingst December-2007

Future Developments

National Farmers' Union Mutual

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For The National Farmers' Union Mutual Insurance Society Ltd (£m, Number, %, Ratio And £), Years Endingst December-2007

Future Developments

Prudential

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Prudential Plc (£m, Number, %, Ratio And £), Years Endingst December-2007

Future Developments

Rsa

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Rsa Insurance Group Plc (£m, Number, %, Ratio And £), Years Endingst December-2007

Future Developments

The Royal Bank Of Scotland

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For The Royal Bank Of Scotland Group Plc (£m, Number, %, Ratio And £), Years Endingst December-2007

Future Developments

Standard Life

Corporate Strategy

Advertising And Distribution

Profitability

Future Developments

Zurich Financial Services

Corporate Strategy

Advertising And Distribution

Profitability

Future Developments

Key Points

9. The Future

Risk, Ratings, Restructuring And Regulation

Risk Wrapped In Mystery Parcels

The Case For Separating The Financial Connection Between Auditors And Their Clients

Toughening The Role Of Non-executive Directors

Self-improvement For Ratings Agencies

Valuation Uncertainties

Fair Value

Slow Progress Of International Regulation

Impacts Of Ifrs, Eev And Basel Ii

Need For Wider Public Knowledge

Commercial Arenas

Geographical Markets

Long-term Insurance

General Insurance

Short-term Outlook

Why The Mass Market Matters

Key Points

11. Further Sources

Associations

Companies

Marketing/national Press And Information

General Sources

Government And Official Sources

Other Sources

Bisnode Sources

Other Reports