Published on : Aug 30, 2016
ALBANY, New York, August 30, 2016: ResearchMoz.us has announced the addition of a new market report, titled “UK Employers Liability Insurance: Market Dynamics and Opportunities 2016,” to its database. All the aspects have been examined methodically in this report to provide a better understanding of the UK employers’ liability insurance market. Primary and secondary resources have come into play while collating this study on this market. The report offers a comprehensive evaluation of the market dynamics and opportunities of the market under evaluation.
The report talks about the executive summary, including current scenario and key findings. The extreme uncertainties in the UK employers’ liability insurance market have created a turbulence in the last few years. The market continues to be marked by unprofitability and overcapacity.
The report presents a detailed description of the market dynamics influencing the UK employers’ liability insurance market. The demand for employers’ liability (EL) has consistently grown in the recent times, especially in the service industries. An increase in the EL demand has also been witnessed at the large and small ends of the company size span. Moreover, there is a continuous rise in the number of businesses. These factors are expected to have some positive influence on the UK employers’ liability insurance market.
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However, the EL continues to remain unprofitable since 2005. There are various factors instigating skepticism in the EL insurers. The number of EL claims are falling due to the success of Legal Aid, Sentencing, and Punishment of Offenders (LASPO) and fixed recoverable costs. The decline in EL can be specifically seen for accident and diseases. The number of accident and disease EL claims recorded a significant fall of 16.3% between 2015 and 2016. Also, there are declining noise-induced hearing loss (NIHL) claims owing to continuous improvements in health and safety reforms at the workplace. All these reductions in figures are likely to have a seismic impact on the UK EL insurance market.
Moreover, the UK EL insurance market is adversely affected by the high competitive rivalries amongst the contemporaries in it. Furthermore, the premium rates are persistently largely flat or slightly negative, which is likely to have catastrophic outcomes on the growth of this market. The report also presents a list of the top ten EL insurers along with their market shares.
The report offers insights into the developments in 2016 and beyond. As per the statistics, the market will continue to see difficult times until the end of 2018. The underwriting profitability will remain challenging and will be further amplified by the negative economic consequences of Brexit. Moreover, the amendment of mesothelioma bill and government personal injury reforms can have a negative impact on the growth of the UK EL insurance market. The authors of the report conclude the report with the examples of health reforms in the past that have dampened the growth of the EL market.
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