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Rising Level of Competition to Hamper Growth of UK Employers' Liability Insurance Market

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Published on : Sep 14, 2016

ALBANY, New York, September 14, 2016: A new market research report has recently been added by ResearchMoz.us to its vast repository of research studies. The 44-page research report, titled “UK Employers Liability Insurance: Market Dynamics and Opportunities 2016,” provides a thorough overview, emphasizing on the opportunities and key dynamics in the market. The historical data and forecast statistics of the U.K. employers’ liability insurance market have been included in the research study to present a clear picture of the market. The research study is projected to help the decision-makers in reviewing their current strategies considering the new opportunities and challenges in the employers’ liability market in the U.K.

Employers’ liability insurance is a product for the employers that offers protection to them from any kind of financial loss in case the employee experiences illness or job-related injury that is not covered under the worker’s compensation. Employers’ liability insurance can be combined with the compensation insurance of workers to protect companies against the costs related to illnesses, workplace injuries, and deaths. Employers’ liability insurance is commonly known as the ‘part two’ of a worker’s compensation policy.

As per the research study, the U.K. employers’ liability insurance market is primarily characterized by unprofitability and overcapacity. In the last few years, the demand for employers’ liability insurance has increased gradually; however, the premium rates are still lagging behind claims inflation. As several uncertainties have been created by the government’s personal injury reforms and Brexit vote, the U.K. market for employers’ liability insurance is projected to remain unsettled in the next few years. In addition, the rising level of competition is projected to dampen the growth of the employers’ liability insurance market in the U.K. 

According to the report, the gross written premium of the employers’ liability insurance market in the U.K. grew by 1% in 2015. Since 2005, employers’ liability is projected to remain unprofitable and this sector has not made any underwriting profit. The growth of the market was primarily restricted by tough underwriting conditions in the overall competitive market. At present, premium rates are expected to remain flat or negative in the U.K. market in the coming years. The demand for employers’ liability insurance is expected to rise significantly in the service industries throughout the forecast period, owing to the rising number of employees and business across the U.K. 

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The research report has highlighted the prominent shifts and key announcements in the market, along with the expected changes that are estimated to influence the growth factors and investments of the relevant stakeholders in the U.K. employers’ liability insurance market in the near future. In addition, the business landscape, economic growth, and the influence of the post-Brexit environment have been taken into account while presenting the key dynamics of the market.

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