英国における損害保険の概要：天候の変化による影響

Abstract

The general insurance market in the UK is fairly fragmented and fiercely competitive, despite the top ten underwriters controlling around two thirds of the market. As barriers to entry have fallen, new suppliers and distributors have emerged, leading to a crowded marketplace. Cannibalism is also rife, with many insurers operating multiple brands, which ultimately compete with each other. Regulatory constraints mean there is little scope for product differentiation, while low customer loyalty and the growing influence of online aggregator sites continue to put the focus on price.

Margins are also under pressure from rising claims costs. Although claims handling processes have generally been improved and more efficient practices adopted in recent years, the unpredictable and sometimes catastrophic nature of risks can so easily result in industry-wide losses, as the summer 2007 floods testify to. Some 147,000 properties and 18,000 vehicles were affected, leading to an estimated claims bill of around £3 billion. The floods have given greater urgency to the debate over the sustainability of flood cover and the whole issue of climate change.

As insurers begin to explore ways of mitigating the risks associated with climate change and as they cultivate new eco-friendly practices and products, Mintel asks consumers what they think of some of these developments. We look at how attitudes and behaviours are changing in light of growing consumer awareness of environmental issues. Along with assessing overall product penetration, we explore policyholder buying behaviour and switching intentions in relation to the two most common general insurance types: motor and household. In addition to consumer survey analysis, the report provides a comprehensive overview of the market, in terms of its size, recent performance, claims history, underwriter share and advertising and distribution trends.

Table of Contents

• Issues in the Market
• Mintel asks...
• Definitions
• Sector focus
• Abbreviations
• Insights and Opportunities
• Some scope for expansion in the motor and home sectors
• Rising premiums prompt more to shop around
• Premium match promise
• Brokers under pressure from aggregators
• A good reputation gets around
• Decent demand for eco-friendly products
• Report in Brief
• Best trading result in years, despite fall in income...
• ...across several personal and commercial lines
• Looking ahead
• Containing claims costs is the number one challenge
• Climate change tops both the political and corporate agenda
• The largest underwriters
• Distribution trends
• Advertising activity
• The key findings of Mintel' s consumer research
  • Figure 1: Penetration of the most common insurance products, October 2007
• Buying, claiming and switching behaviour
  • Figure 2: Buying, claiming and switching behaviour -- motor and household policyholders, October 2007
• Direct versus intermediary versus aggregator
  • Figure 3: Shopping around and channel preference -- motor and household policyholders, October 2007
• Product and provider selling points
  • Figure 4: What consumers look for in an insurance policy/provider, October 2007
• Industry Issues and Drivers
• What factors are driving change in the general insurance market?
  • Figure 5: Summary of the main challenges facing general insurers in the UK, 2007
• Changing demographics
• Environmental impact
• Techno revolution
  • Figure 6: Timeline of entry for direct writers of general insurance, 1985-2005
• Online aggregators: the good and the bad
  • Figure 7: Timeline of entry for financial/insurance price-comparison sites, 1999-2007
• Power to the people
• It' s all about price
• New rules push up costs
• FSA proposes a ' NEWICOB'
• A large and expanding car parc underpins demand for motor insurance
  • Figure 8: Private motor insurance -- market drivers and supressors, 2007
• Changing social and lifestyle trends shape the household sector
  • Figure 9: Domestic property insurance -- market drivers and supressors, 2007
• Annual travel policies a popular choice for frequent travellers
  • Figure 10: Travel insurance -- market drivers and supressors, 2007
• Health sector regains strength
  • Figure 11: Health insurance -- market drivers and supressors, 2007
• Market Size and Forecast
• Key points
• Motor and property are the largest sectors
  • Figure 12: Illustration of gross annual written general insurance business -- UK risks, by sector, 2002-06
• Only the accident and health sector sees premium growth in 2006...
  • Figure 13: Summary of annual general insurance business -- UK risks, by sector, 2002-06
• ...still, 2006 sees best trading result in years
  • Figure 14: UK outgo for annual general insurance business, 2002-06
• Hardening rates will underpin future growth in the motor and property sectors
  • Figure 15: Forecast of gross written annual general insurance business -- UK risks, by sector, at current and constant prices, 2007-12
• Factors incorporated
• Sector Performance
• Key points
• Sector analysis -- winners and losers
  • Figure 16: Detailed premium analysis -- UK, by selected class of business, 2006
  • Figure 17: Share of total premium income (UK annual business), by sector, 2006
• Private motor sector bows under pricing pressure
  • Figure 18: UK private motor -- underwriting result, 2002-07
• Domestic property market continues on an upward path
  • Figure 19: UK domestic property -- underwriting result, 2002-07
• A low claims ratio ensures solid performance from the accident sector
  • Figure 20: UK accident and health -- underwriting result, 2002-06
• Demand for annual policies gives fresh impetus to the travel sector
  • Figure 21: UK travel insurance -- volume and value of policies written, by type, 2004-06
• Claims Experience
• Key points
• Net cost of private motor claims stabilises in 2006
  • Figure 22: Net claims incurred -- UK annual general insurance business, by sector, 2002-06
  • Figure 23: Net claims incurred index -- UK annual general insurance business, by sector, 1997-2006
• Pecuniary loss has the lowest claims ratio, motor the highest
  • Figure 24: Claims ratio -- UK annual general insurance business, by sector, 1997-2006
• Fire and theft were the top perils for property insurers in 2006
  • Figure 25: Gross claims incurred -- UK domestic property, by type of claim, 2002-06
• Effective claims management is number one priority
• Two thirds of private motor claims related to accidental damage in 2006
  • Figure 26: Number of claims notified -- UK private motor, by type of claim, 2002-06
• Rejected claims more common in the non-comprehensive motor sector
  • Figure 27: Proportion of home and motor insurance policyholders who have made a claim within the past three years, by type of policy, October 2007
• Undetected fraud adds an extra £40 a year onto the average premium
  • Figure 28: Estimated value of undetected fraudulent general insurance claims, 2006
• Property sector has highest incidence of fraudulent claims
  • Figure 29: Estimated value of undetected retail opportunistic fraud and average claim size, by product category, 2006
• Rising costs push up premiums
  • Figure 30: AA British Insurance Premium Index -- market average trends, July 1994-October 2007
• Young drivers pay more because they cost more
  • Figure 31: Average market and shoparound motor and home insurance premiums, 1994 and 2007
• The Challenge of Climate Change
• Key points
• The costs stack up...
• ...but there are opportunities too
• Cover for flood-risk households under threat
• Greater investment in flood defences needed
• Climate change driving new innovation
• Eco-friendly home insurance
• Green motor cover
• Carbon-neutral companies
• Insurers get ClimateWise
• Consumers prepared to pay more for eco-friendly products
  • Figure 32: Proportion of people who are influenced by ethical/environmental factors in their choice of financial provider, November 2007
• Implication and opportunity
• Two thirds of adults make an effort to be eco-friendly
  • Figure 33: Agreement with statements about environmental issues, by gender, October 2007
• Implication and opportunity
• Those aged 25-44 are the ' greenest' consumers
  • Figure 34: Agreement with statements about environmental issues, by age group, October 2007
• Scope to improve the South' s eco credentials
  • Figure 35: Agreement with statements about environmental issues, by region, October 2007
• Implication and opportunity
• Insurance policyholders even more eco-conscious
  • Figure 36: Agreement with statements about environmental issues, by ownership of selected general insurance products, October 2007
• Implication and opportunity
• Dividing the population into five clusters
  • Figure 37: Segmenting the population based on attitudes towards the environment, October 2007
  • Figure 38: Cluster composition based on attitudes towards environmental issues, October 2007
• Super Green
• Eco-friendly
• Flood-sensitive
• Pragmatist
• Apathetic
• Trade Perspective
• About the respondents
• Providers support proposals for a two-tier regulatory system
• Aggregators: an aggravation or an invaluable tool?
• Understand, educate and adapt to climate change
• The debate over flood cover
• Aggressive pricing and shifting distribution power are also issues of concern
• Underwriter Share
• Key points
• Aviva tops the general insurance rankings
  • Figure 39: Largest general (re)insurers -- total market (direct and faculative business), 2005 and 2006
• Several of the largest players specialise in the commercial sector
• Positions vary across different sectors
  • Figure 40: Top ten general insurers, by sector (personal lines only), based on share of total gross earned premiums, 2006
• Two brands dominate the health sector...
• ...ditto, the pet insurance market
• RBS claims top spot in the car market
• Tesco makes its mark
• Several banking groups have diversified into the insurance market
• Norwich Union puts greater focus on customer retention
• Brand Promotion and Advertising
• Key points
• Motor and home insurance attract heavy ad investment
• Advertising trends
  • Figure 41: Total advertising expenditure on general insurance, by product category, 2004/05-2006/07
• Direct mail is the medium of choice
  • Figure 42: Proportional distribution of general insurance adspend, by main media type, 2006/07
• The value of direct mail
• Direct Line spent the most on advertising in 2006/07
  • Figure 43: Top 20 general insurance advertisers, by advertising expenditure, 2004/05-06/07
• Confused.com is the only aggregator to make the top 20
• Three bank brands feature
• BUPA uses animation to get a simple message across
• Several brands specialise in the over-50s market
• Others
• Distribution Developments
• Key points
• Intermediaries under pressure from direct players, bancassurers and affinity brands
  • Figure 44: Proportional distribution of UK personal lines general insurance, by channel, 2002-06
• Direct sales channel dominates the motor market...
  • Figure 45: Proportional distribution of UK private motor insurance, by channel, 2006
• ...while intermediaries continue to lead the way in the household sector
  • Figure 46: Proportional distribution of UK domestic property insurance, by channel, 2006
• The rise of the retailers
  • Figure 47: Selected non-traditional providers' insurance ranges and their partners, December 2007
• The Internet has created cost-saving opportunities...
  • Figure 48: Proportion of motor and home insurance policyholders who have bought a policy or searched online for a quote, October 2007
• ...but is less effective at upselling extras
• Admin costs may have lowered, but acquisition costs have risen
• Weighing up offshoring
  • Figure 49: Selected insurers split according to location of call centre roles, February 2007
• The Consumer -- Insurance Product Ownership
• Key points
• About Mintel' s consumer survey
• Motor and household insurance are the most common types held
  • Figure 50: Ownership of insurance products, October 2007
• Implication and opportunity
• Still much confusion over legal cover
• Super Greens and Pragmatists record highest take-up rates
  • Figure 51: Ownership of insurance products, by environmental clusters, October 2007
• Product synergies abound
  • Figure 52: Cross-analysis -- ownership of insurance products, October 2007
• Implication and opportunity
• Wealth is a major determiner of insurance take-up
  • Figure 53: Target groups identified for selected general insurance products, October 2007
• One in seven have no insurance provision
  • Figure 54: Number of insurance products owned, October 2007
  • Figure 55: Type of policy held, by number of insurance products owned, October 2007
• Low income groups face greatest risks but are least likely to have cover
  • Figure 56: Number of insurance products owned, by gender, age, socio-economic group, lifestage, working status and gross annual household income, October 2007
• Implication and opportunity
• Many in the Apathetic group lack adequate insurance protection
  • Figure 57: Number of insurance products owned, by environmental clusters, October 2007
• The Consumer -- Home Insurance
• Key points
• One in eight household policyholders arranged cover online
  • Figure 58: Buying home insurance, claims experience and switching behaviour, by type of policy, October 2007
• Implication and opportunity
• Less than two fifths say they' ve never made a claim...
• ...while a quarter have switched providers within the past three years
• Implication and opportunity
• 7% of recent claimants have had their claim rejected
  • Figure 59: Cross-analysis -- buying home insurance online, claims experience and switching behaviour, October 2007
• The loyal Eco-friendly are least likely to make a claim
  • Figure 60: Buying home insurance online, claims experience and switching behaviour, by environmental clusters, October 2007
• A third of policyholders will habitually shop around
  • Figure 61: Home insurance-buying behaviour, channel preference and influences, October 2007
• Implication and opportunity
• A fifth find online comparison sites ' useful'
• Implication and opportunity
• Aggregators encourage shoparound mentality
  • Figure 62: Cross-analysis -- home insurance-buying behaviour, channel preference and influences, October 2007
• Implication and opportunity
• The rise of the Internet has encouraged consumers to shop around
  • Figure 63: Home insurance-buying behaviour, channel preference and influences, by buying online, claims experience and switching behaviour, October 2007
• Super Greens take note of consumer advice
  • Figure 64: Home insurance-buying behaviour, channel preference and influences, by environmental clusters, October 2007
• Implication and opportunity
• The Consumer -- Motor Insurance
• Key points
• One in four bought their motor policy online
  • Figure 65: Buying motor insurance, claims experience and switching behaviour, by type of policy, October 2007
• Implication and opportunity
• Those aged 55-64 are most likely to switch
  • Figure 66: Buying motor insurance online, claims experience and switching behaviour, by gender and age, October 2007
• Proportion of rejected motor claims is on par with the household sector
  • Figure 67: Cross-analysis -- buying motor insurance online, claims experience and switching behaviour, October 2007
• Super Greens are most likely to switch, buy online and make a claim
  • Figure 68: Buying motor insurance online, claims experience and switching behaviour, by environmental clusters, October 2007
• Many policyholders appreciate the ' driving other cars' provision
  • Figure 69: Motor insurance-buying behaviour and channel preference, by type of policy, October 2007
• Implication and opportunity
• Four in five users of online aggregators find them ' useful'
  • Figure 70: Cross-analysis -- motor insurance-buying behaviour and channel preference, October 2007
• Encouraging consumers to shop around creates more churn
  • Figure 71: Motor insurance-buying behaviour and channel preference, by buying online, claims experience and switching behaviour, October 2007
• Super Greens like to shop around
  • Figure 72: Motor insurance-buying behaviour and channel preference, by environmental clusters, October 2007
• The Consumer -- Policy Selling Points
• Key points
• Comprehensive cover is more important than price, say home and motor policyholders
  • Figure 73: What people most want from an insurance policy, October 2007
• Those looking for clearly explained terms also want efficient claims handling
  • Figure 74: Cross-analysis -- what people most want from an insurance policy, October 2007
• Recent and potential switchers have high expectations
  • Figure 75: What people most want from an insurance policy, by recent and potential home and motor insurance switchers, October 2007
• The Flood-sensitive look for a well-known brand
  • Figure 76: What people most want from an insurance policy, by environmental clusters, October 2007
• Further analysis
• Product Penetration -- Detailed Demographics (1)
  • Figure 77: Ownership of general insurance products (1), by gender, age, socio-economic group, marital status, lifestage, Mintel' s Special Groups and working status, October 2007
  • Figure 78: Ownership of general insurance products (1), by tenure, gross annual household income, region and ACORN category, October 2007
  • Figure 79: Ownership of general insurance products (1), by new technology usage, newspaper readership, commercial TV viewing and supermarket usage, October 2007
• Product Penetration -- Detailed Demographics (2)
  • Figure 80: Ownership of general insurance products (2), by gender, age, socio-economic group, marital status, lifestage, Mintel' s Special Groups and working status, October 2007
  • Figure 81: Ownership of general insurance products (2), by tenure, gross annual household income, region and ACORN category, October 2007
  • Figure 82: Ownership of general insurance products (2), by new technology usage, newspaper readership, commercial TV viewing and supermarket usage, October 2007
• Profile of Clusters -- Detailed Demographics
  • Figure 83: Cluster profile, by gender, age, socio-economic group, marital status, lifestage and working status, October 2007
  • Figure 84: Cluster profile, by tenure, gross annual household income, region and ACORN category, October 2007
  • Figure 85: Cluster profile, by new technology usage, newspaper readership, commercial TV viewing and supermarket usage, October 2007