An overview of claims costs and claims management costs across motor, property and liability insurance
Scope of Claims Management in UK General Insurance 2006 report
Extensive claims costs and underwriting data for the motor, property and liability markets
Claims management cost efficiency data for major competitors in the motor, property and liability markets
Forecasts of net claims incurred for the motor, property and liability markets until 2011
Research and analysis highlights
Total claims handling efficiency declined in 2005. The ratio of claims management costs to net claims incurred increased by 0.1 percentage point, to 5.6 per cent. This was driven by a rise in ratios in the motor and liability insurance markets.
The number of claims made against the total motor insurance market fell by 3.4 percentage points in 2005, which indicates that efforts by car manufacturers, motoring organizations and the Government to improve road safety are having some effect.
Norwich Union, Zurich FS and AXA all recorded ratios of property claims management costs to net property claims incurred that were below the market average of 6.4 per cent in 2005.
Key reasons to read Claims Management in UK General Insurance 2006 report
Understand the key trends in motor, property and liability insurance claims costs
Benchmark your claims handling efficiency against your competitors
View It's forecasts for future motor, property and liability claims costs
Table of Contents :
CHAPTER 1 EXECUTIVE SUMMARY
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Property claims costs increased significantly in 2005, while in the liability market claims inflation slowed and in the motor market the number of claims declined
3
The number of comprehensive and non-comprehensive private motor claims fell while the cost increased
3
Property claims costs increased significantly in 2005
3
Employers' liability claims costs dropped for a second consecutive year in 2005
4
Disease claims have fallen significantly since 2004, as the number of people submitting mining-related respiratory disease claims has declined
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Total claims handling efficiency fell by 0.1 per cent in 2005, driven by increases in motor and liability claims management costs
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The motor ratio of claims management costs to net claims incurred rose by 0.5 percentage points
6
The liability ratio of claims management costs to net claims incurred rose by 0.3 per cent
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The property market's ratio of claims management costs to net claim incurred improved by 0.6 per cent
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Motor , property and liability claims are forecast to increase between 2006-11
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Motor claims costs will rise at approximately 5 per cent per year between 2006 and 2011 with personal injury claims being a major driver
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Legal expenses are the main main driver of motor claim costs
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Property insurance claims costs are expected to increase by approximately 3 per cent per year due to a number of factors
7
Rebuilding costs, unemployment rates, climate change and growth in housing stock will exert upward force on property claims costs
7
Liability claims are set to increase by 10 per cent per year
8
Legal expenses costs and the extension to the ICR scheme will drive up liability claims costs
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CHAPTER 2 INTRODUCTION
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What is this report about?
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Who is the target reader?
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CHAPTER 3 MARKET CONTEXT
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Introduction
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Related Reports :
UK Commercial General Insurance 2005
UK Commercial General Insurance 2006 - Competitive Dynamics
UK Commercial General Insurance 2006 - Market Context
UK General Insurance Competitor Database 2006
UK Personal General Insurance 2005
UK Personal General Insurance 2006 - Market Context
UK Personal General Insurance 2006 -Competitive Dynamics
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