Research and Markets (http://www.researchandmarkets.com/reports/c32879) reported the addition of Claims Management in UK General Insurance 2005 to their offering. The report is an overview of claims management in the UK motor, property and liability markets.
This report provides extensive claims cost and underwriting data covering the motor, property and liability market. It includes claims management cost efficiency benchmarking data by competitor together with forecasts of net claims incurred in motor, property and liability insurance up until 2010.
Claims inflation across all five sectors of the motor market was only 1.2 percent in 2004. This is low compared to the compound annual growth of claims costs, which was 5.9 percent between 1994 and 2004.
Fortis was the most efficient insurer at handling motor claims in 2004 followed by NFU Mutual and CIS. It achieved a ratio of 2.6 percent which compares well to the average of the top 20 insurers of 5.3 percent.
Rising damages in personal injury cases and steadily increasing claims volumes mean that liability claims costs will continue to see a strong rise between 2005 and 2010. It is predicted that the total claims bill will reach GBP 4.5 billion by 2010.
Some key topics covered in the report include:
* Market Context
* Total motor claims costs increased marginally in 2004
Total property claims costs fell sharply in 2004
* Total net liability claims incurred increased by 5.4 percent in 2004
* Competitive Dynamics
* Total claims handling efficiency increased marginally in 2004
* Large motor insurers have seen claims management efficiencies in 2004
* Larger property insurers have relatively efficient claims functions
* Liability claims management efficiencies are generally worsening
* The Future Decoded
* Legal expenses are the main driver of motor claims costs
* Rebuilding costs are the primary driver behind increasing property claims costs.
* The key factor driving up costs in the liability sector is the legal expense involved in settling personal injury claims.
Companies mentioned in the report:
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