Published Date : Sep 06, 2016
ALBANY, NY, Sep 06, 2016 - MarketResearchReports.biz has added a new report “UK Employers Liability Insurance: Market Dynamics And Opportunities 2016,” to its offering. This study presents an extensive understanding of the market for UK employers liability insurance. The report deploys a comprehensive outlook on the claims environment in this market. The predicted shifts in the market and the changes likely to take place in this market have also been presented. The key trends in the market and its state in the coming years have been explained in detail. In addition, the factors restraining and supporting the growth of this market have also been presented in this study. As per the report, this market is facing a tough time owing to numerous factors and it is predicted that the market will experience a downfall even in forthcoming years.
At the beginning of the report, an introduction to the market has been presented. In this section, the definition and significance of liability insurance in the UK have been presented. At workplaces, employers are primarily responsible for the safety and health of the employees working under them during their working hours. In certain working environments, employees are prone to illnesses or injuries as per their working conditions. These employees can claim a compensation in case they hold an opinion that their employer is responsible for any illnesses or accidents caused to them. Hence, employers’ liability insurance has been introduced in the UK in which employers are able to provide the compensation cost in case of any injury or illness caused to their employees during their work hours, be it on site or off site.
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As stated in the report, in 2015, the liability market gross written premium increased by 1% in the UK. In addition, premium rates are also primarily flat and partially negative within the UK. The report states that the employers’ liability in the UK has remained unprofitable, hence, the UK employers liability insurance market hasn’t made any large profit since 2005. However, the degree of claim inflation has lowered owing to the popularity of LAPSO. Though this is predicted to be a temporary thing as catastrophic losses’ inflation is still more than 10%.
The growth of the UK employers liability insurance market is also hampered by the reduction in liability claims related to accidents. These claims recorded a drop of -16.30% between 2015 and 2016 due to the increasing enhancement in the workplace environment in terms of safety and health in the UK. On the other hand, the report states that disease claims haven’t exhibited any signs of decline and in fact have grown by +29% from 2015 to 2016, which may impact the market positively. In addition, as per the report, the demand for employer liability insurance is still gaining demand, especially from service industries. On the other hand, the negative economic impact of Brexit will also impede the growth of the UK employers liability insurance market, as stated in this report.
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