PUBLISHER: GlobalData | PRODUCT CODE: 1469750
PUBLISHER: GlobalData | PRODUCT CODE: 1469750
This report tracks the health and shape of the employers' liability market - taking into account market size, profitability, performance ratios, and the claims environment. The UK's economic growth, business landscape, and cost-of-living crisis are all taken into consideration to build a full picture of this space. Key shifts in the market and likely future changes are analyzed for impact across all relevant stakeholders.
The employers' liability market is expected to grow by 9.2% in 2023, following strong growth of 25.6% in 2022. The increase in 2023 can be ascribed to rising premiums brought on by inflationary pressures and rising claim costs. The current economic conditions, which are marked by high rates of interest and inflation, have increased the expenses associated with conducting business. Along with the current recession the UK has entered, this may cause the unemployment rate to increase, hence having an impact on the employers' liability market. The market is directly reliant on the number of businesses and employees in the UK, so this will have a negative impact on premiums. With the average cost of claims increasing, insurers will have to keep an eye on their pricing to ensure they do not lose out and maintain a strong underwriting profit. GlobalData forecasts GWP to reach GBP2.16 million by 2027.