An overview of claims management in the uk motor, property and liability markets
Scope of this report
- Extensive claims cost and underwriting data covering the motor, property and liability market
- Claims management cost efficiency benchmarking data by competitor
- Forecasts of net claims incurred in motor, property and liability insurance up until 2010
Research and analysis highlights
Claims inflation across all five sectors of the motor market was only 1.2 per cent in 2004. This is low compared to the compound annual growth of claims costs, which was 5.9 per cent 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 per cent which compares well to the average of the top 20 insurers of 5.3 per cent
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. Datamonitor predicts that the total claims bill will reach ?4.5 billion by 2010
Key reasons to read this report
- Plan your pricing strategy using Datamonitor's forecasts of net motor claims incurred
- Benchmark your claims handling efficiency against your competitors
- Understand the trends in claims costs and the main drivers
An overview of claims management in the uk motor, property and liability markets
