Commercial Property Owners Insurance Market Insights
Discover key insights into the commercial property owners insurance market, including market size, key success factors, underwriting trends, and more. Learn about the coverage provided, market competition, and the distinction between London and regional markets.
Uploaded on | 0 Views
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
COMMERCIAL PROPERTY OWNERS INSURANCE Insurance Institute of Leicester - 1st March 2017 Gregor Elrick, Technical Underwriting Manager, AXA Insurance CONFIDENTIALITY LEVEL
Commercial Property Owners Insurance Agenda What is Property owners business? Size of the Market London versus the Regions Features of the Market Key success factors Wordings Underwriting and Pricing Trends Questions 2 | Commercial Property Owners Insurance MENTION DE CONFIDENTIALIT
Commercial Property Owners Insurance What is Property Owners business Commercial Property Owners insurance is protection for customers who own buildings for investment purposes but do not intend to occupy those premises Cover will generally include Buildings, Loss of Rent, Property Owners Liability Can also include Employers Liability, landlords contents, legal expenses, etc Also called Real Estate, Property Investors Commercial Property Owners Insurance 3 | MENTION DE CONFIDENTIALIT
Commercial Property Owners Insurance What is Property Owners business Insurance Company funds Segregated pension Funds Domiciled Pension Schemes Real Estate Investment Trusts Private Property Companies Estates and Charities Private investors Housing Associations Hotels and Pubs Foreign investors Commercial Property Owners Insurance 4 | MENTION DE CONFIDENTIALIT
Commercial Property Owners Insurance Size of the Market Data not perfect and information is based on AXA estimates Estimated to be 2.2bn GWP Split 1.3bn London market v 900m Regions Increasing competition QBE, Tokio Marine, Manchester Underwriting Top 5 Aviva Zurich AXA Allianz RSA We estimate there is 871bn worth of Property Assets that can be classed as Property Owners buildings 40% is owner owned, 60% is owned by investment funds 5 | Commercial Property Owners Insurance MENTION DE CONFIDENTIALIT
Commercial Property Owners Insurance London versus the Regions The two markets not always aligned Bespoke Real Estate teams normally located in the London market Large specialist Broker presence What does this mean: Bespoke wordings Limited ability to differentiate London property market has different influences Market expertise Insurance Act Different client base End client understanding Does this make things better or worse? Commercial Property Owners Insurance 6 | MENTION DE CONFIDENTIALIT
Commercial Property Owners Insurance Features of the Market Profitability Buildings and rent Price sensitivity Who pays the premium Valuations Establishing your sum insured Focus on cover Wide policy wordings High commissions Service standards Portfolio Underwriting Large limits required Stability Capacity/Reinsurance Commercial Property Owners Insurance 7 | MENTION DE CONFIDENTIALIT
Commercial Property Owners Insurance Key Success Factors Understanding client Innovative solutions Professionalism Price Service Technical expertise Relationships Commercial Property Owners Insurance 8 | MENTION DE CONFIDENTIALIT
Commercial Property Owners Insurance Wordings Issues Wide cover Large limits Insurance Act Dilapidations/Fly tipping Cyber Legal Expenses Terrorism Bank Interests Commercial Property Owners Insurance 9 | MENTION DE CONFIDENTIALIT
Commercial Property Owners Insurance Underwriting and Pricing No different to anything else Exposure rating/Burning cost/Blend Any technical price should include the following Attritional losses Large Losses Cat Expenses Commission Profit Profit Shares Risk Management Funds Etc, Etc, Etc Soft market still applies to Real Estate Commercial Property Owners Insurance 10 | MENTION DE CONFIDENTIALIT
Commercial Property Owners Insurance Trends Death of the High Street Buy to let On-line purchasing Student Accommodation Cross Laminated Timber Push fit plumbing/Escape of water Under insurance Brexit Japanese Knotwood Decline of London office market Generation rent E-Commerce airbnb Commercial Property Owners Insurance 11 | MENTION DE CONFIDENTIALIT
Commercial Property Owners Insurance Questions Commercial Property Owners Insurance 12 | MENTION DE CONFIDENTIALIT
