Gross written premiums in the commercial property insurance category recorded sustained growth throughout the review period (2008-2012), rising at a compound annual growth rate (CAGR) of 6.79%. Premiums increased at an annual rate of 6.8% in 2012, reaching a total of
Commercial property insurance claims paid declined by 5.5% in 2012, but this belies the rapid growth recorded since 2008. Payouts rose at a CAGR of 57.29% over the five years to 2012, while claims incurred increased at a CAGR of 28.61% during the same period. The
Despite weakness in the commercial construction market and flagging business sentiment due to poor economic conditions, the rise in premiums was driven by high claims related to severe weather and instances of civil unrest. Tentative economic recovery and improving business conditions drove growth towards the end of the review period.
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A large claims burden, limited investment returns due to the
Following the expiry of the Statement of Principles in
Despite downside forces, growth in commercial property gross written premiums will prevail over the forecast period (2013-2017) as the economic recovery gains traction, business confidence improves and commercial construction activity increases. Premiums are expected to rise to
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Premium growth was maintained in 2012
Commercial property insurance payouts have surged
High claims led insurers to raise rates
Profitability has been elusive
Insurers will face headwinds following legislative changes
Moderate growth in gross written premiums is expected
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