Damaged demand: New legislation is expected to decrease whiplash claims and limit growth

The industry acts as an outsourced claims adjusting and processing service for insurers. The industry also provides services to policyholders in the form of independent third-party validation, or the contesting of evaluations made by assessors employed by the insurers underwriting the policy. Therefore, demand for the industry’s services is closely aligned with the level of outsourcing insurers opt to undertake, insurance coverage and the occurrence of insured risks that give rise to the need for assessing damage caused and the level of payouts.Revenue is expected to increase at a compound annual rate of 1.7% over the five years through 2018-19 to £850.3 million...read more.

Industry Statistics & Market Size
Revenue
£850.3m
Annual Growth 14-19
1.7%
Forecast Growth 19-24
Profit
Employment
13,695
Businesses
705

Industry Threats & Opportunities

  • The frequency of natural disasters remained above historical averages, increasing demand
  • Industry Report - Starting a New Business Chapter

    The industry has medium barriers to entry. Capital intensity is low and, despite the presence of some large firms, scale is not essential for success as evidenced by the existence of many very small businesses in the industry. This is primarily because the industry is highly dependent on skilled labour.However, gaining a foothold in the industry can be difficult for new operators. Gaining qualifications and licences, winning initial business, and the need to establish a reputation for quality service all present barriers to potential new entrants to the industry.Growth beyond a small firm can also be difficult. Maj...purchase to read more.

    Additional Insights for the Risk & Damage Evaluation Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Risk & Damage Evaluation Industry are

  • Access to highly skilled workforce
  • Having a good reputation
  • Having a good technical knowledge of the product
  • IBISWorld analysts also discuss how external factors such as Demand from general insurance and Damage caused by natural disasters in the Risk & Damage Evaluation industry impact industry performance..

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    What's in this report

    What is the Risk & Damage Evaluation Industry?

    The industry provides insurance administration services, assessing insurance claims made by policyholders and settling claims.

    Industry Products
  • Motor risk and damage evaluation
  • Property and content risk and damage evaluation
  • Marine, aviation and transport risk and damage evaluation
  • Accident and health insurance risk and damage evaluation
  • Other services
  • Industry Activities
  • Claims adjusting
  • Risk assessing
  • Risk and damage evaluation
  • Average and loss adjusting
  • Assessing and settling insurance claims
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Demand from general insurance
  • Damage caused by natural disasters
  • Number of households
  • Total number of registered motor vehicles
  • Number of businesses

  • Current Performance
  • Demand conditions
  • Events on the app
  • Margins improve
  • Chart: Revenue Growth

  • Industry Outlook
  • Demand grows
  • Regulatory developments
  • Potential uncertainties
  • Table: Risk & Damage Evaluation Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Risk & Damage Evaluation Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • General Insurance
  • Consumers

  • Key Selling Industries
  • Car Rental & Leasing
  • Renting and Operating of Own or Leased Real Estate

  • Products & Services
  • Property and content risk and damage evaluation
  • Motor risk and damage evaluation
  • Marine, aviation and transport risk and damage evaluation
  • Accident and health insurance risk and damage evaluation
  • Other services
  • Chart: Risk & Damage Evaluation Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Insurance companies
  • Households
  • Commercial
  • Chart: Major Market Segmentation for the Risk & Damage Evaluation Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesOther costs
  • Chart: Cost Structure Benchmarking – Sector vs Risk & Damage Evaluation

  • Basis of Competition
    Internal competitionExternal competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Risk & Damage Evaluation Industry

  • Industry Globalization
    Cunningham Lindsey United Kingdom, Crawford & Co Adjusters (UK) Ltd, Davies Group Ltd,
  • Table: Cunningham Lindsey United Kingdom - financial performance
  • Table: Crawford & Co Adjusters (UK) Ltd - financial performance
  • Table: Davies Group Ltd - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Risk & Damage Evaluation Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Risk & Damage Evaluation Industry
    Includes:
  • Industry Revenue (2010-2024)
  • Industry Gross Product (2010-2024)
  • Establishments (2010-2024)
  • Businesses (2010-2024)
  • Employment (2010-2024)
  • Wages (2010-2024)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Claim
  • A formal request to an insurance company asking for a payment based on the terms of the insurance policy.
  • Insurance Coverage
  • The amount of risk or liability covered for an individual or entity by the way of insurance services.
  • Underwriting
  • A process of measuring risk and determining the premium that needs to be paid to insure that risk.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Risk & Damage Evaluation market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Risk & Damage Evaluation:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Risk & Damage Evaluation market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Risk & Damage Evaluation, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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