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Zurich: UK Personal General Insurance Competitor Profile 2006Published by: Datamonitor Published: Dec. 7, 2006 - 40 Pages Table of ContentsCHAPTER 1 INTRODUCTION 8 What is this report about? 8 Who is the target reader? 8 How to use this report 8 CHAPTER 2 ZURICH: UK PERSONAL GENERAL INSURANCE COMPETITOR PROFILE 2006 9 Zurich Financial Services is a general and life assurer with an emphasis on North America and Europe 9 Zurich Financial Services is one of the largest insurance groups in the world 9 The UK is the second largest contributor to Zurich's worldwide general insurance business 10 Zurich's personal lines business is smaller than its commercial arm, however, household and motor have grown at a steady rate 11 Zurich's general insurance book is weighted towards commercial business 11 Zurich's household and private motor books have grown at similar rates to the respective markets since 2001, but the company pulled back from competition in 2005 12 Its combined ratio increased in 2005, but Zurich UK saw net earned premiums decrease as part of its commitment to underwriting discipline 18 2006 has been a tough year for Zurich 19 Zurich's UK personal lines strategy will see it respond to increasing market competition as well as maximizing the efficiency of its value chain 19 Zurich is responding to market pressures with plans to move to a more customer focused approach and to leverage some of the pan-European strategies of Zurich European General Insurance 19 Zurich is undertaking a number of initiatives to maximise the effectiveness of its UK value chain 21 Zurich spent £4.1 million on advertising in 2005, the majority of which was spent on motor insurance 23 Zurich's general insurance book is heavily intermediated 26 Zurich distributes personal lines business to over 3,000 brokers and is held in high esteem by its brokers 26 Zurich is taking a cautious approach to the direct channel but will seek to boost its corporate partners' business 26 Zurich has restructured its UK business along distribution capabilities 27 Zurich will be maintaining its intermediary focus while moving towards a more customer centric approach and seeking to maximise efficiency in the UK value chain 28 Zurich will be taking a cautious approach to direct distribution and continuing with its emphasis on intermediated business 28 Zurich intends to take a more customer orientated approach and generate efficiencies along the value chain 28 CHAPTER 3 APPENDIX 29 Supplementary data 29 Methodology 30 Competitor data 30 GWP versus GEP reporting 30 Major changes in FSA Return categories and their impact 31 Market size 31 Changes in market size information 31 2005 definitions for lines of business 32 Accident & health 32 Motor 32 Total private motor 32 Private motor comprehensive 33 Private motor non-comprehensive 33 Motorcycle 34 Property 34 Household and domestic all risks. 34 Financial/Pecuniary loss business 34 Total personal financial loss business 34 Total personal 34 Total commercial 35 Ratio analysis by competitor 35 Premium income measures 36 Earned premiums 36 Gross Premium 36 Net Premium 36 Written premiums 36 Research methodology 36 Datamonitor's Personal Broker Survey 36 Current readings 36 Future readings 37 Do you need more information? 37 Datamonitor Financial Services Consulting 37 SPP writing team 39 List of Tables Table 1: Zurich FS general insurance GWP & policy fees by geography, 2005 11 Table 2: Split between personal and commercial business for Zurich, 2005 12 Table 3: Zurich's growth rates and share of personal GWP by line of business compared to the market, 2005 15 Table 4: Zurich's personal lines premium income split by line of business, 2001-5 16 Table 5: Key statistics relating to Zurich's personal lines book, 2001-5 17 Table 6: Zurich UK key profit metrics, 2004-5 19 Table 7: Zurich's advertising spend by product, 2005 24 Table 8: Zurich's advertising spend by media, 2005 25 Table 9: Do you enjoy dealing with any particular insurer? 30 List of Figures Figure 1: Zurich UK general insurance forms part of Zurich European General Insurance 9 Figure 2: Zurich UK, at £2.2 billion GWP, made a significant contribution towards Zurich's worldwide general insurance business 10 Figure 3: Zurich's book was heavily weighted towards commercial business in 2005 12 Figure 4: Zurich's household and private motor books have grown at a similar rate to the overall household and private motor markets between 2001 and 2005 14 Figure 5: Zurich has seen steady growth in its household insurance book between 2001 and 2005 16 Figure 6: Zurich UK's business operating profit fell by 23.8 per cent in 2005 to £277 million 18 Figure 7: Zurich will focus on all three distribution channels in personal lines and move to a more customer centric approach 21 Figure 8: Zurich UK intends to maximize the efficiency of its value chain in personal lines 23 Figure 9: Zurich spent the majority of its advertising budget on motor insurance in 2005 24 Figure 10: Zurich spent over 80 per cent of its advertising budget on direct mail 25 Figure 11: Zurich focuses heavily on the broker channel 27 Figure 12: Brokers particularly enjoy dealing with Zurich and Norwich Union 29 AbstractIntroductionThis profile provides an overview of Zurich's UK personal general insurance business, focusing on product and distribution strategy, in addition to the company's performance in its key lines of business Scope *Unique data on Zurich's UK personal insurance business, including premium income and performance ratios *A combination of primary and secondary research, including FSA Returns, investor relations analysis, and advertising statistics Highlights Zurich's management has noted that margins on partnership business have become tighter in recent years as this distribution channel has grown in importance to personal lines players. While it intends therefore to build its corporate partnership business, it will also remain committed to its highly intermediated proposition Reasons to Purchase *Gain insight into Zurich's corporate and personal lines strategy, along with the insurer's structure and focus *Understand Zurich's personal lines business through unique data and analysis Get Full Details About This Report >> |
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