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Performance Ratio Benchmarking In Uk Motor Insurance 2007

Published by: Datamonitor

Published: Oct. 31, 2007 - 17 Pages


Table of Contents


DATAMONITOR VIEW
CATALYST
SUMMARY
ANALYSIS
The average loss ratio among the top 10 UK motor insurance providers declined in 2006 with AXA, Norwich Union and Churchill recording the biggest improvements
In 2006, the average loss ratio of the top 10 UK motor insurers fell by 3.3 percentage points to 71.1%
AXA, Norwich Union and Churchill recorded the strongest loss ratio reductions
Four insurers recorded loss ratio deterioration
The average expense ratio of the top 10 UK motor insurers declined by 0.7 percentage points in 2006, with Churchill, AXA, NIG and Royal & SunAlliance recording above-average reductions
The average expense ratio of the top 10 UK motor insurers declined by 0.7 percentage points in 2006
Churchill, AXA, NIG and Royal & SunAlliance recorded above-average expense ratio decline
Norwich Union, Zurich and NFU Mutual recorded the highest increases in their expense ratios
The average combined ratio of the top 10 motor insurers fell by four percentage points in 2006, with AXA and Churchill seeing significant declines
The average combined ratio of the top 10 motor insurers declined by four percentage points in 2006
AXA and Churchill recorded significant reductions in combined ratio in 2006
NIG, Direct Line and Zurich recorded combined ratio increases
APPENDIX
Definitions
Average
Total average
Earned premiums
Gross premium
Net premium
Written premiums
Loss ratio
Expense ratio
Combined ratio
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
List of Tables
Table 1: Change in premium income compared to change in loss ratio, top 10 UK motor insurers, 2005-6
Table 2: Change in premium income compared to change in expense ratio, top 10 UK motor insurers, 2005-6
Table 3: Change in premium income compared to change in combined ratio, top 10 UK motor insurers, 2005-6
Table 4: Motor insurance premium income by competitor, top 20 UK motor insurers, 2005-6
Table 5: Loss ratio of the top 20 UK motor insurers, 2005-6
Table 6: Expense ratio for the top 20 UK motor insurers, 2005-6
Table 7: Combined ratio for the top 20 UK motor insurers, 2005-6
List of Figures
Figure 1: While the average loss ratio of the top 10 UK motor insurers fell in 2006, NIG and Direct Line saw increases in their ratios
Figure 2: Norwich Union saw the biggest increase in private motor expense ratio in 2006
Figure 3: NIG saw the biggest increase in combined ratio in 2006


Abstract

Introduction

This report provides information about the underwriting profitability of the top 10 UK motor insurers. It analyzes different performance measures, including loss, expense and combined ratios. In addition, it provides data on GWP for the top 10 motor insurers in 2006 and how this has changed since 2005.

Scope

Data on 2006 loss, expense and combined ratios for the leading UK motor insurers Insight into the underwriting efficiency of the top 10 UK motor insurers Information on motor insurance premium income changes for leading UK motor insurers in 2005 and 2006

Highlights

Improving motor insurance market conditions were evident in 2006 as the average loss ratio of the top 10 motor insurers decreased by 3.3 percentage points, to 71.1%. Average expense ratios among the leading UK motor insurers only changed modestly in 2006, declining by less than a percentage point, from 27.3% in 2005, to 26.7% in 2006. The top 10 UK motor insurers recorded an average combined ratio of 97.8% in 2006 which represents a 4 percentage point decrease from 2005. Moreover this reduction moved the average from a position of underwriting loss into underwriting profit.

Reasons to Purchase

Understand changes in average motor performance ratios Benchmark your performance ratios against those of major competitors Identify which motor insurers became more or less profitable in 2006


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