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UK Commercial General Insurance 2003/4
Datamonitor, Nov 2003, Pages: 398
TABLE OF CONTENTS
Chapter 1 EXECUTIVE SUMMARY 3
Introduction 3
Market Context 3
Market overview 3
Analysis by segment 4
Commercial Distribution 5
Current competitive issues 5
Competitive Dynamics 6
Competitive context 6
Market share analysis 7
Ratio analysis 8
The Future Decoded 9
Forecasts 9
Chapter 2 INTRODUCTION 34
What is this report about? 34
Who is the target reader? 35
How to use this report 35
Chapter 3 MARKET CONTEXT 36
Introduction 36
General insurance market overview 36
Total market size by lines of business 36
Insurance market split by commercial and personal business 38
Commercial market by line of business 39
Total general insurance underwriting result 42
Analysis of commercial market by segment 44
Accident and health 44
General liability 51
Motor 55
Pecuniary loss 64
Property 69
Lloyd’s share of UK general insurance markets 76
Chapter 4 COMMERCIAL DISTRIBUTION 78
Introduction 78
Distribution channel splits 78
Independent intermediaries 80
Company staff 81
Tied agents 81
Banks/building societies 81
Direct 82
Utilities/retailers/affinity groups 82
Datamonitor distribution splits 82
Current competitive issues 83
Regulation paves the way for further broker consolidation 83
Signs of an acquisition splurge in 2003 84
The SME sector remains attractive 85
Broker networks can offer numerous advantages 86
Self-insurance 87
Chapter 5 COMPETITIVE DYNAMICS 88
Introduction 88
Competitive context 88
Merger and acquisition activity 88
Job cuts 91
Market hardening 91
Business rationalization 92
Increasing SME focus 93
Market share analysis 94
Top 10 are losing their grip on market share 94
Top 10 commercial insurers in 2001 and 2002 97
Split between commercial and personal business for the top 10 commercial insurers 102
Ratio Analysis 106
Accident and health 106
General Liability 116
Motor 126
Pecuniary loss 137
Property 147
Chapter 6 THE FUTURE DECODED 158
Introduction 158
Future issues affecting the commercial general insurance market 158
Key assumptions 160
Forecasts 161
Total commercial market 162
Group accident and health 163
General liability 165
Commercial motor 168
Pecuniary loss 170
Commercial property 172
Chapter 7 APPENDIX 176
Supplementary data 176
UK general insurance market by sector 176
Leading competitor profiles 178
Accident and health insurance market by competitor 205
General liability insurance market by competitor 217
Motor insurance market by competitor 231
Pecuniary loss insurance market by competitor 247
Property insurance market by competitor 262
Total general insurance performance ratios by competitor 274
Accident and health insurance performance ratios by competitor 299
General liability insurance performance ratios by competitor 314
Motor insurance performance ratios by competitor 328
Pecuniary loss insurance performance ratios by competitor 340
Property insurance performance ratios by competitor 360
Definitions 380
Definitions of general terms 380
Commercial general insurance 382
Research methodology 385
Explanatory notes to the personal / commercial splits 385
Explanatory notes to competitor tables 386
Explanatory notes to market total figures 394
Accuracy of figures 395
Research sources 395
Current publications 395
Future publications 395
Relevant links 396
Do you need more information? 396
Datamonitor Financial Services Consulting 396
SPP writing team 398
LIST OF TABLES
Table 1: Total general insurance market GWP, by sector, 1998-2002 37
Table 2: General insurance market split between personal and commercial sectors, 1998-2002 39
Table 3: Commercial general insurance market premium income and year-on-year growth, split by sector, 1998-2002 41
Table 4: Total general insurance underwriting result, by line of business, 1992-2002 44
Table 5: Accident and health market GWP split between individual and group, 1998-2002 45
Table 6: Accident and health GWP by sector, 1998-2002 47
Table 7: Accident and health underwriting account, 1992-2002 49
Table 8: Accident and health split between Lloyd’s and ABI members, 1992-2002e 50
Table 9: General liability market GWP split by line of business, 1998-2002 52
Table 10: Total general liability underwriting result, 1992-2002 53
Table 11: General liability split between Lloyd’s and ABI members, 1992-2002e 55
Table 12: Motor insurance GWP split between private and commercial business, 1998-2002 56
Table 13: Motor market GWP by line of business, 1998-2002 58
Table 14: Motor underwriting account, 1992-2002 60
Table 15: Commercial motor underwriting account, 1993-2002 61
Table 16: Motor split between Lloyd’s and ABI members, 1992-2002e 64
Table 17: Pecuniary loss GWP by line of business, 1998-2002 65
Table 18: Pecuniary loss underwriting account, 1992-2002 67
Table 19: Pecuniary loss split between Lloyd’s and ABI members, 1992-2002e 69
Table 20: Property insurance GWP split between household and commercial business 70
Table 21: Property underwriting account, 1992-2002 72
Table 22: Commercial property underwriting account, 1993-2002 74
Table 23: Property GWP split between Lloyd’s and ABI members, 1992-2002e 76
Table 24: Lloyd’s share of UK general insurance markets, 2002e 77
Table 25: Market share of distribution channels in CGI market, 1998-2002 80
Table 26: Datamonitor’s estimates for distribution channel splits, 2002 83
Table 27: Market share of commercial competitors grouped into top 10, 11-20 and >20, 1998-2002 95
Table 28: Market share and GEP for commercial players grouped into top 10, 11-20 and >20, 2001-2 96
Table 29: Market share of top 10 commercial insurance competitors, 2001-2 98
Table 30: Market share and GEP for top 10 commercial players, 2001-2 102
Table 31: Percentage split of personal and commercial business for the top 10 commercial insurers, 2001-2 105
Table 32: GEP compared with loss ratio, top 20 A&H insurers, 2001-2 109
Table 33: Expense ratios of top 20 A&H competitors, 2001-2 113
Table 34: GEP compared with combined ratio, top 20 A&H insurers, 2002 116
Table 35: GEP compared with loss ratio, top 20 liability insurers, 2001-2 119
Table 36: Expense ratios of top 20 general liability competitors, 2001-2 122
Table 37: GEP compared with combined ratio, top 20 liability insurers, 2001-2 125
Table 38: GEP compared with loss ratio, top 20 motor insurers, 2001-2 129
Table 39: Expense ratios of top 20 motor competitors, 2001-2 134
Table 40: GEP compared with combined ratio, top 20 motor insurers, 2001-2 137
Table 41: GEP compared with loss ratio, top 20 pecuniary loss insurers, 2001-2 141
Table 42: Expense ratios of top 20 pecuniary loss competitors, 2001-2 144
Table 43: GEP compared with combined ratio, top 20 pecuniary loss insurers, 2001-2 147
Table 44: GEP compared with loss ratio, top 20 property insurers, 2001-2 151
Table 45: Expense ratios of top 20 property competitors, 2001-2 154
Table 46: GEP compared with combined ratio, top 20 property insurers, 2001-2 157
Table 47: Forecast commercial general insurance GWP, 1998-2008 163
Table 48: Forecast GWP for group accident and health market, 1998-2008 165
Table 49: Forecast GWP for general liability market, 1998-2008 167
Table 50: Forecast commercial motor GWP, 1998-2008 170
Table 51: Forecast pecuniary loss GWP, 1998-2008 172
Table 52: Forecast commercial property GWP, 1998-2008 175
Table 53: Total UK general insurance market GWP by sector, 1998-2002 176
Table 54: Total UK general insurance market GWP by sector, 1998-2002, cont. 177
Table 55: Norwich Union performance profile, total business, 1998-2002 178
Table 56: Royal & SunAlliance performance profile, total business, 1998-2002 179
Table 57: Zurich FS performance profile, total business, 1998-2002 180
Table 58: AXA performance profile, total business, 1998-2002 181
Table 59: Allianz Cornhill performance profile, total business, 1998-2002 182
Table 60: New Hampshire performance profile, total business, 1998-2002 183
Table 61: BUPA performance profile, total business, 1998-2002 184
Table 62: NFU Mutual performance profile, total business, 1998-2002 185
Table 63: NIG performance profile, total business, 1998-2002 186
Table 64: GEFI performance profile, total business, 1998-2002 187
Table 65: Total general insurance GEP by competitor, 1998-2002 188
Table 66: Total general insurance GEP by competitor, 1998-2002, cont. 189
Table 67: Total general insurance GEP by competitor, 1998-2002, cont. 190
Table 68: Total general insurance GEP by competitor, 1998-2002, cont. 191
Table 69: Total general insurance GEP by competitor, 1998-2002, cont. 192
Table 70: Total general insurance GEP by competitor, 1998-2002, cont. 193
Table 71: Total general insurance market share by competitor, 1998-2002 194
Table 72: Total general insurance market share by competitor, 1998-2002, cont. 195
Table 73: Total general insurance market share by competitor, 1998-2002, cont. 196
Table 74: Total commercial insurance GEP by competitor, 1998-2002 197
Table 75: Total commercial insurance GEP by competitor, 1998-2002, cont. 198
Table 76: Total commercial insurance GEP by competitor, 1998-2002, cont. 199
Table 77: Total commercial insurance GEP by competitor, 1998-2002, cont. 200
Table 78: Total commercial insurance GEP by competitor, 1998-2002, cont. 201
Table 79: Total commercial market share by competitor, 1998-2002 202
Table 80: Total commercial market share by competitor, 1998-2002, cont. 203
Table 81: Total commercial market share by competitor, 1998-2002, cont. 204
Table 82: Total accident and health insurance GEP by competitor, 1998-2002 205
Table 83: Total accident and health insurance GEP by competitor, 1998-2002, cont. 206
Table 84: Total accident and health insurance GEP by competitor, 1998-2002, cont. 207
Table 85: Total accident and health insurance GEP by competitor, 1998-2002, cont. 208
Table 86: Total accident and health insurance market share by competitor, 1998-2002 209
Table 87: Total accident and health insurance market share by competitor, 1998-2002, cont. 210
Table 88: Total group accident and health GEP by competitor, 1998-2002 211
Table 89: Total group accident and health market share by competitor, 1998-2002 212
Table 90: Group health GEP by competitor, 1998-2002 213
Table 91: Group health market share by competitor, 1998-2002 214
Table 92: Group accident GEP by competitor, 1998-2002 215
Table 93: Group accident market share by competitor, 1998-2002 216
Table 94: Total general liability insurance GEP by competitor, 1998-2002 217
Table 95: Total general liability insurance GEP by competitor, 1998-2002, cont. 218
Table 96: Total general liability insurance GEP by competitor, 1998-2002, cont. 219
Table 97: Total general liability insurance market share by competitor, 1998-2002 220
Table 98: Total general liability insurance market share by competitor, 1998-2002, cont. 221
Table 99: Employers’ liability GEP by competitor, 1998-2002 222
Table 100: Employers’ liability GEP by competitor, 1998-2002, cont. 223
Table 101: Employers’ liability market share by competitor, 1998-2002 224
Table 102: Employers’ liability market share by competitor, 1998-2002, cont. 225
Table 103: Public & general liability GEP by competitor, 1998-2002 226
Table 104: Public & general liability GEP by competitor, 1998-2002, cont. 227
Table 105: Public & general liability GEP by competitor, 1998-2002, cont. 228
Table 106: Public and general liability market share by competitor, 1998-2002 229
Table 107: Public and general liability market share by competitor, 1998-2002, cont. 230
Table 108: Total motor insurance GEP by competitor, 1998-2002 231
Table 109: Total motor insurance GEP by competitor, 1998-2002, cont. 232
Table 110: Total motor insurance GEP by competitor, 1998-2002, cont. 233
Table 111: Total motor insurance market share by competitor, 1998-2002 234
Table 112: Total motor insurance market share by competitor, 1998-2002, cont. 235
Table 113: Total motor insurance market share by competitor, 1998-2002, cont. 236
Table 114: Total commercial motor GEP by competitor, 1998-2002 237
Table 115: Total commercial motor GEP by competitor, 1998-2002, cont. 238
Table 116: Total commercial motor market share by competitor, 1998-2002 239
Table 117: Total commercial motor market share by competitor, 1998-2002, cont. 240
Table 118: Fleet GEP by competitor, 1998-2002 241
Table 119: Fleet market share by competitor, 1998-2002 242
Table 120: Commercial vehicle GEP by competitor, 1998-2002 243
Table 121: Commercial vehicle GEP by competitor, 1998-2002, cont. 244
Table 122: Commercial vehicle market share by competitor, 1998-2002 245
Table 123: Commercial vehicle market share by competitor, 1998-2002, cont. 246
Table 124: Total pecuniary loss insurance GEP by competitor, 1998-2002 247
Table 125: Total pecuniary loss insurance GEP by competitor, 1998-2002, cont. 248
Table 126: Total pecuniary loss insurance GEP by competitor, 1998-2002, cont. 249
Table 127: Total pecuniary loss insurance GEP by competitor, 1998-2002, cont. 250
Table 128: Total pecuniary loss market share by competitor, 1998-2002 251
Table 129: Total pecuniary loss market share by competitor, 1998-2002, cont. 252
Table 130: Total pecuniary loss market share by competitor, 1998-2002, cont. 253
Table 131: Consequential loss GEP by competitor, 1998-2002 254
Table 132: Consequential loss GEP by competitor, 1998-2002, cont. 255
Table 133: Consequential loss market share by competitor, 1998-2002 256
Table 134: Consequential loss market share by competitor, 1998-2002, cont. 257
Table 135: Fidelity & contract guarantee GEP by competitor, 1998-2002 258
Table 136: Fidelity & contract guarantee market share by competitor, 1998-2002 259
Table 137: Legal expenses GEP by competitor, 1998-2002 260
Table 138: Legal expenses market share by competitor, 1998-2002 261
Table 139: Total property insurance GEP by competitor, 1998-2002 262
Table 140: Total property insurance GEP by competitor, 1998-2002, cont. 263
Table 141: Total property insurance GEP by competitor, 1998-2002, cont. 264
Table 142: Total property insurance GEP by competitor, 1998-2002, cont. 265
Table 143: Total property insurance market share by competitor, 1998-2002 266
Table 144: Total property insurance market share by competitor, 1998-2002, cont. 267
Table 145: Total property insurance market share by competitor, 1998-2002, cont. 268
Table 146: Commercial property GEP by competitor, 1998-2002 269
Table 147: Commercial property GEP by competitor, 1998-2002, cont. 270
Table 148: Commercial property GEP by competitor, 1998-2002, cont. 271
Table 149: Commercial property market share by competitor, 1998-2002 272
Table 150: Commercial property market share by competitor, 1998-2002, cont. 273
Table 151: Total general insurance loss ratio, by competitor, 1998-2002 274
Table 152: Total general insurance loss ratio, by competitor, 1998-2002, cont. 275
Table 153: Total general insurance loss ratio, by competitor, 1998-2002, cont. 276
Table 154: Total general insurance loss ratio, by competitor, 1998-2002, cont. 277
Table 155: Total general insurance expense ratio, by competitor, 1998-2002 278
Table 156: Total general insurance expense ratio, by competitor, 1998-2002, cont. 279
Table 157: Total general insurance expense ratio, by competitor, 1998-2002, cont. 280
Table 158: Total general insurance expense ratio, by competitor, 1998-2002, cont. 281
Table 159: Total general insurance combined ratio by competitor, 1998-2002 282
Table 160: Total general insurance combined ratio by competitor, 1998-2002, cont. 283
Table 161: Total general insurance combined ratio by competitor, 1998-2002, cont. 284
Table 162: Total general insurance combined ratio, by competitor, 1998-2002, cont. 285
Table 163: Total general insurance commission ratio, by competitor, 1998-2002 286
Table 164: Total general insurance commission ratio, by competitor, 1998-2002, cont. 287
Table 165: Total general insurance commission ratio, by competitor, 1998-2002, cont. 288
Table 166: Total general insurance commission ratio, by competitor, 1998-2002, cont. 289
Table 167: Total general insurance commission ratio, by competitor, 1998-2002, cont. 290
Table 168: Total general insurance management expenses ratio, by competitor, 1998-2002 291
Table 169: Total general insurance management expenses ratio, by competitor, 1998-2002, cont. 292
Table 170: Total general insurance management expenses ratio, by competitor, 1998-2002, cont. 293
Table 171: Total general insurance management expenses ratio, by competitor, 1998-2002, cont. 294
Table 172: Total general insurance net/gross premiums ratio, by competitor, 1998-2002 295
Table 173: Total general insurance net/gross premiums ratio, by competitor, 1998-2002, cont. 296
Table 174: Total general insurance net/gross premiums ratio, by competitor, 1998-2002, cont. 297
Table 175: Total general insurance net/gross premiums ratio, by competitor, 1998-2002, cont. 298
Table 176: Accident and health loss ratio, by competitor, 1998-2002 299
Table 177: Accident and health loss ratio, by competitor, 1998-2002, cont. 300
Table 178: Accident and health expense ratio, by competitor, 1998-2002 301
Table 179: Accident and health expense ratio, by competitor, 1998-2002, cont. 302
Table 180: Accident and health combined ratio, by competitor, 1998-2002 303
Table 181: Accident and health combined ratio, by competitor, 1998-2002, cont. 304
Table 182: Accident and health commission ratio, by competitor, 1998-2002 305
Table 183: Accident and health commission ratio, by competitor, 1998-2002, cont. 306
Table 184: Accident and health commission ratio, by competitor, 1998-2002, cont. 307
Table 185: Accident and health management expenses ratio, by competitor, 1998-2002 308
Table 186: Accident and health management expenses ratio, by competitor, 1998-2002, cont. 309
Table 187: Accident and health management expenses ratio, by competitor, 1998-2002, cont. 310
Table 188: Accident and health net / gross premiums ratio, by competitor, 1998-2002 311
Table 189: Accident and health net / gross premiums ratio, by competitor, 1998-2002, cont. 312
Table 190: Accident and health net / gross premiums ratio, by competitor, 1998-2002, cont. 313
Table 191: General liability loss ratio, by competitor, 1998-2002 314
Table 192: General liability loss ratio, by competitor, 1998-2002, cont. 315
Table 193: General liability expense ratio, by competitor, 1998-2002 316
Table 194: General liability expense ratio, by competitor, 1998-2002, cont. 317
Table 195: General liability combined ratio, by competitor, 1998-2002 318
Table 196: General liability combined ratio, by competitor, 1998-2002, cont. 319
Table 197: General liability commission ratio, by competitor, 1998-2002 320
Table 198: General liability commission ratio, by competitor, 1998-2002, cont. 321
Table 199: General liability commission ratio, by competitor, 1998-2002, cont. 322
Table 200: General liability management expenses ratio, by competitor, 1998-2002 323
Table 201: General liability management expenses ratio, by competitor, 1998-2002, cont. 324
Table 202: General liability management expenses ratio, by competitor, 1998-2002, cont. 325
Table 203: General liability net / gross premiums ratio, by competitor, 1998-2002 326
Table 204: General liability net / gross premiums ratio, by competitor, 1998-2002, cont. 327
Table 205: Motor loss ratio, by competitor, 1998-2002 328
Table 206: Motor loss ratio, by competitor, 1998-2002, cont. 329
Table 207: Motor expense ratio, by competitor, 1998-2002 330
Table 208: Motor expense ratio, by competitor, 1998-2002, cont. 331
Table 209: Motor combined ratio, by competitor, 1998-2002 332
Table 210: Motor combined ratio, by competitor, 1998-2002, cont. 333
Table 211: Motor commission ratio, by competitor, 1998-2002 334
Table 212: Motor commission ratio, by competitor, 1998-2002, cont. 335
Table 213: Motor management expenses ratio, by competitor, 1998-2002 336
Table 214: Motor management expenses ratio, by competitor, 1998-2002, cont. 337
Table 215: Motor net / gross premiums ratio, by competitor, 1998-2002 338
Table 216: Motor net / gross premiums ratio, by competitor, 1998-2002, cont. 339
Table 217: Pecuniary loss loss ratio, by competitor, 1998-2002 340
Table 218: Pecuniary loss loss ratio, by competitor, 1998-2002, cont. 341
Table 219: Pecuniary loss loss ratio, by competitor, 1998-2002, cont. 342
Table 220: Pecuniary loss expense ratio, by competitor, 1998-2002 343
Table 221: Pecuniary loss expense ratio, by competitor, 1998-2002, cont. 344
Table 222: Pecuniary loss expense ratio, by competitor, 1998-2002, cont. 345
Table 223: Pecuniary loss combined ratio, by competitor, 1998-2002 346
Table 224: Pecuniary loss combined ratio, by competitor, 1998-2002, cont. 347
Table 225: Pecuniary loss combined ratio, by competitor, 1998-2002, cont. 348
Table 226: Pecuniary loss commission ratio, by competitor, 1998-2002 349
Table 227: Pecuniary loss commission ratio, by competitor, 1998-2002, cont. 350
Table 228: Pecuniary loss commission ratio, by competitor, 1998-2002, cont. 351
Table 229: Pecuniary loss commission ratio, by competitor, 1998-2002, cont. 352
Table 230: Pecuniary loss management expenses ratio, by competitor, 1998-2002 353
Table 231: Pecuniary loss management expenses ratio, by competitor, 1998-2002, cont. 354
Table 232: Pecuniary loss management expenses ratio, by competitor, 1998-2002, cont. 355
Table 233: Pecuniary loss management expenses ratio, by competitor, 1998-2002, cont. 356
Table 234: Pecuniary loss net / gross premiums ratio, by competitor, 1998-2002 357
Table 235: Pecuniary loss net / gross premiums ratio, by competitor, 1998-2002, cont. 358
Table 236: Pecuniary loss net / gross premiums ratio, by competitor, 1998-2002, cont. 359
Table 237: Property loss ratio, by competitor, 1998-2002 360
Table 238: Property loss ratio, by competitor, 1998-2002, cont. 361
Table 239: Property loss ratio, by competitor, 1998-2002, cont. 362
Table 240: Property expense ratio, by competitor, 1998-2002 363
Table 241: Property expense ratio, by competitor, 1998-2002, cont. 364
Table 242: Property expense ratio, by competitor, 1998-2002, cont. 365
Table 243: Property combined ratio, by competitor, 1998-2002 366
Table 244: Property combined ratio, by competitor, 1998-2002, cont. 367
Table 245: Property combined ratio, 1998-2002, cont. 368
Table 246: Property commission ratio, by competitor, 1998-2002 369
Table 247: Property commission ratio, by competitor, 1998-2002, cont. 370
Table 248: Property commission ratio, by competitor, 1998-2002, cont. 371
Table 249: Property commission ratio, by competitor, 1998-2002, cont. 372
Table 250: Property management expenses ratio, by competitor, 1998-2002 373
Table 251: Property management expenses ratio, by competitor, 1998-2002, cont. 374
Table 252: Property management expenses ratio, by competitor, 1998-2002, cont. 375
Table 253: Property management expenses ratio, by competitor, 1998-2002, cont. 376
Table 254: Property net / gross premiums ratio, by competitor, 1998-2002 377
Table 255: Property net / gross premiums ratio, by competitor, 1998-2002, cont. 378
Table 256: Property net / gross premiums ratio by competitor, 1998-2002, cont. 379
Table 257: Methodology for Datamonitor’s accident & health premium income splits 388
Table 258: Methodology for Datamonitor’s property premium income splits 392
LIST OF FIGURES
Figure 1: Total general insurance market continued to show strong growth in 2002 37
Figure 2: Total commercial insurance GWP growth continues to outpace personal insurance GWP growth in 2002 38
Figure 3: Commercial lines continued their strong growth into 2002 40
Figure 4: The liability sector is the star performer with the greatest 2002 growth rate of all commercial lines 42
Figure 5: The general insurance market result breaks into profitability for the first time since 1995 43
Figure 6: GWP growth in individual A+H outpaces the group A+H market in 2002 45
Figure 7: GWP in the group accident market declines in 2002 46
Figure 8: The total accident and health underwriting result jumps over 700 per cent 48
Figure 9: UK companies dominate the provision of accident and health 50
Figure 10: The liability sector has almost doubled in size since 1998 51
Figure 11: Liability sector remains a long way from profitability in 2002 53
Figure 12: Lloyd’s make strong gains in liability GWP in 2002 54
Figure 13: GWP growth in private and commercial motor insurance slows in 2002 56
Figure 14: GWP growth slows across all motor lines in 2002 57
Figure 15: Improvement in motor underwriting result slows dramatically in 2002 59
Figure 16: Commercial motor was back in the black in 2002 61
Figure 17: Lloyd’s share of the motor market declines in 2001 and 2002 63
Figure 18: All pecuniary loss lines bar consequential loss grew in 2002 65
Figure 19: Pecuniary loss underwriting profit increases in 2002 in line with gain in NWP 66
Figure 20: Lloyd’s outperforms UK market in pecuniary loss line 68
Figure 21: Commercial property GWP growth outpaces the household sector in 2002 70
Figure 22: Property underwriting remains unprofitable despite surge in NWP 71
Figure 23: Commercial property sector remains profitable in 2002 as NWP shows strong growth 73
Figure 24: Lloyd’s property market shows highest growth in 10 years 75
Figure 25: The Lloyd’s general liability market has the highest penetration, 2002 77
Figure 26: Brokers continue to be the principal distribution channel for commercial general insurance 79
Figure 27: Royal Bank of Scotland has become the largest motor insurer following its purchase of Churchill, pro forma 2002 90
Figure 28: The top 10 commercial competitors are losing market share 94
Figure 29: Smaller competitors demonstrate strongest increase in market share in 2002 96
Figure 30: Positioning of the top 10 commercial insurers was largely unchanged in 2002 97
Figure 31: Most of the top commercial competitors are losing market share 101
Figure 32: All the top 10 commercial insurers have some involvement in personal lines 105
Figure 33: GEP compared with loss ratio, top 20 A&H insurers, 2001-2 108
Figure 34: GEP compared with expense ratio, top 20 A&H insurers, 2001-2 112
Figure 35: GEP compared with combined ratio, top 20 A&H insurers, 2002 115
Figure 36: GEP compared with loss ratio, top 20 liability insurers, 2001-2 118
Figure 37: GEP compared with expense ratio, top 20 liability insurers, 2001-2 121
Figure 38: GEP compared with combined ratio, top 20 liability insurers, 2002 124
Figure 39: GEP compared with loss ratio, top 20 motor insurers, 2001-2 128
Figure 40: GEP compared with expense ratio, top 20 motor insurers, 2001-2 133
Figure 41: GEP compared with combined ratio, top 20 motor insurers, 2002 136
Figure 42: GEP compared with loss ratio, top 20 pecuniary loss insurers, 2001-2 140
Figure 43: GEP compared with expense ratio, top 20 pecuniary loss insurers, 2001-2 143
Figure 44: GEP compared with combined ratio, top 20 pecuniary loss insurers, 2002 146
Figure 45: GEP compared with loss ratio, top 20 property insurers, 2001-2 150
Figure 46: GEP compared with expense ratio, top 20 property insurers, 2001-2 153
Figure 47: GEP compared with combined ratio, top 20 property insurers, 2002 156
Figure 48: The commercial insurance market will be worth £27.6 bn in 2008, fuelled by stellar growth in the liability sector 162
Figure 49: Major factors affecting the future of the group accident and health market 164
Figure 50: The group accident and health market will commence a gradual decline after 2004 165
Figure 51: Major factors affecting the future of the general liability market 166
Figure 52: General liability market will double in size within four years 167
Figure 53: Major factors affecting the future of the commercial motor market 169
Figure 54: Commercial motor market will begin softening after 2005 170
Figure 55: Major factors affecting the future of the pecuniary loss market 171
Figure 56: Pecuniary loss GWP will keep on rising 172
Figure 57: Major factors affecting the future of the commercial property market 174
Figure 58: Commercial property market will start softening after 2005 175
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