Performance Ratio Benchmarking in UK Property Insurance 2009
Datamonitor, December 2009, Pages: 15
This brief provides an analysis of the top 10 UK commercial and household property insurance groups' performance ratios. These ratios are broken down into the loss, commission, administration and other acquisition expense ratios. In addition, the brief contains performance ratios at a market level as well as gross written premium data for the top 20 property insurers.
Scope
- Performance ratios for the top 10 commercial and household property insurers.
- An understanding of why insurers' performance ratios differ from one another.
- A top level examination of the total market ratios since 2005.
Highlights of this title
The commercial property market made an underwriting loss with a COR of 101.1%.
The household market performed well in 2008 despite commission expenses creeping up.
Key reasons to purchase this title
- Develop your knowledge of the underwriting profitability for the UK commercial and household property market.
- Gain insight into the reasons for different cost structures held by insurers.
- Benchmark your performance ratios against your competitors.
CATALYST
SUMMARY
UK COMMERCIAL PROPERTY PERFORMANCE RATIO ANALYSIS
Commission expenses have increased considerably since 2006
The commercial property market made an underwriting loss with a COR of 101.1%
ACE and RSA had a difficult underwriting year for commercial property
UK HOUSEHOLD PERFORMANCE RATIO ANALYSIS
The household market performed well in 2008 despite commission expenses creeping up
The household market remained profitable with a COR of 94.1%
NFU Mutual's loss ratio was the highest out of the top 10 household insurers in 2008
APPENDIX
Supplementary data
Definitions
Definitions
Acquisition costs
Administrative expenses
Combined ratio
Commission expenses
Short tail
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
List of Tables
Table 1: Top 10 UK commercial property insurance groups' performance ratios, 2008 (%)
Table 2: Top 10 UK household insurance groups' performance ratios, 2008 (%)
Table 3: Top 20 UK commercial property insurers and total market size by GWP, 2005 -08 (£000s)
Table 4: Top 20 UK household insurers and total market size by GWP, 2005 -08 (£000s)
List of Figures
Figure 1: The commercial property market is characterized by relatively high commission expenses
Figure 2: Zurich recorded a notable COR of 79% for its UK commercial property portfolio
Figure 3: ACE's COR was 156.4%, considerably higher than the top 10's average of 100%
Figure 4: Commission expenses are on the rise, and the loss ratio returned to normal levels in 2008
Figure 5: Lloyds Banking Group performed well in comparison with other top 10 household insurers
Figure 6: The Co-operative's low commission expenses were offset by high administration costs
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