Contents:

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