UK Commercial General Insurance 2008
Datamonitor, February 2009, Pages: 132
This report reviews the markets performance across key commercial lines, providing insight into competitor performance and strategy. The report also provides an analysis of the distribution dynamics taking place within the UK commercial general insurance market. Finally, GWP forecasts are presented for the main sectors of the commercial insurance market.
Scope
- Data on GWP growth and underwriting profitability in the key sectors of the commercial insurance market
- Analysis of competitive dynamics, with profiles of the main competitors market share changes, performance ratios and strategies
- A breakdown of commercial general insurance by channel of distribution
- GWP forecasts for the total commercial market and its main sectors, based on The forecast model and in-house industry expertise
Highlights of this title
The commercial motor market witnessed its underwriting profit decline by 46.5% to £131m in 2007. This was due to a fall in NWP and an increase in total outgoings. Over the last five years, underwriting profit in this market has decreased.
Broker consolidation has been the dominant feature of the market in recent years and the trend continued throughout 2008. Consolidation was heavy towards the beginning of the year with a number of deals being completed, such as Towergate acquiring a number of brokers, while Giles, Cobra and Jelf also acquired multiple businesses.
The group accident and health (A&H) market is forecast to enjoy the second strongest growth rate in the commercial general insurance market over the forecast period. Unlike most other commercial insurance lines, the group A&H market has managed to grow steadily since 2003, driven by higher subscriber numbers and higher premium rates
Key reasons to purchase this title
- Gain insight into changes in the size and structure of the commercial general insurance market and its sub-sectors
- Benchmark your companys performance against your competitors using current and historical data.
- Develop your future business plans from an informed viewpoint with The GWP forecasts for the market and each commercial line
Overview 1
Catalyst 1
Summary 1
Executive Summary 2
Total general insurance GWP declined marginally in 2007 2
Premium income in the motor insurance market increased for the first time since 2003 2
The property insurance market recorded a fall in premium income in 2007 2
The accident and health market experienced a marginal decline in GWP during 2007 2
The general liability market witnessed the largest contraction 2
The pecuniary loss market grew in 2007 2
The total general insurance market recorded a loss of £934m in 2007 2
Large national brokers continue to dominate commercial insurance distribution 3
Independent insurance intermediaries of all types retain their leading market share in 2008 3
Brokers remained the dominant distribution channel to target SMEs in 2008 3
Half of the top 10 commercial insurers recorded an increase in GWP in 2007 3
Norwich Union had the largest UK commercial general insurance market share in 2007 3
AXAs commercial insurance market share rose due to its GWP increasing by 5.5% in 2007 4
NFU Mutual grew its commercial insurance GWP to £499.3m in 2007 4
The commercial general insurance market is forecast to grow to £21 billion in GWP 4
Total commercial general insurance GWP growth will be uneven across its constituent markets 4
The strongest growth in premium income is expected to occur in the liability market 4
Commercial motor premium income is predicted to increase at a CAGR of 4.0% over the forecast period 4
Commercial property insurance GWP is forecast to grow at a CAGR of 3.4% 4
More subscribers and higher premium rates are predicted to increase group accident and health GWP 5
Commercial pecuniary loss will experience only minor growth over the forecast period 5
Market Context 9
Introduction 9
Total general insurance GWP declined marginally in 2007 9
Premium income in the motor insurance market increased for the first time since 2003 9
The property insurance market recorded a fall in premium income in 2007 9
The accident and health market experienced a marginal decline in GWP during 2007 9
The general liability market witnessed the largest contraction 9
The pecuniary loss market grew in 2007 9
The group accident and health, and commercial pecuniary loss markets witnessed growth in GWP in 2007 10
The total general insurance market recorded a loss of £934m in 2007 12
The accident and health market experienced a marginal contraction in GWP and a decline in underwriting profitability in 2007 14
The group accident and health market outperformed the individual market in 2007 14
The health insurance market recorded GWP growth while the accident insurance market witnessed a contraction in 2007 15
The accident and health market witnessed its underwriting profitability decrease substantially in 2007 17
ABI members increased their share in the UK accident and health insurance market in 2007 18
Premium income in the general liability market contracted in 2007 but profitability increased 20
Falling premium rates in most liability lines led to a contraction of GWP across the overall liability market 20
The UK liability market experienced an improvement in its underwriting result in 2007 21
Company market insurers continued to increase their share in the UK liability market in 2007 22
Premium income in the UK motor insurance grew by 2.2% in 2007 24
The UK private motor insurance market saw an increase in premium income in 2007 24
The commercial motor market witnessed GWP decline to £3.3 billion in 2007 25
Profitability in the motor market continued to decline in 2007 27
Profitability in the commercial motor market decreased considerably in 2007 28
ABI members and Lloyds insurers witnessed their exposure to the UK motor insurance market increase in 2007 30
Underwriting profitability declined in the pecuniary loss market despite an increase in GWP 32
Premium income in the pecuniary loss market increased by 2.2% in 2007 32
The pecuniary loss market witnessed its underwriting profit decrease by 19.4% in 2007 32
Company market insurers saw their exposure to the pecuniary loss insurance market increase in 2007 34
The property insurance market witnessed a significant underwriting loss due to the summer floods in 2007 35
Household insurance GWP increased in 2007, while commercial property GWP fell 35
The property insurance market experienced a significant underwriting loss in 2007 36
The commercial property insurance market experienced a significant underwriting loss in 2007 38
ABI members increased their exposure to the UK property insurance market in 2007 39
Customer Focus 41
Introduction 41
Large national brokers continue to dominate commercial insurance distribution 41
Independent insurance intermediaries of all types retain their leading market share in 2008 41
Direct players account for a small but growing portion of the commercial general insurance market 41
Corporate partnerships have maintained only a small presence in the commercial insurance market 42
Banks and building societies distribute negligible amounts of commercial general insurance 42
The broker channel continues to dominate the SME market with retention levels remaining high 44
Brokers remained the dominant distribution channel to target SMEs in 2008 44
The internet is the least common platform for SMEs purchasing commercial insurance 45
The majority of SMEs remain satisfied with their insurance provider 45
Long standing relationships are important to SMEs purchasing commercial insurance 46
SMEs purchasing their insurance through a bank or a broker value advice from their insurance providers the most 47
Price is important to many SMEs choosing an insurance provider 48
A significant proportion of SMEs are open to purchasing their insurance via the internet or phone 49
The convenience factor of the phone is appealing to many SMEs considering a telephone purchase 49
Many SMEs are unwilling to purchase their insurance over telephone 50
Over a third of SMEs would consider a purchase online 51
Employers liability and public liability were the most likely products to be considered for purchase via alternative platforms 52
Competitve Dynamics 54
Introduction 54
Half of the top 10 commercial insurers recorded a decline in GWP in 2007 54
Norwich Union had the largest UK commercial general insurance market share in 2007 54
RSA recorded a 6.9% decrease in its commercial lines premium income in 2007 54
AXAs commercial insurance market share rose due to its GWP increasing by 5.5% in 2007 55
Zurich witnessed its commercial lines premium income fall by 5.4% in 2007 56
New Hampshire became the fifth largest commercial insurer in 2007 as its GWP increased to £1,162m 56
Allianz experienced a decline in its commercial lines book, which contracted by 3.9% 56
BUPA increased its group accident and health business to £754.9m in 2007 57
NFU Mutual grew its commercial insurance GWP to £499.3m in 2007 57
NIG moved up to ninth largest commercial insurer despite seeing a decline in GWP 57
ACE moved down to 10th largest insurer in 2007, as its premium income declined to £435.3m 58
The majority of the top 10 underwrote a mixture of commercial and personal insurance in 2007 59
The majority of commercial insurers ranked between 11 and 20 increased their GWP in 2007 61
QBE, Groupama, Brit and St Paul reported a fall in their commercial insurance GWP in 2007 61
Six commercial lines insurers ranked between 11 and 20 experienced GWP growth in 2007 61
The majority of the top 10 accident and health insurers witnessed their profitability decline in 2007 63
The average loss ratio of the top 10 UK accident and health insurers decreased by one percentage point in 2007, with five insurers witnessing an improvement in their ratios 63
The average loss ratio of the top 10 UK accident and health insurers improved marginally in 2007 63
New Hampshire and ACE witnessed significant improvements in their loss ratios in 2007 63
Norwich Union, ComInsofAmerica, SimplyHealth and Standard Life saw their loss ratios deteriorate in 2007 63
The average expense ratio of the top 10 UK accident and health insurers decreased by 1.2 percentage points in 2007, as five insurers saw improvements in their ratios 65
The average expense ratio of the top 10 UK accident and health insurers decreased to 31.0% 65
ACE, Norwich Union and Simply Health achieved the largest improvements in their expense ratios 65
AXA, ComInsofAmerica and Standard Life saw the largest increase in their expense ratios 66
The rest of the top 10 UK accident and health insurers saw marginal changes in their expense ratios 66
The average combined ratio improved by 2.2 percentage points, with ACE and New Hampshire seeing the two largest decreases in 2007 67
The average combined ratio of the top 10 accident and health insurers decreased by 2.2 percentage points to 90.2% 67
Five of the top 10 UK accident and health insurers recorded improvements in their combined ratios in 2007 67
Four of the top 10 UK accident and health insurers witnessed increases in their combined ratios 68
Four of the top 10 liability insurers saw an improvement in profitability in 2007 70
Five of the top 10 liability insurers witnessed an improvement in their loss ratios in 2007 70
The average loss ratio of the top 10 UK liability insurers decreased by 10.9 percentage points in 2007 70
NFU Mutual and QBE saw the largest increase in their loss ratios 70
AXA, Zurich and RSA achieved significant improvements in their loss ratio 71
New Hampshire achieved an improvement in its loss ratio and premium income growth 71
All of the top 10 liability insurers recorded an increase in their expense ratios in 2007 72
The average expense ratio of the top 10 liability insurers increased by 3.2 percentage points in 2007 72
New Hampshire possessed the lowest expense ratio in 2007 72
Norwich Union, Zurich, RSA and Allianz recorded the highest increases in their expense ratios in 2007 72
The average combined ratio of the top 10 UK liability insurers improved by 7.7 percentage points, with AXA, Zurich and RSA seeing the largest decreases in 2007 74
The average combined ratio of the top 10 liability insurers decreased by 7.7 percentage points to 94.4% 74
NFU Mutual saw the largest increase in its combined ratio in 2007, which was significantly higher than its peers 74
Four of the top 10 UK liability insurers managed to improve their combined ratios significantly 74
Six of the top 10 motor insurers witnessed profitability increase in 2007 77
The motor insurance market recorded a heavy underwriting loss in 2007 and motor insurers made significant reserve releases 77
The motor insurance market recorded an accident year combined ratio of 113.2% in 2007 77
Motor insurers have increasingly relied on reserve releases in recent years 77
The average loss ratio of the top 10 UK motor insurers increased in 2007 78
The average loss ratio of the top 10 motor insurers rose by 0.9 percentage points in 2007 78
Four insurers saw their loss ratios increase 78
Six of the top 10 motor insurers recorded a decline in their loss ratios in 2007 78
The average expense ratio of the top 10 UK motor insurers decreased marginally, with Allianz recording the largest reduction in 2007 80
The average expense ratio of the top 10 UK motor insurers decreased by 0.1 percentage points to 27.4% 80
RSA, Norwich Union and UKI saw the largest increases in their expense ratios 80
Half of the top 10 UK motor insurers achieved an improvement in their expense ratios 81
The average combined ratio of the top 10 UK motor insurers increased moderately 83
The average combined ratio of the top 10 motor insurers increased by 0.7 percentage points 83
Four insurers recorded an increase in their combined ratio 83
Six of the top 10 insurers recorded a reduction in their combined ratios in 2007 84
Half of the top 10 pecuniary loss insurers witnessed an increase in profitability 85
The average loss ratio of the top 10 UK pecuniary loss insurers decreased in 2007 85
The average loss ratio of the top 10 UK pecuniary loss insurers decreased by 2.3 percentage points in 2007 85
Only three of the top 10 UK pecuniary loss insurers improved their loss ratios in 2007 85
Allianz and Norwich Union saw the largest loss ratio increases in 2007 86
Six of the top 10 pecuniary loss insurers saw an increase in their expense ratios 88
The average expense ratio of the top 10 UK pecuniary loss insurers rose by 1.1 percentage points in 2007 88
Four of the top 10 UK pecuniary loss insurers achieved significant improvements in their expense ratios 88
AXA, UKI, St Andrews and Landmark saw the largest increases in their expense ratios in 2007 88
The average combined ratio of the top 10 UK pecuniary loss insurers improved moderately 90
The average combined ratio of the top 10 pecuniary loss insurers decreased by 1.2 percentage points 90
UKI and Direct Line were the only two players that achieved an improvement in their combined ratios and GWP growth 90
AXA saw the largest increase in its combined ratio among the top 10 UK pecuniary loss insurers 90
All top 10 property insurers witnessed profitability decrease in 2007 due to the summer floods 92
All top 10 property insurers saw their loss ratios increase in 2007 due to the summer floods 92
The average loss ratio of the top 10 UK property insurers increased by 23.1 percentage points 92
St Andrews, Direct Line, Lloyds TSB and Zurich experienced significant increases in their loss ratios 92
Six insurers returned loss ratios that were below the market average in 2007 92
The average expense ratio of the top 10 property insurers increased in 2007, with NIG and Direct Line recording the largest individual increases 94
The average expense ratio of the top 10 property insurers rose by one percentage point in 2007 94
Churchill, Lloyds TSB and St Andrews achieved expense ratio reductions 94
Seven of the top 10 property insurers witnessed their ratios deteriorate in 2007 94
All top 10 property insurers saw their combined ratio increase in 2007 97
The average combined ratio of the top 10 property insurers rose by 24.1 percentage points in 2007 97
Four insurers saw their combined ratios increase by more than 30 percentage points 97
Churchill and Allianz recorded moderate increases to their combined ratios 97
Future Decoded 99
Introduction 99
The commercial general insurance market is forecast to grow to £21 billion in GWP 99
Total commercial general insurance GWP growth will be uneven across its constituent markets 99
The strongest growth in premium income is expected to occur in the liability market 99
Commercial motor premium income is predicted to increase at a CAGR of 4.0% over the forecast period 99
Commercial property insurance GWP is forecast to grow at a CAGR of 3.4% 99
More subscribers and higher premium rates are predicted to increase group accident and health GWP 100
Commercial pecuniary loss will experience only minor growth over the forecast period 100
The group A&H sector is forecast to see steady growth between 2009 and 2013 101
The group A&H market is expected to grow as a result of increases in premium rates and a long term rise in policy numbers 101
The group A&H insurance market is forecast to grow to £2.8 billion in 2013 102
The commercial liability insurance market is forecast to grow due to rising premium rates 105
Premium rates are predicted to be the main driver behind future growth in GWP 105
The commercial liability market is forecast to reach a value of £7.5 billion in 2012 106
The commercial motor market is forecast to reach £4.1 billion by 2013 as premium rates rise 108
Premium rate increases will be the primary factor driving growth in the commercial motor insurance market 108
The UK commercial motor insurance market is forecast to reach a value of £4.1 billion in 2013 109
Commercial pecuniary loss GWP is forecast to grow at a CAGR of 1.9% between 2008 and 2013 111
Total commercial pecuniary loss GWP is forecast to reach £1,040m by 2013 111
Commercial property premium income is forecast to rise to £5.5 billion due to premium rate increases 112
A renewed focus by underwriters on improving profitability will result in higher premium rates 112
Commercial property premium income is forecast to grow to a value of £5.5 billion in 2013 113
APPENDIX 116
Definitions 116
Definitions for lines of business 116
Accident & health 116
Motor 116
Property 118
Financial/Pecuniary loss business 119
Liability business 120
Total personal 121
Total commercial 121
Premium income measures 121
Gross Premium 121
Written premiums 121
Distribution definitions 122
Banks/building societies 122
Brokers 122
Company staff 122
Direct 122
Other company agents 122
Utilities/retailers/affinity groups 122
Methodology 123
Datamonitors SME Insurance Survey 123
Market size 125
Market size methodology 125
Lloyds players and underwriting result figures 125
Further reading 125
Ask the analyst 125
Disclaimer 126
List of Tables
Table 1: Total general insurance GWP by line of business, 2003-07 (£m) 10
Table 2: Commercial general insurance market GWP by sector and year-on-year growth, 2003-07 (£m) 12
Table 3: Total general insurance underwriting results by line of business, 1997-2007 (£m) 13
Table 4: Accident and health GWP split between individual and group, 2003-07 (£m) 15
Table 5: Accident and health GWP by sector, 2003-07 (£m) 16
Table 6: Total UK accident and health underwriting account, 1997-2007 (£m) 18
Table 7: Accident and health GWP split between ABI members and Lloyds/other, 1997-2007 (£m) 19
Table 8: UK commercial liability market GWP, 2003-07 (£m) 21
Table 9: Total general liability underwriting account, 1997-2007 (£m) 22
Table 10: Liability GWP split between ABI members and Lloyds/other, 1997-2007 (£m) 23
Table 11: Total motor market GWP by private and commercial segment, 2003-07 (£m) 25
Table 12: Commercial motor GWP by line of business, 2003-07 (£m) 26
Table 13: Total UK motor underwriting account, 1997-2007 (£m) 28
Table 14: Total commercial motor underwriting account, 1997-2007 (£m) 30
Table 15: Motor GWP split between ABI members and Lloyds/other, 1997-2007 (£m) 31
Table 16: Pecuniary loss market GWP by line of business, 2003-07 (£m) 32
Table 17: Total UK pecuniary loss underwriting account, 1997-2007 (£m) 33
Table 18: Pecuniary loss GWP split between ABI members and Lloyds/other, 1997-2007 (£m) 35
Table 19: Property insurance GWP split between household and commercial business, 2003-07 (£m) 36
Table 20: Total UK property underwriting account, 1997-2007 (£m) 37
Table 21: Commercial property underwriting account, 1997-2007 (£m) 39
Table 22: Property GWP split between ABI members and Lloyds/other, 1997-2007 40
Table 23: Market share of distribution channels in the commercial general insurance market, 2004-08e 43
Table 24: Q: "How important is it to receive advice on an ongoing basis from your insurance provider?" 48
Table 25: Top 10 commercial insurance competitors by GWP and market share, 2007 59
Table 26: Split between commercial and personal business for the top 10 commercial insurers, 2007 60
Table 27: GWP of UK commercial insurers ranked 11-20, 2006-07 (£000) 62
Table 28: Premium income compared to change in loss ratio for the top 10 UK accident and health insurers, 2006-07 65
Table 29: Premium income compared to change in expense ratio for the top 10 UK accident and health insurers, 2006-07 67
Table 30: Premium income compared to change in combined ratio for the top 10 UK accident and health insurers, 2006-07 70
Table 31: Change in premium income compared to change in loss ratio for the top 10 UK liability insurers, 2006-07 72
Table 32: Change in premium income compared to change in expense ratio for the top 10 UK liability insurers, 2006-07 74
Table 33: Change in premium income compared to change in combined ratio for the top 10 UK liability insurers, 2006-07 76
Table 34: Combined ratio and accident year combined ratio, total motor market, 2003-07 78
Table 35: Premium income compared to change in loss ratio for the top 10 UK motor insurers, 2006-07 80
Table 36: Premium income compared to change in expense ratio for the top 10 UK motor insurers, 2006-07 83
Table 37: Premium income compared to change in combined ratio for the top 10 UK motor insurers, 2006-07 85
Table 38: Premium income compared to change in loss ratio for the top 10 UK pecuniary loss insurers, 2006-07 87
Table 39: Premium income compared to change in expense ratio for the top 10 UK pecuniary loss insurers, 2006-07 89
Table 40: Premium income compared to change in combined ratio for the UK top 10 pecuniary loss insurers, 2006-07 91
Table 41: Premium income compared to change in loss ratio for the top 10 UK property insurers, 2006-07 94
Table 42: Premium income compared to change in expense ratio among the top 10 property insurers, 2006-07 96
Table 43: Premium income compared to change in combined ratio among the top 10 property insurers, 2006-07 98
Table 44: Forecast commercial general insurance GWP, 2003-13f (£m) 101
Table 45: Key variables affecting group A&H insurance GWP, 2003-13f (£m) 102
Table 46: Forecast of group A&H GWP, 2003-13f (£m) 104
Table 47: Key variables affecting commercial liability insurance GWP, 2008e-13f 106
Table 48: Forecast of UK commercial liability insurance premium income, 2003 - 13f (£m) 107
Table 49: Key variables affecting commercial motor insurance GWP, 2008e-13f 109
Table 50: UK commercial motor insurance GWP forecast, 2003-13f (£m) 110
Table 51: Forecast of UK pecuniary loss GWP, 2003-13f (£m) 112
Table 52: Key variables affecting commercial property insurance GWP, 2008e-13f 113
Table 53: Forecast of UK commercial property insurance GWP, 2003-13f (£m) 115
Table 54: Q: "What business sector are you involved in?" 123
Table 55: Q: "How large is your company in terms of number of employees?" 124
Table 56: Q: "How large is your company in terms of turnover?" 125
List of Figures
Figure 1: The motor and pecuniary loss insurance markets grew in 2007 however the accident and health, property and general liability sectors contracted 10
Figure 2: The general liability, commercial motor and commercial property markets continued to see GWP contract in 2007 11
Figure 3: The total general insurance market plunged into a loss of £934m in 2007 13
Figure 4: Growth in both the individual and group accident and health sector slowed in 2007 14
Figure 5: The individual and group health insurance sectors grew in 2007 however, the accident insurance market contracted 16
Figure 6: The accident and health market witnessed a significant decline in profitability in 2007 17
Figure 7: ABI members increased their market share in the UK accident and health insurance market in 2007 19
Figure 8: The public and general liability, and employers liability markets witnessed GWP contract in 2007 20
Figure 9: The general liability market recorded an improvement in its underwriting result as profits grew to £97m 21
Figure 10: Company market insurers witnessed an increase in GWP in the UK liability market in 2007 23
Figure 11: In 2007 the private motor insurance market grew for the first time since 2003 24
Figure 12: The fleet and commercial vehicle markets both witnessed premium income contract in 2007 26
Figure 13: The motor insurance market continued to make an underwriting loss in 2007 27
Figure 14: Underwriting profit decreased in the commercial motor insurance market in 2007 29
Figure 15: ABI member and Lloyds insurers witnessed an increase in motor premium income in 2007 31
Figure 16: The pecuniary loss market saw its underwriting profit decrease in 2007 33
Figure 17: Non-ABI members witnessed their GWP decline in the UK pecuniary loss market in 2007 34
Figure 18: Household insurance GWP continued to rise in 2007 while commercial property insurance GWP declined 36
Figure 19: The property insurance market moved into a significant loss in 2007 37
Figure 20: The 2007 floods led to the commercial property market recording an underwriting loss of £432m 38
Figure 21: ABI members witnessed their GWP increase in the property insurance market in 2007 40
Figure 22: Brokers are the dominant route to market for commercial insurers in the UK 43
Figure 23: Most SMEs purchase their commercial insurance through the broker channel 44
Figure 24: Most SMEs purchase their insurance through face to face contact with their insurance provider 45
Figure 25: Most SMEs are satisfied with the service they have received from their insurance providers 46
Figure 26: A large proportion of SMEs have been with their insurance provider for more than 10 years 47
Figure 27: Receiving ongoing advice from their insurance provider is important to most SMEs 48
Figure 28: Many SMEs consider the price of an insurance premium to be an important factor when choosing a commercial insurance provider 49
Figure 29: The convenience factor appeals to many SMEs prepared to purchase insurance over the phone 50
Figure 30: A significant proportion of SMEs would not consider a telephone purchase because they simply prefer face to face 51
Figure 31: A significant proportion of SMEs would consider a purchase online in a bid to save money 52
Figure 32: SMEs show a greater inclination to purchase employers liability and public liability via the telephone and internet 53
Figure 33: Norwich Union held the largest share of the commercial lines market in 2007 58
Figure 34: Norwich Unions personal lines GWP exceeded its commercial lines GWP in 2007 60
Figure 35: Great Lakes achieved the strongest growth in its commercial business in 2007 62
Figure 36: New Hampshire and ACE recorded the largest improvements in their loss ratios in 2007 64
Figure 37: ACE and Norwich Union saw the largest improvement in their expense ratios in 2007 66
Figure 38: ACE achieved the largest decrease in its combined ratio, which was accompanied by GWP growth in 2007 69
Figure 39: Half of the top 10 UK liability insurers saw their loss ratios improve in 2007 71
Figure 40: All of the top 10 liability insurers recorded an increase in their expense ratios in 2007 73
Figure 41: AXA, Zurich and RSA recorded the largest improvements in their combined ratios in 2007 75
Figure 42: Motor insurers have become increasingly reliant on reserve releases to bolster their reported profitability 77
Figure 43: Six insurers recorded a decline in their loss ratio in 2007 79
Figure 44: Allianzs expense ratio improved significantly in 2007 82
Figure 45: A number of insurers saw their combined ratios increase in 2007 84
Figure 46: The majority of the top 10 pecuniary loss insurers experienced a moderate increase to their ratios in 2007 87
Figure 47: Norwich Union and GEFI both achieved significant decreases in their expense ratios 89
Figure 48: Half of the top 10 UK pecuniary loss insurers achieved an improvement in their combined ratios in 2007 91
Figure 49: All top 10 property insurers saw their loss ratio increase in 2007 due to the summer floods 93
Figure 50: Lloyds TSB was the only insurer to improve its expense ratio and achieve GWP growth at the same time in 2007 96
Figure 51: All top 10 property insurers saw their combined ratio increase in 2007 98
Figure 52: Liability insurance GWP will experience the strongest growth of all commercial insurance sectors 100
Figure 53: The group A&H market is forecast to grow to £2.8 billion in 2013 103
Figure 54: Liability premium income is forecast to rise to a high of £7.5 billion in 2013 107
Figure 55: Commercial motor GWP is forecast to grow to £4.1 billion in 2013 110
Figure 56: The commercial pecuniary loss market is forecast to grow to £1 billion in 2013 111
Figure 57: The commercial property insurance market is predicted to grow between 2009 and 2013 to reach £5.5billion 114
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