Insurance Industry in the United Kingdom - Global Strategic Business Report

  • ID: 604660
  • Report
  • Region: Global, United Kingdom, Great Britain
  • 152 pages
  • Global Industry Analysts, Inc
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The Insurance Industry in the United Kingdom Report provides insightful analysis, market overview, industry structure and outlook of life and non-life insurance industries in the country. The report also examines the pension and reinsurance markets as well as other sectors of non-life insurance industry like property, health, accident, general liability, pecuniary loss, personal lines, and pet insurance among others. Get a rudimentary insight into the insurance market trends & issues, marketing strategies, and regulatory environment within the country. The report provides a compilation and discussion on recent spate of mergers & acquisitions and other industry activities, which have irreversibly changed the landscape of the industry. Get a birds eye view of the latest launches of insurance products by major industry players in the country. The report also peeps into the recent past/ historical perspective of the countrys insurance market and corporate developments/product launches within the industry. A regional level discussion also looks into the leading companies footing in these markets along with their annual written premiums and/ or market shares. The report discusses several key and niche players such as Abbey National PLC, Allianz Corn hill, Amlin PLC, Aviva Plc, Halifax Life, Hiscox Ltd., Legal & General Group Plc., Lloyds of London, Lloyds TSB Group Plc, Markel International Ltd., NatWest Life, NFU Mutual Insurance Co., Prudential PLC, Royal & Sun Alliance Insurance Group, Standard Life Plc, and The Equitable Life Assurance Society. Discussion on some of the UK based global leading brokers like HBOS PLC, Jardine Lloyd Thompson Group Plc, and Willis Group Holdings Ltd. has also been compiled in the report.

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INSURANCE INDUSTRY IN THE UNITED KINGDOM

A STRATEGIC BUSINESS REPORT

CONTENTS

1. Market Overview UK-1
Table 1: UK Recent Past, Current & Future Analysis for
Insurance Industry by Segment - Life & Non-Life Markets
Independently Analyzed with Annual Premium Income in GBP
Billion for the Years 2006 through 2010 (includes
corresponding Graph/Chart) UK-1

Table 2: UK 5-Year Perspective for Insurance Industry by
Segment - Percentage Breakdown of Premium Income for Life and
Non-Life Markets for 2006, 2008, and 2010 (includes
corresponding Graph/Chart) UK-2

Table 3: UK Insurance Industry (2006): Per Capita Premium in
US$, and Penetration of Insurance by Category - Life &
Non-Life UK-2
Market Snippets UK-2
Health Insurance: An Illustrious Year UK-2
Internet Aids Growth of Travel Insurance Market UK-3
Table 4: UK Recent Past, Current & Future Analysis for
Travel Insurance Market in GBP Million for the Years 2006
through 2010 (includes corresponding Graph/Chart) UK-3

Table 5: UK Travel Insurance: Gross Written Premium in Pound
Million for Years 2001 through 2005 (includes corresponding
Graph/Chart) UK-3
Travel Insurance Sector Fueled by Britain’s Growing Emigrant
Community UK-3
Growing Popularity of Annual Insurance Policies to Drive
Travel Insurance Sector UK-4
Travel Insurance Markets Register Higher Value Growth UK-4
Increasing Foreign Trips Fuel Travel Insurance Penetration
Levels UK-4
Ageing Passengers to Fuel Insurance Sales UK-4
ATII Raises Concern on Travel Insurance Sales UK-4
Travel Insurance Intermediaries Express Disapproval over Sales UK-5
Travel Agents’ Share Declines for Travel Insurance
Distribution Channel UK-5
Rising Medical and legal costs Spiral Personal Injury Claims UK-5
Demand for Annuities Set to Rise Rapidly UK-5
UK Insurance Industry Snapshots UK-5
Relative to World UK-5
Relative to Europe UK-6
Relative to the UK UK-6
More Facts about the UK Insurance Industry UK-6
Get Set...Grow UK-6
Investigations Unearth Startling Facts UK-7

2. Structure of the UK Insurance Market UK-8
General & Long Term Insurance - A Unique Market Split UK-8
Market Concentration UK-8
Table 6: UK Insurance Market (2005): Number of Companies By
Category for General Insurance, Long-Term Business and Both
(includes corresponding Graph/Chart) UK-8

Table 7: UK Insurance Market (2005): Average Annual Household
Expenditure on Insurance in Pounds by Segment - Home
Buildings/Structure, Home , Income Protection, Life
Insurance, Medical, Motor, Mortgage Protection, and Personal
Pension (includes corresponding Graph/Chart) UK-9
Motor Insurance - A Highly Concentrated Market UK-9
Table 8: UK Private Motor Insurance Market: Net Written
Premium in Pound Billion for Years 2005 & 2006 UK-9
Private Motor Insurance Market Records Declining Profitability UK-10
Green Motor Insurance Line to Grow UK-10
An Increasing Car Insurance Premiums UK-10
In-Vehicle Telematics Technology for The UK Motor Industry -
A Brief UK-10
Motor Insurance Industry and Telematics UK-11
Aging Baby Boomers - A Concern in the UK Insurance Industry UK-12
High Proportion of Overseas Business UK-13
Table 9: UK Insurance Industry (2005): Percentage Breakdown
of New Business Premium Mix by Category - Mutual, Overseas,
UK Listed, and Others (includes corresponding Graph/Chart) UK-13
Stocks and Shares Rank Top line Choices for Insurers’
Investment Holdings UK-14
Table 10: UK Insurance Market (2005): Total Long Term and
General Insurance Investment Holding in £ Billion by Category
  • Public Sector Securities, Ordinary Stocks and Shares,
Property, Unit Trusts, and Cash and Other Investments
(includes corresponding Graph/Chart) UK-14

Table 11: UK Insurance Market (2004): Total Long Term and
General Insurance Investment Holding in £ Billion (includes
corresponding Graph/Chart) UK-15
Direct Writers - A Key Link in the Market Vertical UK-15
Fluctuating Regulations Cast a Spell of Chaos on the Industry UK-15
United Kingdom’s Insurance Market Unstable UK-16
‘Long Life’ Products Go Strong UK-16
Table 12: UK Life Insurance Industry: Life Annualized New
Business in US$ Billion and Percentage Value Breakdown of
LANB by Savings & Protection, Pensions, Pension Annuities and
Group Risk (Regular, Non-Profit) for the Years 2001, 2002,
2003, 2004, 2005 and 2010 (includes corresponding
Graph/Chart) UK-16
E-Commerce & Outsourcing - To Rise & Shine the UK Insurance
Sector UK-17
Investment Pattern UK-17
Consumer Trends UK-17
Women Not a Popular Target for Online Insurers UK-17
Consumer Preferences UK-17

3. Insurance Market Trends UK-19
Officers and Directors Insurance Market in the UK Registers
Stagnant Growth UK-19
Mutual Insurance Gains Ground Amid Adversities UK-19
Online Insurance on the Rise UK-19
Table 13: Online Insurance Growth in the UK (2002-2005):
Percentage Share of Online Sales of Motor and Home Insurances
(includes corresponding Graph/Chart) UK-20
Structural Insurance on Decline UK-20
Product Diversification and Service Differentiation Drive
Volumes UK-20
Personal Lines - A Wave of Reforms UK-21
Impact of Climatic Transitions on Insurance Industry UK-21
Citizens of The UK Resort to Insurers for Settling Neighborly
Disputes UK-21
London Insurance Market - An Overview UK-22
The UK Insurance Industry - An Overall Market Scenario UK-22
The UK Commercial Insurance Fraud UK-22

4. A Review of UK Insurance Industry Sectors UK-24
Long-Term Insurance UK-24
Table 14: UK Long Term Insurance Market (2005): Net Premium
Income in Pound Billion by Category - Group Pensions, Life &
Annuities, Individual Pensions, and Income Protection &
Other Business (includes corresponding Graph/Chart) UK-24

Table 15: UK Long Term Insurance Market (2005): Benefits
Paid in Pound Billion by Category - Life & Annuities, All
Pensions, and Income Protection & Other Business (includes
corresponding Graph/Chart) UK-24

Table 16: UK Long Term Insurance Market (2005): Individual
Business Policies in Million by Category - Life & Annuities,
All Pensions, and Income Protection & Other Business
(includes corresponding Graph/Chart) UK-25

Table 17: UK Long Term Insurance (2005): Percentage Market
Share of Sales by Category - Single Tie/Limited Range,
IFAs/Whole of Market, and Non-Intermediated (includes
corresponding Graph/Chart) UK-25

Table 18: UK Long Term Insurance (2000-2004): ‘Life &
Annuities’ Net Premium (NP) in US$ Billion and Percentage
Breakdown of NP by Regular and Single Premiums (includes
corresponding Graph/Chart) (includes corresponding
Graph/Chart) UK-25

Table 19: UK Long Term Insurance (2000-2004): Individual/
Other Pensions’ Net Premium (NP) in US$ Billion and
Percentage Breakdown of NP by Regular and Single Premiums
(includes corresponding Graph/Chart) UK-26

Table 20: UK Long Term Insurance (2000-2004): ‘Income
Protection’ Net Premium (NP) in US$ Billion and Percentage
Breakdown of NP by Regular and Single Premiums (includes
corresponding Graph/Chart) UK-26

Table 21: UK Long Term Insurance (2000-2004): Total Benefits
(TB) in US$ Billion and Percentage Breakdown of Total
Benefits by Pensions, Life & Annuities and Income Protection
(includes corresponding Graph/Chart) UK-27

Table 22: UK Long Term Insurance (2000-2004): Total Business
Policies (TBP) in US$ Billion and Percentage Breakdown of TBP
by Life & Annuities, Pensions and Income Protection Life
Insurance (includes corresponding Graph/Chart) UK-27

4a. Life Insurance UK-28
Table 23: Leading Players in the UK Insurance Market (2006):
Percentage Breakdown of Net Premiums by Company - Standard
Life, AVIVA Plc, Legal & General, Prudential, Lloyds TSB
Group, Aegon, ALICO, HBOS Financial Services, AXA, Canada Life
and Friends Provident (includes corresponding Graph/Chart) UK-28

Table 24: UK Life Insurance Market (2006 & 2007): Percentage
Market Share of Net Written Premiums by Category - Life
Insurance, Individual Pensions, Occupational Pensions, Income
Protection and Others (includes corresponding Graph/Chart) UK-29

Table 25: UK Life Insurance Market (2005 & 2006): New Business
Premiums (Regular) in Pound Million by Category - Individual
Pension, Group Pension, Individual Protection, Group
Protection, Investment & Savings, Collective Investment &
Schemes, Other Stakeholder Products, and Offshore Business
(includes corresponding Graph/Chart) UK-29

Table 26: UK Life Insurance Market (2005 & 2006): New Business
Premiums (Regular) by Distribution Channel - Single Tie,
IFAs/Whole of Market, and Non- intermediated (includes
corresponding Graph/Chart) UK-30

Table 27: UK Life Insurance Market (2005 & 2006): New Business
Premiums (Single) in Pound Million by Category - Individual
Pension, Group Pension, Individual Protection, Pension
Annuities & Income Drawdown, Investment & Savings, Collective
Investment & Schemes, Other Stakeholder Products, and
Offshore Business (includes corresponding Graph/Chart) UK-30

Table 28: UK Life Insurance Market (2005 & 2006): New Business
Premiums (Single) by Distribution Channel - Single Tie,
IFAs/Whole of Market, and Non- intermediated (includes
corresponding Graph/Chart) UK-31
Categorization of the UK Life Insurers UK-31
Restructuring of the Industry UK-31
Opportunities for Life Insurers UK-32
Life Insurance Prices to Drop in UK UK-32
Outlook for the Life Market UK-32
Industrial Branch Business UK-33
About Endowment Mortgages UK-33
Hybrid and Savings Plans - Futuristic in Nature UK-34
The Pension Sector UK-34
Table 29: UK Pension Market (2005): Total Funded Pensions in
£ Billion by Type - Self-Administered Pensions, Insurance
Individual Pensions, and Insurance Occupational Pensions
(includes corresponding Graph/Chart) UK-34
Compulsory Pension (Contributory State Pension) UK-35
Safety Net Pension (Non-Contributory State Pension) UK-35
Occupational Pensions (Voluntary) UK-35
Personal Pensions and Other Retirement Savings (Voluntary) UK-35
Stakeholder Pensions UK-35
Pension Credit UK-36
An Impetus to Sagging Pensions Market UK-36
Traded Endowment Policies (TEPS) UK-36
A Fast Growing Financial Services Segment UK-36
The Origins UK-37
Target Audience UK-37
Triple Benefits UK-37
Protection and Investor Considerations UK-37
Supply and Demand Scenario - A Historic Review UK-37
Table 30: Percentage of TEPS Offered by Life Companies to
Market Makers (includes corresponding Graph/Chart) UK-38

4b. General Insurance UK-39
Table 31: UK Non-Life Insurance Market (2006 & 2007):
Percentage Breakdown of Net Written Premiums by Category -
Motor, Property, Accident & Health, Pecuniary Loss, Liability
and Others (includes corresponding Graph/Chart) UK-39

Table 32: UK General Insurance Market (2005): Percentage
Breakdown of Sales by Channel -Banks/Building Societies,
Company Agents, Direct, Independent Intermediaries, Retailers/
Affinity Groups/ Utility Groups, and Others (includes
corresponding Graph/Chart) UK-39

Table 33: UK General Business Insurance Industry (2005):
Domestic Risk Net Written Premium (NWP) in £ Billion and
Percentage Breakdown of NWP by Sectors for Motor, Accident &
Health, Property, Pecuniary Loss and General Liability
(includes corresponding Graph/Chart) UK-40

Table 34: UK General Business Insurance (Excluding UK Risks)
Industry (2005): Net Written Premium (NWP) in £ Billion and
Percentage Breakdown of NWP by Home Foreign, Marine Aviation &
Transport, and Non-MAT Reinsurance (includes corresponding
Graph/Chart) UK-40

Table 35: UK Commercial Insurance Market (2005): Percentage
Breakdown of Claims by Business Sectors - Employers
Liability, Motor/Fleet Vehicle, Professional Indemnity,
Property, and All Risks Packaged Policy (includes
corresponding Graph/Chart) UK-41

Table 36: UK General Business Insurance Industry (2000-
2004): Domestic Risk Net Written Premium (NWP) in US$ Billion
and Percentage Breakdown of NWP by Sectors for Motor,
Accident & Health, Property, Pecuniary Loss and General
Liability (includes corresponding Graph/Chart) UK-41

Table 37: UK General Business Insurance (Excluding UK Risks)
Industry (2000-2004): Net Written Premium (NWP) in US$
Billion and Percentage Breakdown of NWP by Home Foreign,
Non-MAT Reinsurance and Marine Aviation & Transport (includes
corresponding Graph/Chart) UK-42
Underwriting Profits UK-42
Motor Insurance UK-42
Uncertain Future UK-42
Performance - A Perspective UK-43
Table 38: UK Motor Revenue Account (2005): Net Written
Premium (NWP) in Pound Million for Domestic and Commercial
Segments (includes corresponding Graph/Chart) UK-43

Table 39: UK Motor Revenue Account (2000-2004): Net
Written Premium (NWP) in US$ Billion and Percentage
Breakdown of NWP by Domestic and Commercial (includes
corresponding Graph/Chart) UK-43

Table 40: UK Motor Revenue Account (2000-2004): Claims
Incurred (CI) in US$ Billion and Percentage Breakdown of CI
by Domestic and Commercial (includes corresponding
Graph/Chart) UK-44
Competition Metamorphoses the UK Motor Industry UK-44
Private and Commercial Motor Market UK-45
Innovative Products at Low Premiums UK-45
Motor Insurance Offer Low Returns on Capital UK-45
Motor Cycle Claims UK-45
Effect of Competition and Pricing UK-46

4c. Property Insurance UK-47
Table 41: UK Property Damage Revenue Account (2005): Net
Written Premium (NWP) in £ Million by Domestic and Commercial
Segments by Category - Claims Incurred, Change in Provisions,
Commission & Expenses, and Equalization Reserves (includes
corresponding Graph/Chart) UK-47

Table 42: UK Property Damage Revenue Account (2000-2004): Net
Written Premium (NWP) in US$ Billion and Percentage Breakdown
of NWP by Domestic and Commercial Segments (includes
corresponding Graph/Chart) UK-47

Table 43: UK Property Damage Revenue Account (2000-2004):
Claims Incurred (CI) in US$ Billion and Percentage Breakdown
of CI by Domestic and Commercial Segments (includes
corresponding Graph/Chart) UK-48
Equalization Reserves UK-48
A Review of Past Performance UK-48
Property Insurance Loses Ground UK-48
Rate Hikes Indispensable UK-49
Intermediaries Command Distribution of Home Insurance UK-49
Price Sensitivity of Household Insurance Premiums UK-49
Determinants UK-50
Trend Towards Single Adult Homes UK-50
Brighter Prospects in the Offing UK-50
Competition Intensifies UK-50
SMEs Becoming Key Customers for Property & Liability Insurers UK-51

4d. Accident and Health Insurance UK-52
Table 44: Growth of Permanent Health Insurance Policies
(includes corresponding Graph/Chart) UK-53
Health Insurance Highlights UK-53
Critical-Illness Plan to Dominate UK Market UK-53
Corporate Sector Holds Hope for UK’s Health Insurance Market UK-53
Rising Private Medical Insurance Claims UK-54
Table 45: Ratio of the UK Working Age Over Pensionable Age
(includes corresponding Graph/Chart) UK-54
The Key for Retention UK-54
Long Term Care UK-54
Booming Long-Term Healthcare Insurance Market in the UK UK-54
Control of Personal Investment Authority UK-55
Outlook UK-55
Changes in UK Healthcare System - Impacts on Healthcare
Insurance UK-55

4e. General Liability Insurance UK-57
Types of Covers UK-57
Table 46: Liability Account Gross Premiums Written
(£ Million) (includes corresponding Graph/Chart) UK-58
Accident Insurance Market Lurking with Unlimited Liability Cover UK-58

4f. Pecuniary Loss Insurance UK-60
Key Types UK-60
UK Creditor Insurance Market - An Overview UK-60
Table 47: UK Recent Past, Current & Future Analysis for
Credit Insurance Market in GBP Billion for the Years 2006
through 2010 (includes corresponding Graph/Chart) UK-61
Popularity of PPI Declines in Recent Years UK-61
PPI Affected by Negative Adulation UK-61
Regulatory Assessment Highlights Several Failures in
Creditor Insurance Industry UK-61
Commercial Insurance For Small Business UK-62
Commercial General Insurance Industry in the UK to Register
Robust Growth UK-62
Direct Writers Find Favor UK-62
Searching for More Niches UK-63
Brokers Calling the Shots UK-63
Soft Market Leads to Policy Changes UK-63

4g. Pet Insurance Market UK-65
‘Dogging’ the Pet Insurance Segment UK-65
Low Costs Spur Sales UK-65
Table 48: UK Recent Past, Current & Future Analysis for Pet
Insurance Market in US$ Million at Retail Price for the Years
2006 through 2010 (includes corresponding Graph/Chart) UK-65
Competitive Scenario UK-65
Table 49: Leading Players in UK Pet Insurance Market (2005):
Percentage Market Share by Company - Allianz Cornhill, AXA
Insurance, Domestic &General, Royal &SunAlliance, Thornside,
UKI Partnerships, and Others (includes corresponding
Graph/Chart) UK-66
Changing Market Conditions UK-66
Marketing and Distribution UK-66
Outlook UK-66

4h. Personal Lines Insurance UK-67
Home Insurance and Motor Insurance Rake in Most Subscriptions UK-67
Table 50: UK Insurance Industry (2004): Household Expenditure
by Percentage of Households Purchasing Insurance and Annual
Expenditure Per Household in £ (includes corresponding
Graph/Chart) UK-67
Key Players UK-67

5. UK - Post September 11 UK-68
London Goes the Subscription Way UK-68
Trends in Reinsurance UK-68

6. Key Market Trends/Issues - A Historic Review UK-69
Dismal Market Conditions UK-69
Bad Times for Insurers? UK-69
Soft Markets for Commercial Insurance and Reinsurance UK-69
Consolidation in the Insurance Market UK-70
Consolidations in the IFA Sector UK-70
IFAs Outlook Gloomy UK-70
Few Investors Choose to Invest in IFA’s UK-70
Flooding: A Cause of Concern for UK Insurers UK-71
Concentration in the Non-Life Insurance Market UK-71
Effect of Demographic Trends on Insurance Penetration UK-71
Table 51: Population Trends: 1990-2030 (includes
corresponding Graph/Chart) UK-72
Information Technology in Insurance UK-72
Distribution UK-73
Entry of Banks Into Insurance UK-73
Table 52: Leading Bancassurers in the UK by Net Reinsurance
Premium: 2000 (£ Million) (includes corresponding
Graph/Chart) UK-73
Work-Site Marketing Rising to New Heights UK-74

7. Marketing Strategies UK-75
Telemarketing in the UK Insurance Market UK-75
Advertisements UK-75
Direct Mail UK-75
E-commerce & M-commerce UK-76
Customer Relationship Management (CRM) UK-76

8. Regulatory Environment UK-77
Insurance Industry Joins Hands with CIFAS in Fraud Fighting
Initiative UK-77
Salient Features UK-78

9. Outlook UK-79
Future Trends UK-79

10. Market Minder: ‘Past’ Bites UK-80
Per Capita Insurance Expenditure UK-80
Table 53: Household Expenditure on Insurance by Type in the
UK: 2000 (includes corresponding Graph/Chart) UK-80
Premiums & Claims UK-80
Table 54: UK Motor Insurance Market (2002): Risks Premium
Income by Category in £ Billion (includes corresponding
Graph/Chart) UK-80

Table 55: UK Private Motor Insurance Market (2001-2002):
Percentage Breakdown of Premium Income by Distribution
Channels (includes corresponding Graph/Chart) UK-81

Table 56: UK Private & Commercial Motor Insurance Market
(2002) UK-81

Table 57: Long-Term Insurance Market in UK: 2000 (£ Billion)
(includes corresponding Graph/Chart) UK-81

Table 58: Gross Premiums Written for UK Property/ Casualty
Insurers: 2000 & 1999 (In £ Million) (includes corresponding
Graph/Chart) UK-82

Table 59: UK Motor Insurance Business: 2000 (£ Billion
(includes corresponding Graph/Chart)) UK-82
Market Leaders UK-83
Table 60: Top-Five Players in the UK Life Insurance Market
(2002) - Gross Written Premium in US$ Million for Barclays,
Standard Life, Norwich Union, Prudential, and Halifax
(includes corresponding Graph/Chart) UK-83

Table 61: Top-Five Players in the UK Non-Life Insurance
Market (2002) - Gross Written Premium in US$ Million for
Norwich Union, Royal & Sun Alliance, Zurich, AXA, and
Churchill (includes corresponding Graph/Chart) UK-83

Table 62: Leading Players in the UK Private Motor Insurance
Market (2002): Companies Ranked by Gross Earned Premium in £
Million and Vehicle Exposure in ‘000 Vehicle Years (includes
corresponding Graph/Chart) UK-84

Table 63: Leading Players in the UK Commercial Motor
Insurance Market (2002): Companies Ranked by Gross Earned
Premium in £ Million and Vehicle Exposure in ‘000 Vehicle
Years (includes corresponding Graph/Chart) UK-85

Table 64: Leading Insurance Players in the UK (2000):
Company/Group Ranked by Premiums Written in US$ billion for
CGU, Royal & Sun Alliance, Guardian Royal Exchange, BUPA,
Corn hill, Z.F.S. Group, Direct Line, NFU, Independent Group
and GE Financial (includes corresponding Graph/Chart) UK-86

Table 65: Leading Life Insurers in the UK by Net Reinsurance
Premium: 2000 (£ Million) (includes corresponding
Graph/Chart) UK-86
Investment Holdings UK-87
Table 66: Break Up of Total Long-Term and General Insurance
Investment Holdings in 2000 (£ Billion) (includes
corresponding Graph/Chart) UK-87

11. Review of the Sectors: Mid-90s UK-88
Table 67: Non-Life Investments Distribution in the UK
Composites Market: 1994 (includes corresponding Graph/Chart) UK-88
Motor UK-89
Table 68: UK Private Motor Underwriting Ratios (%)
(includes corresponding Graph/Chart) UK-89

Table 69: Premium of the Composites Under Motor: Mid-90s
(£ Million) (includes corresponding Graph/Chart) UK-89

Table 70: The UK Private Motor Insurance Market: 1994-96
(£ Million) UK-90

Table 71: UK Commercial Motor Underwriting Ratios (%)
(includes corresponding Graph/Chart) UK-90

Table 72: UK Commercial Motor Gross Premiums: Mid-90s
(£ Million) (includes corresponding Graph/Chart) UK-91

Table 73: Commercial Motor Premium Distribution: 1989 vs.
1993 (includes corresponding Graph/Chart) UK-91
Property UK-92
Table 74: UK Commercial Property (Including Other)
Underwriting Ratio (%) (includes corresponding
Graph/Chart) UK-92

Table 75: Net Written Property/Casualty Premium Distribution
By Line: 1994 ($ Million) (includes corresponding
Graph/Chart) UK-92
Liability UK-93
Table 76: Breakup of Liability Among the Composites in the
Mid-90s UK-93

Table 77: Written Premiums in £ Million: 1993 (includes
corresponding Graph/Chart) UK-93

Table 78: Occupational Disease Claims in Terms of Percentage
(includes corresponding Graph/Chart) UK-94
Accident & Health UK-94
Table 79: Pecuniary Loss - Net Premiums Written and
Underwriting Results by Company (£ Million) UK-94
Life .UK-95
Table 80: Life Premiums in Total Premiums of the Composites
(includes corresponding Graph/Chart) UK-95
London - An Integral Part of the UK Insurance Industry UK-95
Composition of the Market UK-95
Marine & Energy Insurance Market UK-96
Reinsurance in the London Market UK-96
The London Market Consolidation UK-97

12. Product Innovations / Service Introductions UK-98
Buddies Launches Discount Pet-Insurance Scheme UK-98
Post Office Introduces New Life Insurance Policy UK-98
Direct Line to Introduce Four New Commercial Insurance Policies UK-98
Zurich to Re-Launch its Home Solutions Product UK-99
Markel International Introduces Medical Malpractice Product UK-99
Tesco Launches Cheap Health Insurance UK-99
Hiscox Rolls Out New Insurance Policies UK-99
Halifax Rolls Out New Insurance Product UK-99
Sterling Life Offers Life Cover for Armed Forces UK-99
Allianz Re-Launches Motor Trade Product UK-99
WPA Introduces Mycancerdrugs UK-99
Lloyds Offers Free Cover UK-100
Groupama Re-Launches Optima Bike UK-100
UK Post Office Launches Van Insurance UK-100
BIBA Launches PPI Products UK-100
BIBA Rolls Out Late-Night Entertainment Cover Product UK-100
R&SA Offers Insurance to Renewable Energy Sector UK-100
BUPA to Launch Space Insurance UK-100
Swiftcover to Launch a Mobile Phone Based Service UK-101
Norwich Union Introduces Innovative Life Insurance Coverage UK-101
Norwich Union Introduces New Online Motor Insurance Policy UK-101
Tesco to Provide Private Health Insurance UK-101
Norwich Union Introduces Guaranteed Whole Life Policy UK-101
MoreThan Provides Low-Cost Insurance to Young Motorists UK-101
Friends Provident Provides Tax Relief With New Life Cover UK-102
Swiftcover Expands Online Insurance Operations UK-102
Virgin Money Introduces Cancer Insurance UK-102
Prudential Launches PMI Policy UK-102
ADN Unveils Novel Insurance Services for UK Auto Dealership
Market UK-102

13. Product Launches in the Past UK-103
Western Provident Association Launches Flexible Health Plan UK-103
Norwich Union Launches Group PMI Product for Corporate Customers UK-103
Norwich Union Introduces Future Assured Plan UK-103
Norwich Union Releases Impaired Life Annuity Scheme UK-103
Medicash Introduces a Healthcare Cash Plan UK-104
Berkeley Alexander Unveils Individual Private Medical
Insurance Plan UK-104
Liverpool Victoria Introduces New Product UK-104
AIG Europe Introduces Healthnow UK-104
SecureHealth Introduces Options UK-105
Royal & Sun Alliance European Life & Investments Launches
Balanced Yield Fund UK-105
Norwich Union Introduces Improved Version of Long-Term Care
Insurance UK-105
Unum Launches Improved Elixia 123 UK-105
BITA Plus Consultants Launches Risk Analysis and Reporting
Service UK-105
Hiscox Launches Online Service UK-105
Clerical Medical International Offers New Version of CMI
Premier Bond UK-106
Profin Launches Miscellaneous E&O Policy UK-106
“Franchised Auto Dealers” from Royal & Sun Alliance UK-106
Willis Deploys War Risk Products UK-106
Zurich Life Launches New Whole-Of-Life Policy UK-107
Norwich Union Launches Garden Insurance Package UK-107
Liverpool Victoria Launches Comprehensive Mortgage Payment
Protection Insurance Plan UK-107
Skandia Offers Two New Life Insurance Programs UK-107
MAP Underwriting Offers Insurance Coverage for Political
Violence UK-107
Legal & General Launches New Protection Plans Under
Protection Choices Brand Name UK-108
Royal & Sun Alliance Launches New Plan for Non-Resident UK
Citizens UK-108
Royal & Sun Alliance Rewards Safe Drivers with ‘More Than’ Plan UK-108
Canada Life International Adds New Features to Offshore
Flexible Life Plan UK-108
BUPA International Adds Health Care Options to Insurance Policy UK-108
BUPA International Introduces Company First UK-108
Miller Insurance Group Offers Stand-Alone Terrorism Insurance UK-109
21st Century Launches Hospital Advantage Plan UK-109
Inreon Ltd. Launches EURO CAT UK-109
Skandia Introduces New Plans UK-109
Bank of Scotland Offshore Introduces Second Model of Save and
Invest Product UK-109
AA Insurance Launches Online Customer Service Package UK-109
BUPA Creates Online Service for Complete Private Medical
Insurance Cover UK-109
Standard Life Healthcare and Policy Master Together Offer
Insurance Products UK-110

14. Recent Industry Activity UK-111
Tawa Acquires Continental Management Services UK-111
Assurant Solutions Takes Over Centrepoint Insurance UK-111
THB to Acquire Lloyd’s Broking Business and Overseas
Interests of PWS UK-111
AIG Takes Over Direct Travel Insurance UK-111
AXA Acquires Davis Group UK-111
PHP Acquires Home Counties Healthcare’s Medical Insurance
Business UK-112
Pearl Assurance Acquires Resolution UK-112
Aviva Acquires Two Hamilton Companies and Forms New Agreements
with HSBC UK-112
Assurant’s UK Affiliate Takes Over Swansure Group UK-112
AXA & BMPS to Form a Strategic Partnership UK-112
AXA to Acquire Ukrainian Insurance Alliance UK-113
AXA to Divest Dutch Insurance Operations UK-113
HSBC Enters into Joint Venture with Aviva UK-113
AXA and UkrSibbank to Acquire Vesko UK-113
LV= Commences Brokerage Business UK-113
Genworth Partners with GMAC UK-113
Allianz Cornhill Collaborates with Game UK-114
Asda and LifeSearch Enter into Partnership UK-114
Aegon Scottish to Deploy Thinc’s Distribution Platform UK-114
HSBC to Form JV with Norwich Union UK-114
Munich Re Acquires Bell & Clements UK-114
Aegon Enters into Distribution Pact with Dunfermline UK-114
Skandia to Consolidate UK Businesses UK-115
Allianz Cornhill Changes its Name to Allianz Insurance UK-115
LV= Forms Partnership with Help the Aged UK-115
Prudential and Discovery Forms JV UK-115
Norwich Union Outsources Administration to Swiss Re UK-115
AXA PPP Acquires Legal & General UK-115
AXA to Acquire Swiftcover UK-116
L&G and Nationwide Enters Distribution Pact UK-116
R&SA Bags New Contract UK-116
K Drewe and BIBA Enter into Collaboration UK-116
Prudential to Divest Egg UK-116
Equity and Nissan Forms Partnership UK-116
Standard Life and Summit to Offer Cover for Climbers UK-117
Alliance and Leicester Enters Car Insurance Business UK-117
IAG Acquires Equity UK-117
Beazley Snaps Up Santam Corporate UK-117
Resolution Life to Merge Life Insurance Businesses UK-117
Friends and Resolution Negotiate for a Prospective Merger UK-117
Bank of Georgia Merges BCI and Aldagi UK-117
Ariel Acquires Atrium UK-118
Enstar Group Buys Cavell Management UK-118
American International to Acquire Ocean Finance & Mortgages UK-118
CIGNA Acquires Vielife UK-118
Swiss Re bids for Prudential’s Division UK-118
Liverpool Victoria Snaps Up ABC Insurance UK-118
Generali to Acquire Aviva UK-118
Abbey Exits Life Business UK-119
Axa to Takeover Thinc Destini UK-119
Lloyds TSB Acquires Pearl’s General Insurance Business UK-119
Citibank to Collaborate with Legal & General to Offer Insurance UK-119
Barclays to Sell Standard Life’s Insurance Products UK-119
CFS Forms a New Wing for General Insurance UK-119
AIG to Commence Bulk Annuity Operations in The UK UK-119
Asda and Scottish Widows End Alliance UK-120
Scottish Re to Secure a New Investment of $ 600 Million UK-120
Oxygen Holdings Completes Acquisition of Smart & Cook UK-120
Resolution Life Confirms Talks Related to Prospective
Transactions UK-120
Royal & SunAlliance Plans Acquisition of Martello Underwriting UK-120
Allianz Cornhill and Argos Sign Agreement for Furniture
Insurance UK-121
Towergate Snaps Up Paymentshield UK-121
Catlin To Acquire Wellington Underwriting UK-121
Bank of America to Divest Premium Credit UK-121
Berkshire Hathaway to Meet Liabilities of Lloyd UK-121
Reliance Mutual to Acquire University Life UK-122
Zurich to Acquire Endsleigh UK-122
Groupma to Allow Carole Nash to Function as a Distinct Entity UK-122
Swinton to Merge With its4me.co.uk to Boost Online Business UK-122
Swiss Re Acquires UK GE Life Business UK-123
Capita Life & Pensions Bags Contract from Scottish Life UK-123
Resolution Acquires Abbey National’s Life Insurance Business UK-123
Royal Liver to Enter Guaranteed Critical-Illness Market UK-123
Aviva PLC Acquires RAC UK-123
Imagine Acquires Abacus UK-124
HCC Proposes to Buy IIG UK-124
Beazley Group Acquires OPCI UK-124
Merrill Lynch & Co to Acquire AMVESCAP Retirement, Inc. UK-124
CLI Acquires Axis USA UK-124
Health Lambert Group Sells Health Insurance Brokers UK-124
St. Paul Sells Cassidy Davis UK-124
American Physicians Acquires Minority Interest in Physicians
Insurance Co UK-124
British Union Purchases Amedex UK-124
Navigators Group Acquires Lloyds Syndicate 1221 UK-125
Resolution Life’s Expansion Drive Continues UK-125
Sainsbury’s Bank to Start Auto Insurance Business UK-125
Prestbury Holdings to Launch General Insurance UK-125
Benchmark Causes Vibes in Investment Property Insurance UK-125
Primary Acquires Benchmark Management UK-125
CDC to Purchase Saga Ltd UK-126
Willis Group Holdings Ltd. Acquires Vision Insurance Group UK-126
Arthur J Gallagher Acquires the Kooper Group UK-126
Marsh Acquires the Australian Operations of Heath Lambert Group UK-126
Capital Z Financial Services Acquires SBJ Group UK-126
Royal & Sun alliance Divests UK Life Insurance Business to
Resolution Life Group UK-126
Crawley Warren Acquires International Space Brokers UK-126

15. Strategic Developments in the Past UK-127
UPC Buys Sun Life’s UK Operations UK-127
HCC Holdings Acquires Illium Insurance Group UK-127
Hilb Rogal & Hobbs Buy Alexander Brooks & Stevens Ltd UK-127
Norwich’s Flood Risk Mapping Holds Immense Implications for
the Industry UK-127
Gerling NCM Sets Shop in the UK UK-127
Primary Insurance Acquires UK Insurance’s Third Party Business UK-128
Canada Life Acquires Disability and Life Insurance Operations
of Royal & Sun Alliance Insurance UK-128
Earnest R Shaw Acquires Kendall White Millar UK-128
HSBC Group Acquires Stake in Ping An Insurance Co. UK-128
Aegon Acquires Stake in Wentworth Rose UK-128
Aegon Acquires Momentum UK-128
Aegon Acquires Advisory & Brokerage Services UK-129
Willis Group Increases Stake in Indonesian Subsidiary UK-129
Prudential Corp. Acquires ING Life Insurance UK-129
Amlin Purchases Renewal Rights from AIOI Insurance Co. of Europe UK-129
Scottish Annuity & Life Holdings Acquires World-Wide Reassurance UK-129
Heritage Underwriting Establishes Lloyd’s Syndicate UK-129
GE Frankona Re Establishes New Aviation Unit UK-129
XL Capital Assurance Establishes New Subsidiary in the UK UK-130
Aviva and UniCredito Italiano Sign Partnership Agreement with
BPCI UK-130
Aviva Signs Agreement with Unicredito Italiano UK-130
Cazenove Investment Fund Management and AIG Life in Agreement UK-130
Countrywide Assured Signs Agreement with Friends Provident UK-130
Royal & Sun Alliance Sells Offshore Life Operations UK-131
Jardine Lloyd Thompson Streamlines Business Operations UK-131
Axa Sun Life and Clerical Medical International Refocus
Operations UK-131
Marks & Spencer Offers Pet Insurance UK-131
Standard Life’s Stakeholder Pension Sales Slump UK-131
Royal & Sun Alliance Buys Loss Adjustment Unit of Independent
Insurance UK-132
AXA Insurance Purchases Website of Independent Insurance UK-132
Liverpool Victoria Acquires Permanent Insurance from
EquiTableLife UK-132
Prudential Acquires Orico Life Insurance UK-132
Eureko Purchases Foreign and Colonial Management Ltd. UK-132
CGNU Acquires ABN Amro Magyar Elet es Nyugdijbiztosito
Reszvenytarsasag UK-132
CGNU Acquires Insurance Division of the Development Bank of
Singapore UK-133
Vesta Insurance Group Acquires Instant Insurance Holdings and
Aegis Financial UK-133
EW Blanch, Ben field Greig Group Merge to Form Ben field Blanch UK-133
Prudential Acquires YoungPoong Life UK-133
Royal Sun Alliance Acquires Seguros BBV UK-133
CPP Holdings Acquires Homecare Holdings UK-133
Ben field Group, SG Set up Celsius Insurance UK-133
Groupama Insurances Forms New Division UK-134
Prudential Divests General Insurance Business to Winterthur UK-134

16. Focus on Select Players UK-135
Abbey National PLC UK-135
Allianz Corn hill UK-135
Amlin PLC UK-135
Aviva Plc - Fifth Largest Life Insurer in the World UK-135
Britannia Life UK-136
BUPA (British Union Provident Association) UK-136
Direct Line Plc UK-136
Ecclesiastical Insurance Group UK-136
Equity Insurance Group Limited UK-137
Groupama Insurances UK-137
Halifax Life. UK-137
Hiscox Ltd UK-137
Legal & General Group Plc UK-138
Lloyds of London UK-138
Lloyds TSB Group Plc UK-139
Lloyds TSB Life Assurance Company Limited UK-139
Markel International Ltd. UK-139
Nat West Life UK-139
NFU Mutual Insurance Co. UK-139
Prudential PLC UK-140
Royal & Sun Alliance Insurance Group UK-140
Scottish Widows plc UK-141
St. Paul International Insurance Co. Ltd. UK-141
St. Paul Travelers Insurance Company Limited UK-141
Standard Life PLC UK-141
The EquiTableLife Assurance Society UK-142
Leading Brokers in UK UK-142
HBOS PLC UK-142
Jardine Lloyd Thompson Group Plc UK-142
Willis Group Holdings Ltd., UK UK-142
Note: Product cover images may vary from those shown
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  • Abbey National PLC UK-
  • Allianz Corn hill UK-
  • Amlin PLC UK-
  • Aviva Plc - Fifth Largest Life Insurer in the World UK-
  • Britannia Life UK-
  • BUPA (British Union Provident Association) UK-
  • Direct Line Plc UK-
  • Ecclesiastical Insurance Group UK-
  • Equity Insurance Group Limited UK-
  • Groupama Insurances UK-
  • Halifax Life. UK-
  • Hiscox Ltd UK-
  • Legal & General Group Plc UK-
  • Lloyds of London UK-
  • Lloyds TSB Group Plc UK-
  • Lloyds TSB Life Assurance Company Limited UK-
  • Markel International Ltd. UK-
  • Nat West Life UK-
  • NFU Mutual Insurance Co. UK-
  • Prudential PLC UK-
  • Royal & Sun Alliance Insurance Group UK-
  • Scottish Widows plc UK-
  • St. Paul International Insurance Co. Ltd. UK-
  • St. Paul Travelers Insurance Company Limited UK-
  • Standard Life PLC UK-
  • The EquiTableLife Assurance Society UK-
  • Leading Brokers in UK UK-
  • HBOS PLC UK-
  • Jardine Lloyd Thompson Group Plc UK-
  • Willis Group Holdings Ltd., UK UK-
Note: Product cover images may vary from those shown
5 of 4
Note: Product cover images may vary from those shown
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