英國家產保險市場競爭：2007年

Abstract

Introduction

This report examines the major competitive developments that took place over 2006 and 2007 in the household insurance market. It analyzes market share and the growth of the top 10 household insurers, and considers the factors that have influenced their relative positions in the market. The loss, expense and combined ratios of the top 10 property insurers are also presented and analyzed.

Scope of this report

• Loss, Expense and combined ratios of the top 10 household insurers in the UK
• Information on recent competitor developments

Research and analysis highlights

In 2006, Norwich Union was the largest player in the household market recording GWP in excess of £1.4 billion. In addition, Norwich Union experienced strong growth in the book which grew by 12.8% from £1.3 billion GWP in 2005.

Key reasons to read this report

• Provides an insight into recent competitor developments
• Benchmark yourself against your competitors in terms of market share and performance ratios

Table of Contents

DATAMONITOR VIEW

• CATALYST
• SUMMARY

ANALYSIS

• St Andrew' s, AXA, Norwich Union and UKI all recorded strong household GWP growth in 2006
  • Norwich Union remained the leading home insurer in 2006 and recorded strong growth in premium income
  • St Andrew' s household book saw significant growth in 2006
  • Royal & SunAlliance saw household insurance GWP decrease in 2006, however on the flipside it recorded a strong combined ratio
  • Churchill moved from third to fourth position in the household market in 2006
  • Lloyds TSB' s home insurance book grew marginally benefiting from increased sales through the branch network
  • Zurich saw a decline in premium income in 2006
  • Direct Line household insurance premium income fell marginally in 2006
  • AXA experienced significant growth in its GWP in 2006 and moved into seventh place in the household market
  • Legal & General saw a slowdown in premium income growth in 2006
  • UK Insurance' s premium income experienced strong growth in 2006
  • St Andrew' s experienced strong growth in GWP during 2006 while Royal & SunAlliance saw its GWP fall in 2006
• The average loss ratio of the top 10 property insurers increased by 0.1 percentage points in 2006, with Direct Line, Zurich and Norwich Union recording the biggest reductions
  • The average loss ratio of the top 10 property insurers increased by 0.1 percentage points
  • Norwich Union, Direct Line and Zurich recorded strong loss ratio reductions
  • St Andrew' s, NIG and Royal & SunAlliance recorded high loss ratio increases
• The average expense ratio of the top 10 property insurers increased in 2006, with Norwich Union and AXA recording the largest individual increases
  • The average expense ratio of the top 10 property insurers rose by 1.4 percentage points in 2006
    • Norwich Union, AXA and Lloyds TSB saw their expense ratios increase, but they achieved GWP growth
  • Four of the top 10 property insurers achieved expense ratio reductions
• The average combined ratio of the top 10 property insurers rose in 2006, with Norwich Union, AXA and NIG seeing the largest increases
  • Among the top 10 UK property insurers, the average combined ratio rose by 1.5 percentage points in 2006
  • Norwich Union, AXA and NIG recorded high combined ratio growth
  • Three insurers were able to defy the property market trend and reduce their combined ratios

APPENDIX

• Definitions
  • Competitor data
    • Household and domestic all risks
  • Premium income measures
    • Earned premiums
    • Gross Premium
    • Net Premium
    • Written premiums
• Further reading
• Ask the analyst
• Datamonitor consulting
• Disclaimer
• List of Tables
  • Table 1: UK household insurance GWP and market share, top 10 competitors, 2005-06 (£000s)
  • Table 2: Growth of the top 10 household insurers, 2000-6
  • Table 3: Premium income compared to change in loss ratio for the top 10 UK property insurers, 2005-06
  • Table 4: Change in premium income compared to change in expense ratio among the top 10 property insurers, 2005-06
  • Table 5: Change in premium income compared to change in combined ratio for the top 10 UK property insurers, 2005-06
• List of Figures
  • Figure 1: Norwich Union was the largest home insurer in 2006
  • Figure 2: St Andrew' s achieved the strongest GWP growth in 2006
  • Figure 3: Direct Line, Zurich and Norwich Union saw the best decreases in loss ratio in 2006
  • Figure 4: St Andrew' s was the only insurer to successfully reduce its expense ratio and at the same time increase its property insurance GWP in 2006
  • Figure 5: Direct Line and Churchill saw the biggest reductions in combined ratio in 2006