英国の個人向け保険市場における競合分析

Abstract

Overview

Introduction

The report analyzes the performance of the main competitors in the personal general insurance sector, providing data on competitors' premium income, market shares and profitability.

Scope

• Analysis of key competitors' performance and competitive strategies
• Loss, expense and combined ratio data across the accident and health, motor, pecuniary loss and property markets

Report Highlights

In 2006, the top 10 personal lines insurers recorded varying results in terms of performance. Six of the top 10 personal lines insurers recorded a decline in GWP. These were Norwich Union, UK Insurance (UKI), Churchill, Royal & SunAlliance, Zurich and BUPA.

Reasons to Purchase

• Benchmark your own performance against that of your competitors
• Gain insight into the merger and acquisition activity that has taken place

Table of Contents

• DATAMONITOR VIEW
  • CATALYST
  • SUMMARY
• ANALYSIS
  • Introduction
  • 2007 saw a number of mergers and acquisitions and job losses
    • AXA acquired Swiftcover in February 2007
    • Norwich Union and HSBC announced plans to create a joint venture in May 2007
    • Kwik-Fit launched The Green Insurance Company in August 2007
    • Groupama acquired a majority stake in Lark Group in August 2007
    • HBOS decided to merge Esure and First Alternative' s motor businesses in August 2007
    • Tesco launched its own price comparison website in September 2007
    • The AA and Saga merged in 2007
    • Equity Insurance Group recorded a high number of small-scale acquisitions
    • A number of insurers announced job cuts in 2007 to make cost savings
  • The top 10 UK personal lines insurers showed mixed results in performance in 2006
    • Norwich Union' s personal lines book contracted slightly during 2006
    • Direct Line was the only personal lines RBSI subsidiary to achieve growth in 2006
      • Direct Line saw its personal lines book increase by 0.9% in 2006
      • UKI saw GWP for its personal lines business fall by 1.3% in 2006
      • Churchill saw the largest decrease in personal lines GWP of all the RBSI subsidiaries
    • AXA recorded strong growth across all its personal lines businesses in 2006
    • Royal & SunAlliance' s private motor book grew in 2006, but other personal lines did not fare well
    • St Andrews' s personal lines business grew as it recorded a large increase in household GWP in 2006
    • Zurich recorded GWP decline in all of its personal lines during 2006
    • BUPA witnessed a decline in its personal lines business during 2006
    • Fortis recorded strong GWP growth in the UK personal lines insurance market in 2006
    • Several of the leading UK personal insurers did not underwrite any commercial business in 2006
  • The profitability of the top 10 accident and health insurers deteriorated in 2006 due to increases in loss ratios
    • The top 10 accident and health insurers recorded an average loss ratio of 63.7% in 2006, with the majority seeing an increase in their loss ratio
      • The average loss ratio of 63.7% in 2006 was a 3.5 percentage point increase from 2005
      • Standard Life combined a growing book of business with a smaller loss ratio
      • Combined Insurance Company of America was the only top 10 accident and health insurer to see a loss ratio reduction other than Standard Life
      • Five insurers saw loss ratios increase at the same time as their books grew
      • New Hampshire and BUPA saw loss ratios increase, while their books declined in size
    • The top 10 accident and health insurers recorded an average expense ratio of 29.9% in 2006
      • Three of the top 10 accident and health insurers saw their expense ratios decrease while their books grew
      • Combined Insurance Company of America saw its book shrink and its expense ratios reduce
      • Norwich Union, SimplyHealth and AXA saw expense ratios increase as their books expanded
      • Two insurers saw their expense ratios increase alongside a shrinking book of business
    • The top 10 accident and health insurers recorded an average combined ratio of 93.6% in 2006, although two of the biggest players saw their ratios move above 100%
      • The top 10 accident and health insurers achieved an average combined ratio of 93.6% in 2006
      • Groupama and Standard Life both saw their combined ratios decrease in 2006 and their books grow, but Groupama' s ratio remained above 100%
      • Combined Insurance Company of America' s loss ratio fell by 5.8 percentage points
      • Six of the top 10 insurers saw their combined ratios increase in 2006
  • The top 10 motor insurers made the move into profitability in 2006 on the back of reductions in losses and expenses
    • The average loss ratio among the top 10 UK motor insurance providers declined in 2006 with AXA, Norwich Union and Churchill recording the biggest improvements
      • In 2006, the average loss ratio of the top 10 UK motor insurers fell by 3.3 percentage points to 71.1%
      • AXA, Norwich Union and Churchill recorded the strongest loss ratio reductions
      • Four insurers recorded loss ratio deterioration
    • The average expense ratio of the top 10 UK motor insurers declined by 0.7 percentage points in 2006, with Churchill, AXA, NIG and Royal & SunAlliance recording above-average reductions
      • The average expense ratio of the top 10 UK motor insurers declined by 0.7 percentage points in 2006
      • Churchill, AXA, NIG and Royal & SunAlliance recorded above-average expense ratio decline
      • Norwich Union, Zurich and NFU Mutual recorded the highest increases in their expense ratios
    • The average combined ratio of the top 10 motor insurers fell by four percentage points in 2006, with AXA and Churchill seeing significant declines
      • The average combined ratio of the top 10 motor insurers declined by four percentage points in 2006
      • AXA and Churchill recorded significant reductions in combined ratio in 2006
      • NIG, Direct Line and Zurich recorded combined ratio increases
  • The top 10 pecuniary loss insurers saw their profitability increase
    • Pecuniary loss combined ratios increased as expense ratios rose and loss ratios fell
      • The average loss ratio of the top 10 pecuniary loss insurers declined by 0.2 percentage points to 29.4% in 2006
      • Norwich Union and Lloyds TSB achieved strong loss ratio reductions
      • Direct Line and Pinnacle recorded the highest loss ratio increases
    • The average expense ratio of the top 10 pecuniary loss insurers increased to 65.3% in 2006, with Direct Line, Allianz and St Andrew' s seeing the highest individual increases
      • The average expense ratio of the top 10 pecuniary loss insurers increased by 1.8 percentage points to 65.3% in 2006
      • GEFI, Norwich Union and UK Insurance recorded double-digit increases in their expense ratios
      • Direct Line, Allianz and St Andrew' s achieved strong expense ratio reductions
    • Combined ratios increased among the leading pecuniary loss insurers in 2006
      • The average combined ratio among the top 10 pecuniary loss insurers rose by 1.6 percentage points in 2006
      • Allianz, Direct Line, St Andrew' s and Lloyds TSB reduced their pecuniary loss combined ratios
      • GEFI, UK Insurance and Pinnacle all experienced increases in their combined ratios
  • Combined ratios rose for the top 10 property insurers in 2006 due to rising expenses and claims however most players remained in profitable territory
    • 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
  • 2005-6 definitions for lines of business
    • Accident & health
      • Medical expenses
      • HealthCare cash plan
      • Travel
      • Personal accident or sickness
    • Motor
      • Total private motor
      • Total commercial motor
      • Private motor comprehensive
      • Private motor non-comprehensive
      • Motorcycle
      • Fleets
      • Commercial vehicles (non-fleet)
    • Property
      • Total commercial property
      • Household and domestic all risks.
      • Consequential loss (i.e. business interruption)
    • Financial/Pecuniary loss business
      • Total personal financial loss business
      • Total commercial financial loss business
      • Legal expenses
      • Fidelity and contract guarantee
    • Liability business
      • Employers liability (including the employers liability part of mixed liability packages but excluding mixed commercial packages)
      • Professional indemnity (including directors' and officers' liability and errors and omissions liability)
      • Public and products liability
      • Mixed commercial package
    • Total personal
    • Total commercial
  • Pre-2005 definitions for lines of business
    • Accident and health
      • Individual accident and health
      • Group accident and health
    • General liability
    • Motor
    • Pecuniary loss
      • Total pecuniary loss figures
    • Property
  • Premium income measures
    • Earned premiums
    • Gross Premium
    • Net Premium
    • Written premiums
  • 2005 FSA Return changes
    • Major changes in FSA Return categories and their impact
    • Market size
      • Changes in market size information
      • Market size methodology
      • Lloyd' s players and underwriting result figures
    • Competitor data
      • GWP versus GEP reporting
      • Total personal and total commercial business
      • Home-Foreign, overseas and facultative reinsurance business
  • Further reading
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
  • List of Tables
    • Table 1: Top 10 personal insurance competitors by GWP and market share, 2006
    • Table 2: Split between personal and commercial business for the top 10 personal insurers, 2006
    • Table 3: Change in premium income compared to change in loss ratio for the top 10 UK accident and health insurers, 2005-06
    • Table 4: Change in premium income compared to change in expense ratio for the top 10 UK accident and health insurers, 2005-06
    • Table 5: Change in premium income compared to change in combined ratio for the top 10 UK accident and health insurers, 2005-06
    • Table 6: Change in premium income compared to change in loss ratio, top 10 UK motor insurers, 2005-6
    • Table 7: Change in premium income compared to change in expense ratio, top 10 UK motor insurers, 2005-6
    • Table 8: Change in premium income compared to change in combined ratio, top 10 UK motor insurers, 2005-6
    • Table 9: Change in premium income compared to change in loss ratio for the top 10 UK pecuniary loss insurers, 2005-06
    • Table 10: Change in premium income compared to change in expense ratio for the top 10 UK pecuniary loss insurers, 2005-06
    • Table 11: Premium income compared to change in combined ratio for the top 10 UK pecuniary loss insurers, 2005-06
    • Table 12: Premium income compared to change in loss ratio for the top 10 UK property insurers, 2005-06
    • Table 13: Change in premium income compared to change in expense ratio among the top 10 property insurers, 2005-06
    • Table 14: 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 UK personal general insurer in 2006, with a 15.8% market share
    • Figure 2: Several of the leading UK personal insurers did not underwrite any commercial business
    • Figure 3: Only two of the top 10 UK accident and health insurers achieved better loss ratios in 2006
    • Figure 4: Numerous UK accident and health insurers saw their expense ratios increase in 2006
    • Figure 5: Six of the top 10 UK accident and health insurers recorded higher combined ratios in 2006
    • Figure 6: While the average loss ratio of the top 10 UK motor insurers fell in 2006, NIG and Direct Line saw increases in their ratios
    • Figure 7: Norwich Union saw the biggest increase in private motor expense ratio in 2006
    • Figure 8: NIG saw the biggest increase in combined ratio in 2006
    • Figure 9: A number of UK pecuniary loss insurers recorded significant GWP decline in 2006, although some were also able to decrease their loss ratios as a result
    • Figure 10: Direct Line achieved strong GWP growth and reduced its expense ratio in 2006, although fellow RBS subsidiary UK Insurance did not fare as well
    • Figure 11: Allianz, Direct Line and St Andrew' s achieved the strongest pecuniary loss combined ratio reductions in 2006, largely through decreasing their expense ratios
    • Figure 12: Direct Line, Zurich and Norwich Union saw the best decreases in loss ratio in 2006
    • Figure 13: 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 14: Direct Line and Churchill saw the biggest reductions in combined ratio in 2006