英国の個人向け自動車保険市場における競合環境

Abstract

Introduction

The brief analyzes the competitive developments in the UK private motor insurance market, discussing market concentration and competitor performance and providing analysis of the top insurers' market share, GWP and underwriting performance over the last five years.

Scope of this report

• Analysis of the top private motor insurers' growth or decline in market share and the trends driving these changes
• Performance data of the top insurers in the UK motor insurance market.

Research and analysis highlights

• The market dominance of the largest players is expected to confer a greater control over the setting of premium rates and a greater ability to steer the market. This has been evident in the fact that the current underwriting cycle has turned before the market reached the level of losses seen in previous cycles.

Key reasons to read this report

• Benchmark your company against your competitors based on current and past performance in the market
• Gain knowledge of competitive developments among private motor insurance providers.

Table of Contents

DATAMONITOR VIEW

• CATALYST
• SUMMARY

ANALYSIS

• Introduction
• Legal & General ceased writing private motor insurance
  • Legal & General ceased underwriting new private motor policies in 2006
• The top 10 private motor insurers lost market share in 2006, although the market remained highly consolidated
  • Market leader RBSI maintained its grip on the private motor market in 2006
  • The top 10 private motor insurers lost market share in 2006
  • A number of the largest private motor insurers grew market share in 2006, despite competitive conditions
    • Direct Line' s GWP remained stable in 2006
    • Royal & SunAlliance raised its market share and increased premium income in 2006
    • Fortis grew its private motor insurance market share in 2006 due to an increase in policy numbers
    • NIG grew its presence in the motor insurance market, gaining market share and GWP in 2006
  • Competitive conditions resulted in some top 10 players losing market share in 2006
    • The market leader, Norwich Union, lost the most market share of the top 10 in 2006
    • Churchill lost market share in 2006 as its non-comprehensive book contracted severely
    • Zurich' s private motor GWP declined in 2006, leading to a contraction in market share
    • CIS' s market share contracted in 2006 due to lower premium income
  • Two players, UKI and esure, saw no change in market share between 2005 and 2006
    • esure joined the top 10 private motor insurers despite decreasing private motor premium income
    • UKI saw its market share increase in 2006, though premium income declined
• Mid-tier private motor insurers retained market share overall in 2006
  • Only a few private motor insurers in the 11-20 bracket managed to increase market share in 2006
    • AXA' s private motor book rebounded in 2006 increasing by a substantial 43.5% in GWP terms
    • The NFU Mutual experienced modest premium income growth in 2006
    • Aioi Motor & General increased market share and premium income in 2006
  • Five mid-tier insurers lost market share in 2006
    • LV' s market share declined by 0.3 percentage points in 2006 as it allowed premium income to contract
    • Provident Insurance' s book continued to contract in 2006
    • Groupama' s private motor insurance book declined in 2006
    • HSBC experienced a decline in its private motor account in 2006
    • Allianz' s GWP declined by more than 10% in 2006
  • Two mid-tier insurers saw minor declines in premium income but maintained market share in 2006
    • Highway' s private motor book experienced a contraction in 2006, but maintained market share
    • MMA' s market share remained stable although GWP reduced by 3.3% in 2006
• Most of the top 10 insurers write some non-comprehensive and commercial business
  • Comprehensive premium income dominated the books of the largest private motor insurers
  • Six of the top 10 private motor insurers also write commercial motor insurance
  • The largest private motor insurers also tend to be the largest total motor insurers
• 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

APPENDIX

• Definitions
  • Premium income measures
    • Earned premiums
    • Gross Premium
    • Net Premium
    • Written premiums
  • Other definitions
    • Channel
    • Direct insurer/writer
    • Brokers
    • Bancassurers
    • Brandassurers
    • Platform
  • 2005-06 definitions for line of business
    • Motor
    • Total private motor
    • Total commercial motor
    • Private motor comprehensive
    • Private motor non-comprehensive
    • Motorcycle
    • Fleets
    • Commercial vehicles (non-fleet)
  • Pre-2005 definitions for lines of business
    • Motor
• Methodology
  • Primary and secondary research
  • Market size
    • Changes in market size information
    • Market size methodology
    • Lloyd' s players and underwriting result figures
  • Competitor data
    • CIS
    • GWP versus GEP reporting
    • Home-Foreign, overseas and facultative reinsurance business
• Further reading
• Ask the analyst
• Datamonitor consulting
• Disclaimer
• List of Tables
  • Table 1: Top 10 UK private motor insurers' market share in 1996, 2005 and 2006
  • Table 2: Top 10 UK private motor insurers by market share, 2002-06
  • Table 3: Top 10 UK private motor insurers by premium income, 2002-06, (£000s)
  • Table 4: UK private motor insurers ranked 11-20 by market share, 2002-06
  • Table 5: UK private motor insurers ranked 11-20 by premium income, 2002-06, (£000s)
  • Table 6: Top 10 UK private motor insurers' comprehensive and non-comprehensive shares of total GWP, 2005-06, (£000s)
  • Table 7: Top 10 UK private motor insurers' GWP split by private and commercial, 2006, (£000s)
  • Table 8: Top 10 UK motor insurers' GWP split by private and commercial, 2006, (£000s)
  • Table 9: Change in premium income compared to change in loss ratio, top 10 UK motor insurers, 2005-06
  • Table 10: Change in premium income compared to change in expense ratio, top 10 UK motor insurers, 2005-06
  • Table 11: Change in premium income compared to change in combined ratio, top 10 UK motor insurers, 2005-06
• List of Figures
  • Figure 1: The top 10 insurers controlled more of the market in 2006 than in 1996
  • Figure 2: Norwich Union remained the single largest insurer in the UK market in 2006
  • Figure 3: Insurers in the 11-20 segment showed very little difference in market share in 2006
  • Figure 4: None of the top 10 insurers wrote a substantial part of their business in the non-comprehensive market
  • Figure 5: Most of the top 10 UK private motor insurers also maintain a presence in the commercial market
  • Figure 6: The top 10 UK private insurers dominate the top motor rankings due to the size of their private books
  • Figure 7: 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 8: Norwich Union saw the biggest increase in private motor expense ratio in 2006
  • Figure 9: NIG saw the biggest increase in combined ratio in 2006