Table of Contents
DATAMONITOR VIEW
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
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