[Report] UK Fortis Personal General Insurance Market Research, Trends, Analysis TOC

CHAPTER 1 INTRODUCTION
- What is this report about?
- Who is the target reader?
- How to use this report
CHAPTER 2 FORTIS: UK PERSONAL GENERAL INSURANCE COMPETITOR PROFILE
- Fortis UK is part of the Fortis Group and consists of Fortis Insurance, RIAS and two new acquisitions
  - Fortis Insurance specializes in personal lines and small commercial packages
  - Fortis acquired OutRight, a personal lines broker specializing in affinities, in 2005
  - Affinity Solutions was acquired in 2006
  - Over 50s broker RIAS is also part of the Fortis Group
- Private motor is Fortis' largest personal line, but other lines are growing in importance
  - Personal lines make up over 90 per cent of Fortis' business
  - Private motor is Fortis' largest line, but other lines are seeing faster growth
    - Fortis' private motor premium income growth has outstripped the market in the long-term, and although GWP declined slightly in 2005, the number of vehicles insured continued to grow
    - Fortis' household book has benefited from the launch of a new product
    - Rapid growth in travel has occurred on the back of affinity deals
    - Fortis' commercial book has made great strides since the company entered the market
    - Fortis' private motor book decreased slightly, but remained profitable, while household saw growth in premium income
- Fortis follows a strategy of diversifying away from private motor by seeking to grow other lines
  - Private motor is still important to Fortis, but the insurer plans to become less dependent on this very cyclical line
  - Growth in the household book has taken off with the launch of House Guard Extra and the Age Concern deal
  - Travel insurance has seen strong growth, largely due to success in winning affinity deals in this area
  - Fortis has also been growing its commercial lines, though mainly in areas which form a natural extension of its personal lines offering
- Fortis' distribution strategy is changing, as the insurer looks to complement its broker distribution with a number of affinity deals
  - Given its experience providing insurance solutions to brokers, distributing via affinities is a natural step for Fortis
  - In 2005 and 2006, Fortis signed a number of important affinity deals
  - However, broker-led distribution will continue to be the main method of distribution for Fortis and the insurer is looking to grow this channel further
    - Fortis will focus on product development to drive growth in its broker distribution
    - Fortis has a strong reputation amongst brokers, which it can hope to build upon in the future
  - In 2006 Fortis added text message to its distribution channels
  - Due to its intermediated distribution strategy Fortis does not advertise direct to consumers. However, RIAS advertises its services
- Summary: the strategy of diversifying product mix and distribution channels is likely to shape Fortis' future strategies
  - Fortis' plan to grow its household and travel books to diversify away from private motor could help it achieve profitable growth in the future
  - Commercial vehicle insurance will also play a part in the growth of Fortis' general insurance book, but the company is likely to remain largely a personal lines insurer
  - Fortis is also likely to continue to pursue affinity deals, complementing its broker-based distribution
CHAPTER 3 APPENDIX
- Supplementary data
- Methodology
  - Competitor data
    - GWP versus GEP reporting
    - Major changes in FSA Return categories and their impact
  - Market size
    - Changes in market size information
- 2005 definitions for lines of business
  - Accident & health
  - Motor
    - Total private motor
    - Private motor comprehensive
    - Private motor non-comprehensive
    - Motorcycle
  - Property
    - Household and domestic all risks.
  - Financial/Pecuniary loss business
    - Total personal financial loss business
  - Total personal
  - Total commercial
- Ratio analysis by competitor
- Premium income measures
  - Earned premiums
  - Gross Premium
  - Net Premium
  - Written premiums
- Research methodology
  - Current readings
  - Future readings
  - Do you need more information?
- SPP writing team
- List of Tables
  - Table 1: Fortis' split between personal and commercial business, 2005
  - Table 2: Fortis' growth rates and share of personal GWP by line of business compared to the market, 2005
  - Table 3: Fortis' personal lines premium income split by line of business, 2001-5
  - Table 4: Fortis' personal lines premium income, market share, combined ratio, and ranking by line of business, 2001-5
  - Table 5: RIAS' advertising spend by line of business, 2005
  - Table 6: RIAS' advertising spend by medium, 2005
  - Table 7: Do you enjoy dealing with any particular insurer?
- List of Figures
  - Figure 1: Personal lines accounted for more than 90 per cent of Fortis' book in 2005
  - Figure 2: Fortis' household book has outstripped the market
  - Figure 3: Fortis' premium income for private motor fell in 2005, while premium income for household continued to increase
  - Figure 4: 11.6 per cent of personal lines brokers mentioned Fortis as an insurer they particularly like to deal with
  - Figure 5: RIAS focused its advertising efforts on home insurance in 2005
  - Figure 6: RIAS mainly advertised using direct mail in 2005

Fortis: UK Personal General Insurance Competitor Profile 2006

Table of Contents