Allianz: UK Personal General Insurance Competitor Profile 2006

Table of Contents

• CHAPTER 1 INTRODUCTION
  • What is this report about?
  • Who is the target reader?
  • How to use this report
• CHAPTER 2 ALLIANZ CORNHILL: UK PERSONAL GENERAL INSURANCE COMPETITOR PROFILE 2006
  • Allianz Cornhill is the UK general insurance arm of the Allianz Group
    • Allianz Cornhill is part of the Allianz Group
    • Allianz Cornhill Personal and Allianz Cornhill Speciality both underwrite personal insurance products
  • Allianz Cornhill was the 10th largest personal insurer in the UK in 2005 and has radically re-engineered its personal lines business since 2002
    • Allianz Cornhill ranked 10th in the personal lines market in 2005
    • The make up of Allianz' s personal lines book reflects its position as a niche personal lines player
    • Allianz has seen strong growth in the household book at the same time as its private motor book has contracted
      • The private motor book has shrunk due to a number of factors
      • Allianz' s household book has seen strong growth, largely due to the expansion in Cornhill Direct
    • All personal lines divisions made good underwriting returns in 2005 apart from Cornhill Direct, which made an underwriting loss
    • Allianz' s personal lines GWP dropped for the first three quarters of 2006, however combined ratios improved
  • Allianz Cornhill is looking for growth from its recent broker acquisition as well as the introduction of several new niche products
    • Allianz Cornhill bought a specialist mid and high net worth household insurance broker in 2006 and is looking to grow the business significantly over the next five years
    • Allianz developed a new musical instrument insurance product called Music Insure in 2005
    • Allianz is expanding its private motor proposition to include veteran and vintage cars
    • Allianz is looking to grow in the emerging identity fraud insurance market
    • Allianz' s advertising strategy reflects its focus on niche products
    • Allianz Cornhill supports the Cornhill Direct and Petplan brands with direct mail literature due to its specialist focus
  • Allianz Cornhill has a multi-distribution channel approach, however the direct and corporate partner channels are becoming more important for the insurer
    • Allianz Cornhill Personal' s main distribution channel is brokers, but Cornhill Direct is increasing its share of premium income
    • Corporate partners are the main distribution channel for Allianz' s Speciality business unit
  • Allianz Cornhill is looking to develop areas of its Speciality business and has demonstrated that it is keen to acquire brokers and focus on profitability
    • Allianz Cornhill is focusing on growing the Animal Health and Schemes businesses
    • Allianz is keen to buy into brokerages
    • Allianz will remain focussed on profitability
• CHAPTER 3 APPENDIX
  • 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?
    • Datamonitor Financial Services Consulting
  • SPP writing team
  • List of Tables
    • Table 1: Allianz Cornhill Personal and Allianz Cornhill Speciality NWP, 2005
    • Table 2: Split between personal and commercial business for Allianz Cornhill, 2005
    • Table 3: Allianz Cornhill' s rates of growth and share of personal GWP by line of business, compared to the market, 2005
    • Table 4: Allianz Cornhill' s personal lines premium income split by line of business, 2001-5
    • Table 5: Key statistics relating to Allianz Cornhill' s personal lines book, 2001-5
    • Table 6: Allianz Cornhill Personal and Allianz Cornhill Speciality NWP and underwriting result, 2005
    • Table 7: GWP and combined ratio for Allianz Cornhill Personal and Speciality, Q3 2006
    • Table 8: Allianz Cornhill' s advertising spend by product, 2005
    • Table 9: Allianz Cornhill' s advertising spend by media, 2005
    • Table 10: Allianz Cornhill Personal split by distribution channel NWP, 2001-5
    • Table 11: Allianz Cornhill Speciality split by distribution channel NWP, 2001-5
  • List of Figures
    • Figure 1: Allianz Cornhill comprises of three main business units
    • Figure 2: Allianz Cornhill' s Personal Lines Broker division was the largest sub-division, underwriting £193.7 million in NWP in 2005
    • Figure 3: Personal lines business contributes 33.1 per cent of Allianz Cornhill' s total general insurance premium income
    • Figure 4: Allianz has seen strong growth in household business while its private motor book has shrunk between 2001 and 2005
    • Figure 5: Strong growth in Allianz' s household book has not been mirrored in private motor between 2001 and 2005
    • Figure 6: Personal lines brokered business made the largest contribution to Allianz' s personal lines underwriting result
    • Figure 7: Allianz is looking to triple Home and Legacy' s GWP to £100 million by 2011
    • Figure 8: Allianz Cornhill spent the majority of its advertising budget on pet insurance in 2005
    • Figure 9: Direct mail is Allianz Cornhill' s medium of choice
    • Figure 10: The majority of Allianz Cornhill' s Personal business is intermediated