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UK Commercial Insurance: 2012 Performance Review

  • June 2013
  • -
  • GlobalData
  • -
  • 11 pages

Summary

Table of Contents

Summary
2012 was a tough year for the commercial insurance market, with personal injury claims rising in motor, deafness claims spiraling in liability, and the UK's second wettest year on record impacting on property insurance. While market-wide movement on rates cannot be depended on, insurers must look to their own operations, efficiencies, and strategies for a path to sustainable growth.


Synopsis
- Compare a whole market view, informed by a series of insurer interviews, against your own experience and expectations of commercial lines performance.
- Identify the key competitors in the commercial market and benchmark their performance against your own.

Reasons To Buy
- Which competitors outperformed the market in terms of book growth and control of costs and where was this growth found?
- How has the commercial insurance market performed and how does this compare when benchmarked to your experience?

Key Highlights
With volumes largely flat, action on rates in 2012 accounted for a 2.3% increase in GWP and a 3.1 point improvement in COR for the market.

AXA and QBE posted impressive growth and Aviva performed solidly, but Allianz was the only top 10 insurer to record a sub-100% COR in 2012.

Commercial motor saw the greatest rate increases in 2012, driven by personal injury costs and claims per accident as well as hardening reinsurance rates.

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ref:plp2013

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