In 2006, the Top 10 UK Commercial Motor Insurers Accounted For 76.3% of the Total Commercial Motor Insurance Market
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DUBLIN, Ireland--Research and Markets (http://www.researchandmarkets.com/reports/c86503) has announced the addition of Competition in UK Commercial Motor Insurance 2007 to their offering.
The brief analyzes the competitive developments in the UK commercial 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
- Analysis of the top commercial motor insurer’s growth or decline in market share and the trends driving these changes
- Analysis of the composition of the commercial motor books of the top UK insurers
Highlights of this title
In 2006, the top 10 commercial motor insurers accounted for 76.3% of the total commercial motor insurance market. The market leader, Royal & Sun Alliance, accounted for 18.2% of the market, unchanged from 2005. The rest of the top 10 has lost 1.2 percentage points of market share since 2005.
Key reasons to purchase this title
- Benchmark your company against your competitors using data on current and past performances in the market
- Gain knowledge of competitive developments among commercial motor insurance providers.
Content Outline:
OUR VIEW
CATALYST
SUMMARY
ANALYSIS
Introduction
A few new competitors entered the market in 2007
Direct Line entered the commercial market with an SME targeted proposition in 2007
LVs broker arm ABC Insurance launched its first products in 2007 with commercial motor policies to follow
Underwriting agency Arista rolled out multiple products for the commercial motor market in 2007
Many top 10 commercial motor insurers experienced shrinking books in 2006
The market remained highly concentrated despite the top 10 losing market share
The soft market led to a reduction in market share for four of the top 10 commercial motor insurers in 2006
Norwich Union continued to lose market share in 2006
Zurich experienced a contracting book in 2006, leading to a decline in its commercial motor market share
Allianz suffered a decline in its commercial motor market share in 2006 due to the competitive market
Brits market share declined marginally as premium income fell by 3.4%
Four top 10 commercial motor insurers increased market share in 2006
NFU Mutual expanded its commercial motor book in 2006, leading to an increase of market share to 5.5%
QBE increased market share in 2006 by maintaining its premium income despite soft market conditions
AXA increased market share in 2006 by rebuilding its commercial motor book
NIG grew its market share by 0.4 percentage points in 2006 and achieved growth of 10.9% in GWP
Two competitors saw no change in market share in 2006
The market leader Royal & SunAlliance maintained its market share in 2006 at 18.2%
Highway pursued a more selective commercial motor strategy in 2006 that led to a decline in premium income
Mid-sized commercial motor insurers gained market share in 2006
The majority of insurers ranked 11-20 gained market share in 2006
Tradex and CIS lost market share in 2006, while St Paul and Ecclesiastical saw no changes
Tradex declined to 1.5% of the commercial motor market in 2006
CISs market share in commercial motor declined in 2006
St Paul and Ecclesiasticals market share was unchanged in 2006
A majority of the top 10 have mixed motor insurance portfolios
Fleet premium income dominated the commercial motor books of the largest insurers in 2006
The top 10 commercial motor insurers are also active in the private motor market
Private motor dominates the books of the top 10 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
List of Tables
List of Figures
Companies Mentioned:
- American International Group, Inc.
- AXA
- Churchill Insurance Company Limited
- Equity Insurance Group Limited
- Fortis
- Groupama S.A.
- HSBC Holdings plc
- NFU Mutual Group
- Royal & Sun Alliance Insurance Group plc
- Zurich Financial Services
For more information visit http://www.researchandmarkets.com/reports/c86503
Source: Datamonitor
