The report, which is available to Insurance Times subscribers here, now includes insurers based in the UK and Gibraltar, as well as Lloyd’s syndicates, with Insurance DataLab taking over from the likes of Fitch Ratings and Standard & Poor’s as previous data partners for the research.
We analysed the gross written premium (GWP) for every insurer and Lloyd’s syndicate covered by the research to find the 50 largest players in the market – with these insurers now controlling annual GWP worth more than £58bn.
Regular readers of the report may be surprised by the top of the rankings, with the more comprehensive methodology and changes to the make-up of the market making this year’s rankings an interesting read.
Our co-founder Matt Scott edited the supplement and provided additional analysis of the underwriting performance of a number of key players in the market, as well as a deep dive into the motor insurance sector.
This found that Gibraltarian insurers outperformed their UK counterparts when it comes to underwriting performance, with Gibraltar-based motor insurers reporting an aggregate combined operating ratio (COR) of 75.5% for 2020, compared to a 92.7% ratio for motor insurers based in the UK.
Unsurprisingly, this outperformance was fuelled by a lower expense base – Gibraltarian insurers reported an expense ratio that was 12.5 percentage points lower than their UK counterparts in 2020 – but was also aided by a lower loss ratio for Gibraltarian insurers, although this gap has been closing over the last few years.
While the Insurance Times research only covers the 50 biggest general insurers in the UK and Gibraltar, our new data platform includes underwriting and solvency information on every insurer in the market broken down by business line, as well as underwriting information on the entirety of the Lloyd’s GI market. Click here to request a free demo.