When news first broke of a new virus beginning to emerge in China, no one knew how it was going to affect the insurance industry.
Underwriters were facing uncertainty at levels never seen before, and this has changed the industry forever. We will be discussing this, as well as other trends facing UK insurers, in our upcoming webinar: Underwriting in a Post-Pandemic World.
The session, taking place on 8 December at 11am, will be hosted by Insurance DataLab co-founder Matt Scott and will feature Insurance Times content director Saxon East as well as other leading industry experts.
In addition to a general discussion on the future of underwriting in the UK, we will also discuss the findings of our upcoming Underwriting Report. Anyone who registers for the webinar will also receive an abridged copy of the report for free.
Initial findings from this research have found that commercial lines insurers have fared worst in the wake of the Covid-19 pandemic, picking up an Insurance DataLab Underwriting Rating of 61% for 2021.
This compares to a rating of 69% for personal lines insurers, and 63% for those insurers that write both personal and commercial lines policies.
The rating achieved by commercial lines insurers in 2021 is two percentage points lower than the 63% achieved in 2020, however, it is still two percentage points higher than the 59% rating achieved for 2019.
Personal lines insurers, meanwhile, have seen their rating increase in each of the last two years, climbing from 64% in 2019 to 65% in 2020 and 69% in 2021 – meaning that the personal lines market has outperformed the commercial market in each of the last three years.
Those insurers that write both personal and commercial lines have received ratings that have varied by just two percentage points over the last three years, with this consistency no doubt aided by the increased diversification of their books of business.
The webinar will also reveal the best-ranked underwriter in UKGI, along with the four Gold Award winners from our upcoming report. Register now to guarantee your free place.