This year marks the third year for which we will be providing the data for the Insurance Times Top 50 Insurers research, and this latest edition will be the first to include the Insurance DataLab Performance Ratings for both insurers and Lloyd’s Syndicates.
To celebrate this extended partnership, we have decided to preview some of the key findings below, and we will also be discussing this – and the wider trends in the market – with an illustrious panel of experts on 17 October. Register for this free webinar here.
As well as the report continuing to get bigger, the size of the Top 50 Insurers themselves is also growing, with the largest insurers in the UK controlling premiums totalling £71.1bn.
This is an increase of more than 15% on the previous year, when the same insurers controlled gross written premium (GWP) totalling £61.5bn.
Indeed, all but five of the insurers in this year’s Top 50 reported rising GWP figures, with the fastest-growing reporting a 59% increase in premiums.
This helped this particular insurer to climb six places to enter the top half of the table, but you will have to wait until the report is published to find out who this is.
Profitability, however, has not fared as favourably, with the average combined operating ratio (COR) for the non-Lloyd's contingent rising by 2.9 percentage points to a little over 100% as the Top 50 Insurers fell to an aggregate underwriting loss.
This means that the average Insurance DataLab Performance Rating for the insurance groups that make up the Top 50 stood at an average of 64% for 2023, down from 66% a year earlier, with personal lines insurers being particularly hard hit when it comes to underwriting results.
The complete findings of this research, including the reveal of not only the biggest insurer in UKGI, but also the best performing underwriters will be published in the 2023 Top 50 Insurers report, out next month.
And if you’re still hungry for more, join Insurance Times acting editor Yiannis Kotoulas on 17 October as he hosts an expert panel featuring KPMG insurance partner and former ABI director general Huw Evans and Insurance DataLab’s own Matt Scott to discuss what it takes to be a best-in-class underwriter in 2023. Register for free here.