AXA has held onto its crown as the largest insurer in UKGI after claiming top spot in the Insurance Times Top 50 Insurers 2023 for the third year running.
The report, which is available to Insurance Times subscribers here, once again includes insurers based in the UK and Gibraltar, as well as Lloyd’s syndicates, with Insurance DataLab providing premium and underwriting data for each of the 50 insurance groups.
Insurance DataLab subscribers can also access the report via our market intelligence platform.
While AXA remains on top, the gap to second-placed Aviva is closing as the insurer grew its gross written premium (GWP) by 8%, slightly ahead of the 7% growth reported by AXA.
As well as ranking the 50 largest insurance groups by GWP, this year’s report also includes the Insurance DataLab Underwriting Ratings, as well as an analysis of the performance of this year’s Gold Award winners for the UK, Gibraltar and Lloyd’s syndicates.
Our co-founder Matt Scott edited the supplement and provided additional analysis of the underwriting performance of the non-Lloyd's insurers, comparing how the larger players compared against those further down the top 50, as well as the wider insurance market outside of these leading insurers.
While bigger does not always mean better, the larger insurers certainly benefitted from a lower expense ratio, even if that scale did not translate through to better loss ratio performance.
Matt also looked at the divergent nature of the performance of personal and commercial lines insurers, with the seemingly perennial problem of rising claims inflation having a significant impact on performance for personal lines insurers.
While the Insurance Times report covers the 50 biggest general insurers in the UK and Gibraltar, our digital insight platform includes underwriting and solvency information on every insurer in the market and a breakdown by business line