Our latest Performance Ratings have named Starr International (Europe) as the best insurer in UKGI after analysis of the Solvency and Financial Condition Reports for insurers across the whole of the UK non-life insurance market.
The insurer earned an Underwriting Rating of 79%, securing top spot for the first time – and its second Gold Award – after it finished fourth last year with a score of 83%.
Based on our proprietary formula, devised specifically for this research, Insurance DataLab rates insurers across three key pillars – combined operating ratio (COR), three-year aggregate COR, and improvement in the COR over the last 12 months – with the top performers all receiving an Insurance DataLab Gold Award.
Starr International (Europe) is joined on the list of top performers by Hiscox Insurance (73%), Sabre (71%), Allianz Insurance (71%), Ecclesiastical (71%), AXA XL UK (71%), and Admiral (UK) (71%).
Overall performance has improved over the last 12 months, with the average Underwriting Rating rising by three percentage points to 67%, up from 64% last year and making it two consecutive years of underwriting improvements for the market.
This improvement was driven by a nine percentage point improvement in the Three-year Aggregate COR Rating, which grew to 77% from 68% the previous year.
This is despite the market falling to an underwriting loss with an aggregate COR of 102.0%, up from 100.1% the previous year, with the market COR Rating falling one percentage point to 65%.
Results for each insurer in UKGI – as well as for Gibraltarian insurers – are available on our market intelligence platform, with scores also broken down by business line. You can request a free trial here.
Further analysis is also available in the Insurance Times Top 50 Insurers, for which Insurance DataLab was the data provider.
If you are one of this year’s Gold Award winners and would like a license to use this independent endorsement, contact Dan King.