Williamstown, MA -- (SBWIRE) -- 03/07/2012 -- The Accident and Health insurance market remained profitable in 2010 but has struggled with increased administrative costs and high loss ratios. This brief analyzes the performance ratios of the UK Accident and Health insurance market, at both an industry level and across the top 10 insurers. The expense ratio is examined by its component parts: commission, admin and other acquisition expenses.
- Gain insight into the reasons for different cost structures held by insurers.
- Benchmark your performance ratios against those of major competitors.
- Identify which Accident and Health underwriters became more or less profitable in 2010.
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Underwriters have been struggling with an increase in administrative costs, which rose in 2010. It is probable that a significant proportion of these expenses stemmed from preparations for Solvency II. The cost of implementing these new regulations is thought to be close to GBP100m for large international insurers.
There has been little change year-on-year when looking at loss ratios, which have not significantly deviated from their five year average of 72.5%. The worst year for the industry occurred in 2008, when the loss ratio peaked at 74.0%
Aviva, the UK's third largest general insurer by GWP, achieved a profitable COR of 92.7% in 2010, which represents an improvement of 3.6 percentage points from the 2009 figure of 96.3%.
Reasons to Get this Report
- Which of your market's top 10 insurers performed best in 2010?
- How has the market as a whole fared on expense and loss ratios in 2010?
- How do your performance ratios compare to the market average and the top 10 insurers?
Companies Mentioned in this Report: Bupa, General Mills, Inc., Hutchison 3G UK Limited, Munich Re, Simplyhealth
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