Datamonitor - UK Commercial General Insurance 2004 - Market Analysis Report

Datamonitor - UK Commercial General Insurance 2004 - Market Analysis Report: "Research and analysis highlights
The UK general insurance market grew by almost 12 per cent and was worth �42.1 billion in 2003. This growth is notably slower than it was at the peak of the hard market in 2001. Growth in 2003 was largely driven by continued premium rate increases in the property and liability sectors.
Norwich Union remained the UK commercial insurance market leader in 2003, although it continued to shed unattractive risks during the year. Its market share dropped by 0.5 per cent as a result. The rationalization nevertheless paid off in terms of profitability, with its commercial lines business recording a combined operating ratio of 96 per cent.
Capacity in the commercial property market is increasing due both to new entrants and existing insurers. This is already having a slowing effect on GWP growth. Interviews with industry executives estimate that premium rates will grow on average by less than 1 per cent in 2004, with rate cuts in 2005."