Gibraltar GWP tops Lloyd's in motor insurance underwriting
Gibraltar is outperforming Lloyd’s of London in the motor insurance market, according to a report by Ernst & Young, and Admiral is leading the charge.
The British overseas territory's gross written premium was £1.2bn in underwriting year 2009 compared with Lloyd's £1.1bn in 2010 and they wrote 9% of the UK motor market in comparison to Lloyd's' 8%.
Overall the 2010 GWP was £13.4bn.
According to figures, in the underwriting year 2009 Admiral, which has an office in Gibraltar, had around 35% of the total motor gross market share of those insurers based there with a net combined ratio of 80% followed by Acromas who had a 20% share in the same year and 110% net combined ratio.
This is compared to Lloyd's whose best performing managing agent in 2009, Equity who had a market share of over 55% in the London market, and a 100% net combined ratio; followed by Jubilee whose market share was less than 10% and net combined ratio more than 110%.
However, in 2010 (for which there are no Gibraltar figures) Equity posted a NCR of 200% (with 50% share of Lloyd's motor premium); whilst Jubilee and fellow Lloyd's insurer recorded NCRs of over 160%.
In 2010 E&Y reported that the UK motor market NCR was 120.6%, compared to 118.8% the previous year.
Elsewhere, E&Y reported that of the Financial Service Authority authorised insurers, gross written premium grew by 11%, with Aviva and LV recording strong top line growth. It added Royal Bank of Scotland Insurance and Esure were the only major players to go backwards.
In conclusion E&Y said the market is beginning to move to profitability, but there is still a long way to go.
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