9 BEST INSURANCE COMPANIES IN UNITED KINGDOM

 

According to gross written premium, nine of the largest insurance providers in the UK are: 

1. Aviva
2. AIG
3. AXA
4. Group Insurance by Zurich
5. Company RSA
6. Call Direct
7. Allianz
8. Bupa
9. Ageas

Being the largest market of its kind in Europe, insurance is one of the UK's most significant exports. However, due to market conditions and the uncertainty brought on by Brexit, the stability of some insurers has been threatened.

The Association of British Insurers reports that the UK has the third-largest insurance market in the world, with its companies managing investments worth a combined £1.8 trillion (ABI).

Recent political upheavals and persistent market conditions have challenged the expansion of businesses, although many continue to prosper despite these threats.

The volume of business an insurance firm does, sometimes referred to as their gross written premium, is one of the key indicators of whether or not they are successful (GWP).

This sum shows the premiums that an insurer has received for the risk that they have assumed for the reporting fiscal year, net of any reinsurance expenses or commissions.

In respect to their GWP in the UK, we examine nine of the largest insurance companies in the country.

the largest insurance providers in the UK

1. Aviva

$11.2 billion in gross written premiums (2018)

With a 17% market share of life insurance and savings products as well as a 10% market share of general insurance, Aviva is the largest insurance provider in the UK.

The company's major market, accounting for 48% of its clientele, is Britain, but it also has operations in 16 other countries throughout Europe and Asia and is Canada's second-largest insurer.

With little under a million annuities, a sort of investment that insurers cover with a policy, and fixed-index life insurance plans, Aviva used to be active in the US market.

But in October 2013, it transferred ownership of this division of the company to retirement savings firm Athene Holding Ltd.

2. AIG

5.3 billion in gross written premiums (2017)

With its biggest market in North America, American International Group (AIG) operates in the insurance industry throughout Europe, Asia, and Africa.

Although the company hasn't released its UK GWP numbers for the most recent year, 2017 data reveals it to be among the biggest insurers in the country.

In order to broaden its individual benefit offering to include group protection, the company's life insurance division, AIG UK Life, acquired the acquisition of life insurance expert Ellipse in December 2018.

3. AXA

€5.16 billion (£4.46 billion) in gross written premiums (2018)

Operating in the UK and Ireland is AXA UK, a division of AXA Group.

14% of AXA's overall business in Europe is handled in these regions in the insurance sector, with France, Germany, and Switzerland accounting for the majority of that business.

Property and casualty (P&C) insurance and health insurance are the only products the company offers in the UK.

According to AXA Group's most recent financial report, it holds 8% of the UK market for property and liability insurance as well as 29.9% of the market for health insurance.

4. Group Insurance by Zurich

Total written premiums: $4.67 billion (£3.57 billion) (2018)

The Zurich Insurance Group writes policies for the property and liability market as well as for life insurance.

The company has operations in Europe, Asia, and North America; across both of these lines, 10% of its GWPs come from the UK market.

With a slight edge, the UK leads Zurich's European property and casualty market, closely followed by Switzerland, the country where the company was formed, and then Germany.

On the other side, Spain, Germany, and the UK are the three biggest markets for its life insurance business.

5. Company RSA

Premiums gross written: £4.12 billion (2018)

Although one of the largest insurance providers in the UK, RSA Group revealed its first drop in underwriting earnings since 2013 in its 2018 financial report.

According to the report, the company's insurance business is divided into two main categories, with 57% of policies held in personal lines, such as pet and car, and 43% owned by companies.

Although the foreign operations that span Europe, Asia, North America, and the Caribbean are included in these statistics, 48% of the total premiums written worldwide are written in the UK.

In addition to other personal lines policies, the majority of these premiums are retained in personal and commercial property insurance.

6. Call Direct

Premiums gross written: £3.22 billion (2018)

Although Direct Line Group exclusively conducts business in the UK, it offers insurance under the Direct Line, Privilege, and Churchill brands.

The majority of the company's insurance activity is in the motor insurance sector, where consumers received £1.67 billion in GWPs, according to its 2018 financial report.

With a GWP of £607 million, house insurance was the company's second-largest business segment, behind only commercial lines (£511 million), personal lines (£423 million), and roadside assistance (£411 million).

7. Allianz

Gross premiums written: £2.17 billion (2017)

Recently, Allianz UK and LV General Insurance Group (LV GIG) reached an agreement to purchase both companies for a combined amount of £820 million, or £578 million and £242 million, respectively.

After purchasing 49% of LV GIG in 2017, Allianz planned to possess 100% of the company by the end of 2019, but instead, it decided to buy the remaining shares concurrently with the L&G transaction, making it the second-largest UK insurer, after Aviva.

Allianz offers both commercial and all of the main general insurance product lines.

8. Bupa

Premiums gross written: £1.56 billion (2018)

One of the biggest insurers in the UK's market for private health insurance is Bupa.

It is a member of a select group that accounts for 90% of market share and includes Prudential, Aviva, and AXA PPP.

The company operates in a number of foreign countries in Europe, Asia, and the Middle East, with its UK policies accounting for 17.5% of its GWP.

Despite being based in the UK, Bupa's biggest market—and 42.9% of its insurance business—is in Australia and New Zealand.

9. Ageas

Gross written premiums: €1.77 (£1.3) billion (2018)

Ageas writes general insurance policies for the UK in all significant lines, including house, motor, and health insurance - but the majority of its policies are produced in the vehicle insurance sector.

Contrarily, life insurance accounts for 73% of the company's gross written premium (GWP) in continental Europe, excluding the UK and Belgium.

With a GWP of €5.35 billion (£4.63 billion), Belgium is the company's major market, where it provides general and life insurance to 3.5 million customers.