Insurance

The Insurance Market

Location is an integral part of assuming risk and better capital management

The UK market consists of insurance companies, Lloyd's underwriters, brokers, re-insurers and their clients.  Net worldwide premium income handled through the UK was around 7% of global premium income (£198.7bn) in 2010, whilst claims settled amounted to £210bn (Source: ABI – excluding Lloyd's of London) 

Approximately 75% of the UK insurance market is linked to personal and corporate life insurance. Funds under management by the pension arms of British based insurance companies totalled over £1.7 trillion. Insurance companies and pension funds make an important contribution to the UK economy and net earnings of £32.5bn represented 2.7% of GDP in 2010. (Source: TheCityUK)

The UK general insurance market is one of the most concentrated in Europe as a result of large scale merger activity. The largest ten UK general insurers accounted for around 66% of gross written premiums in 2010. 

Over the last eight years the insurance market has demonstrated considerable interest in GIS since location-based information is a key component in every insurance transaction. The main areas of interest have been:

  • Improved methods of assuming and managing risk 
  • Accumulation management
  • Effective capital management linked to the requirements of Solvency II

As a result, GIS now forms an integral part of leading UK insurers’ end-to-end business processes.