In the UK general insurance covers a wide range of risks. In the commercial sector high levels of insurance makes the UK the fifth most insured country in the world, whilst 8.5m UK homes carry insurance – around 38% of the total. Risks covered by general insurers include:
Motor insurance accounts for around a fifth of domestic general insurance premiums. In 2010 the motor insurance market was valued at £11.8bn and £12bn was paid out in motor insurance claims, nearly 80% of this for private vehicles and the remainder for commercial vehicles. (Source: ABI)
This is the second largest business line and represented 17% of UK general insurance premiums in 2010 with net written premiums of £9.6bn. The increase in mortgage borrowing over the past two decades has increased demand for property insurance. In 2010, the UK general insurance industry paid out nearly £6bn on household contents insurance. (Source: ABI)
Accident and health business
Premiums from accident and health business have increased steadily during the past decade reflecting their importance to both businesses and individuals. They accounted for 9% of general premiums in 2010 or £5.0bn. Claims equated to £4.0bn in 2010. (Source: ABI)
Marine, Aviation and Transport (MAT) insurance
Whilst leading insurance companies do participate in this market Lloyd’s generates the bulk of such insurance totalling £6.7bn in 2010.
Location-based intelligence underpinned by GIS and demographic profiling is used by insurers to:
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