The Accident and Health insurance market remained profitable in 2010 but has struggled with increased administrative costs and high loss ratios. This brief analyzes the performance ratios of the UK Accident and Health insurance market, at both an industry level and across the top 10 insurers. The expense ratio is examined by its component parts: commission, admin and other acquisition expenses.Gain insight into the reasons for different cost structures held by insurers.Benchmark your performance ratios against those of major competitors.Identify which Accident and Health underwriters became more or less profitable in 2010.Underwriters have been struggling with an increase in administrative costs, which rose in 2010. It is probable that a significant proportion of these expenses stemmed from preparations for Solvency II. The cost of implementing these new regulations is thought to be close to

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Performance Ratio Benchmarking: Accident and Health Insurance
2011
Published on January 2012
Report Summary
The Accident and Health insurance market remained profitable in 2010 but has struggled with increased administrative costs and high
loss ratios. This brief analyzes the performance ratios of the UK Accident and Health insurance market, at both an industry level and
across the top 10 insurers. The expense ratio is examined by its component parts: commission, admin and other acquisition
expenses.Gain insight into the reasons for different cost structures held by insurers.Benchmark your performance ratios against those
of major competitors.Identify which Accident and Health underwriters became more or less profitable in 2010.Underwriters have been
struggling with an increase in administrative costs, which rose in 2010. It is probable that a significant proportion of these expenses
stemmed from preparations for Solvency II. The cost of implementing these new regulations is thought to be close to £100m for large
international insurers.There has been little change year-on-year when looking at loss ratios, which have not significantly deviated from
their five year average of 72.5%. The worst year for the industry occurred in 2008, when the loss ratio peaked at 74.0%Aviva, the
UK's third largest general insurer by GWP, achieved a profitable COR of 92.7% in 2010, which represents an improvement of 3.6
percentage points from the 2009 figure of 96.3%.Which of your market's top 10 insurers performed best in 2010'How has the market
as a whole fared on expense and loss ratios in 2010'How do your performance ratios compare to the market average and the top 10
insurers'
Table of Content
OVERVIEW
'Catalyst
'Summary
UK ACCIDENT AND HEALTH INSURANCE PERFORMANCE RATIO ANALYSIS
'Introduction
'The total market COR increased in 2010, driven by an increase in administration costs
- The total market COR rose slightly to 99.8% in 2010
- Loss ratios remain high
- Administrative costs are increasing
- Acquisition expenses have remained stable
- High commission expenses reflect the competitive market
'The top 10 UK A&H insurance groups generally had a strong 2010
- A direct approach allowed Bupa to keep commission expenses low
- Axa's significant commission expenses pushed its COR above 100%
- ACE was the most profitable group of the top 10
- Low administrative expenses allowed Aviva to achieve a profitable COR
- PruHealth's structural changes have impacted its profitability
- RBS's size keeps its expense ratio small
APPENDIX
'Supplementary data
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'Definitions
- Acquisition cost
- Administrative expenses
- Commission expenses
- Reported year combined ratio
- Reserve development
'Further reading
'Ask the analyst
'Disclaimer
TABLES
'Table: UK Accident and Health insurance market performance ratios (%), 2006'10
'Table: Top 10 UK A&H insurance groups' performance ratios (%), 2010
'Table: Top 20 UK accident and health insurers and total market size by gross written premiums (£000s), 2007'10
FIGURES
'Figure: Administration expenses have grown from 2008 onwards
'Figure: Operating costs range between the market leaders
'Figure: Simplyhealth, Western Provident, and RBS achieved a profitable COR
Companies mentioned
Bupa, General Mills, Inc., Hutchison 3G UK Limited, Munich Re, Simplyhealth
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