Insurance aggregate data annual report

This report is an annual statistical release of aggregated data, produced using PRA regulatory data supplied by UK authorised insurance firms.

Introduction

The Bank of England and Prudential Regulation Authority (PRA) recognise the value of UK Insurance data produced in a timely and structured publication, based on the regular submission of data by Solvency II firms across the various sectors of the market. We understand that analysis and insights into the UK Insurance market are built upon access to timely, quality data. Through regular disclosure of key insurance statistics, we seek to facilitate the analysis and insight into time-period data, utilising the breadth and depth of data submitted by UK Solvency II undertakings.

Since the implementation of Solvency II, we have emphasised to UK undertakings the need for correct and complete data, and recognise that undertakings have endeavoured to comply with plausibility and quality checks. The efforts and improvements by firms to provide good quality data have resulted in the PRA being able to provide aggregated market data for industry users outside of the PRA.

This publication of PRA aggregated insurance statistics is accompanied by underlying aggregated granular data to enable users to perform bespoke analysis. The content includes UK aggregated statistics that were published as part of the Transparency & Accountability requirements under the Solvency II Act up to 2020. The publication does not include a commentary on the data, nor does it seek to provide any explanation of observed trends or movements.

Publication of the data will be at a timely point following the submission and quality checking of the data provided by firms, with the intention of publishing the information when it is of most relevance.

Content

The content of the annual publication is based on Solvency II Quantitative Reporting Templates (QRTs) and National Specific Templates (NSTs). It incorporates areas of core insurance data and detailed breakdowns that can be extended in future publications. The publication includes the split of Life and Non-Life insurance where relevant. The charts are displayed in Tableau, and contain a level of interactivity which allows more detailed examination of specific breakdowns, as well as access to the aggregate level data used within the charts. A .csv file containing all the aggregate data used in the charts is provided for those wanting to undertake their own analysis.

We welcome comment and feedback on the scope and depth of the data within the publication, and how it is presented. Please provide this to InsuranceDataRelease@bankofengland.co.uk.

Copyright guidance and the related UK Open Government Licence can be viewed on our Legal page.

List of charts

Section 1 – Industry-wide data:

Chart 1.1: Firm Count

This chart shows the total number of authorised insurance firms in the UK.

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Chart 1.2: Transitional measures on technical provisions & matching adjustments

This chart shows the impact of the Matching Adjustment (MA) and the Transition Measure on Technical Provisions (TMTP) on the solvency of firms.

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Section 2 – Non-Life business

These charts show premiums and claims development for various non-life insurance lines of business.

Chart 2.1: Gross written premiums by personal lines

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Chart 2.2: Gross written premiums by commercial lines

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Chart 2.3: Claims development by accident/underwriting year

These charts show the development of net claims paid on both a cumulative and non-cumulative basis.

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Chart 2.4: Total Net Claims Paid per development year

This chart shows the total net claims paid in a given year, split by the accident/underwriting year.

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Section 3 – Life business

Chart 3.1: Lines of business

This chart shows each line of business broken down by investment type for direct business only.

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Chart 3.2: Types of Investment

This chart shows the types of investment split between direct and reinsurance business.

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Annex

The annex provides detailed information on the source of the data used within each chart, together with the methodology used for aggregating the data as required, and the approach taken to ensure confidentiality of individual firm data within the report.

  •  

    Source Data

    With the exception of Chart 1.1 – Firm Count, the data in this publication is sourced from the Solvency II Quantitative Reporting Templates (QRTs) of all UK-authorised solo insurance firms and third-country branches which fall under the directive, and the National Specific Templates (NSTs) of all UK-authorised solo insurance firms.  These firms, currently numbering around 250, account for in excess of 99% of the UK insurance market.  Data is aggregated across all these insurers as per the chart calculations outlined below.

    Firm Categorisation

    Upon authorisation, all insurers are categorised as either a Life, Non-life or Composite insurer.  Composite insurers submitting Solvency II QRTs have been categorised into either life or non-life cohorts calculated using the absolute values of technical provisions on template S.02, i.e. if the absolute value of non-life technical provisions is greater than the absolute value of life technical provisions, the firm is classified as non-life, and vice versa for life technical provisions. If there is no technical provision data for a firm, the cohort is classified based on the reported type of undertaking in template S.01.02.

    Data Confidentiality

    The aggregated data has been checked to ensure it is non-disclosive – i.e. that no one firm’s data can be identified within the charts and data published, unless express permission to publish is provided by any affected firm.  For example, this has led to Workers compensation insurance being combined with General liability in charts 2.3 and 2.4.  

  • Section 1 – Industry-wide data

    Chart 1.1 – Firm Count

    This chart shows the total number of authorised insurance firms in the UK, split between those which submit Solvency II QRTs and those that do not.  The Solvency II firms are further categorised into Life and Non-life firms as detailed in the Annex above.

    Chart 1.2 – Transitional measure on technical provisions & matching adjustments 

    This chart shows the impact of the Matching Adjustment (referred to as MA) and the Transitional Measure on Technical Provisions (referred to as TMTP) on the solvency of firms. The total impact of each is shown as the joint effect of the lowering of the Solvency Capital Requirement (SCR) as well as the increase in the value of Eligible Own Funds (EOF). 

    MA Decrease in SCR

     

    S.22.01:R0090:C0090

     

    MA Increase in EOF

     

    S.22.01:R0050:C0090

     

    TMTP Decrease in SCR

     

    S.22.01:R0090:C0030

     

    TMTP Increase in EOF

     

    S.22.01:R0050:C0030

     

    Section 2 – Non-life business

    Premiums

    Chart 2.1 – Gross written premiums by personal lines

    This chart shows gross written premiums for the non-life insurance sector and how it has changed over time. The breakdown is by personal lines of business. 

    Assistance

     

    NS.07.01:R0110:C0250

     

    Credit & Suretyship

     

    NS.07.01:R0110:C0230

     

    Income Protection

     

    NS.07.01:R0110:C0120

     

    Legal Expenses

     

    NS.07.01:R0110:C0240

     

    Medical Expenses

     

    NS.07.01:R0110:C0110

     

    Miscellaneous Financial Loss

     

    NS.07.01:R0110:C0260

     

    Motor Vehicle Liability

     

    NS.07.01:R0110:C0140

     

    Motor Vehicle Other

     

    NS.07.01:R0110:C0150

     

    Property

     

    NS.07.01:R0110:C0170

     

    Chart 2.2 – Gross written premiums by commercial lines
     

    This chart shows gross written premiums for the non-life insurance sector and how it has changed over time. The breakdown is by commercial lines of business.

    Marine, Aviation and Transport NS.07.01:R0110:C0160
    Motor Vehicle Liability NS.07.01:R0110:C0141
    Motor Vehicle Other NS.07.01:R0110:C0151
    Property NS.07.01:R0110:C0180
    Employers Liability NS.07.01:R0110:C0190
    Professional Indemnity Liability NS.07.01:R0110:C0210
    Public & Products Liability NS.07.01:R0110:C0200
    Other General Liability NS.07.01:R0110:[C0130 + C0220]

    Claims development

    These charts, taken from data in S.19.01, show the development of net claims paid for non-life insurance during the years following the initial accident/underwriting year, split by various lines of business:

    Assistance
    Financial loss
    General liability (plus Workers Compensation)
    Legal expenses
    Marine, aviation and transport
    Medical expenses
    Motor vehicle liability
    Other motor vehicle
    Property
    TOTAL

        0 1 2 3 4 5 6 7 8 9 10 11
        C1200 C1210 C1220 C1230 C1240 C1250 C1260 C1270 C1280 C1290 C1300

    C1310+

    C1320+

    C1330+ 

    C1340+

    C1350 

    Prior

    R0500+

    R0510+ 

    R0520+

    R0530+

    R0540 

    X X X X X X X X X X X X
    N-10 R0550                       X
    N-9 R0560                     X X
    N-8 R0570                   X X X
    N-7 R0580                 X X X X
    N-6 R0590               X X X X X
    N-5 R0600             X X X X X X
    N-4 R0610           X X X X X X X
    N-3 R0620         X X X X X X X X
    N-2 R0630       X X X X X X X X X
    N-1 R0640     X X X X X X X X X X
    N R0650   X X X X X X X X X X X

    Chart 2.3 – Claims development by accident/underwriting year

    These charts show the development over time of net claims paid on both a cumulative and non-cumulative basis.

    Chart 2.4 – Total net claims paid per development year

    This chart shows the total net claims paid in a given year, split by the accident/underwriting year.

    Section 3 – Life business

    These charts show various breakdowns of life obligations using item-by-item data submitted in S.14.01.  The metrics included are split by line of business, type of investment, and type of business. The detailed lines of business included in each broad line of business shown in the chart can be seen in the table published in the appendix of SS36/15.

    Marine, Aviation and Transport NS.07.01:R0110:C0160
    Motor Vehicle Liability NS.07.01:R0110:C0141
    Motor Vehicle Other NS.07.01:R0110:C0151
    Property NS.07.01:R0110:C0180
    Employers Liability NS.07.01:R0110:C0190
    Professional Indemnity Liability NS.07.01:R0110:C0210
    Public & Products Liability NS.07.01:R0110:C0200
    Other General Liability NS.07.01:R0110:[C0130 + C0220]

    Chart 3.1 – Lines of business

    This chart shows each line of business broken down by investment type for direct business only.

    Chart 3.2 – Types of Investment

    This chart shows the types of investment split between direct and reinsurance business.

This page was last updated 15 July 2022

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