Insurance aggregate data quarterly report

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 UK 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 by the European Insurance and Occupational Pensions Authority (EIOPA) up to 2020, for ease of analysis. 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.

Please note that the data in this publication may be subject to revisions due to corrections and refinements driven by reporting resubmissions and further quality assurance checks.

Content

The content of the quarterly publication is based on UK Solvency II Quantitative Reporting Templates (QRTs). 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, with some containing a level of interactivity that 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.

Future additional content for this publication may include other data points from the UK Solvency II dataset and other PRA data collections. Other amendments to the contents of this publication may also occur to reflect changes in the data collected.

For reporting reference dates from 31 December 2024 onward, insurance regulatory reporting is collected under the Bank of England Insurance Taxonomy 2.0.1. This follows the conclusion of the Solvency II Review. The changes between the reporting requirements within EIOPA taxonomy 2.6 and Bank of England Insurance Taxonomy 2.0.1 have led to changes in some of the charts previously produced. The previous version of this report can be accessed through the National Archives: Insurance aggregate data quarterly report. 

More details on the changes between these reporting taxonomies can be read in the following papers: PS3/24 – Review of Solvency II: Reporting and disclosure phase 2 near-final and PS15/24 – Review of Solvency II: Restatement of assimilated law.

European third country branches that were in the temporary permissions regime (TPR)/supervised run-off regime (SRO) began reporting in 2022 Q2 due to expiry of transitional reporting relief on 31 March 2022. These firms were previously not required to report Solvency II data to the PRA due to European passporting rules. The aim of the TPR was to allow firms that wish to continue carrying out business in the UK in the longer term to operate in the UK for a limited period while they seek authorisation from UK regulators. These firms had to apply for full authorisation by the end of 2022 in order to continue accessing the UK market. The inclusion of data reported by these firms from 2022 Q2 has contributed to the increases seen in some of the published data, and within the non-life insurance market in particular.  

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.

Data file

Insurance aggregate data quarterly report - 2024 Q4

List of charts

Section 1 – Capital:

Chart 1.1: Solvency Capital Requirement (SCR) coverage

This chart shows the capital coverage of the life and non-life insurance sectors over time, measured by the ratio of eligible own funds to meet SCR. 

Chart 1.2: Range of SCR coverage ratio

This chart shows the range of SCR coverage ratios in the life and non-life insurance cohorts. The SCR is measured by standard formula, partial internal model or full internal model.

Chart 1.3: Quality of capital

This chart shows the breakdown of the quality of capital for the life and non-life sectors and how it has changed over time. The breakdown is into the relevant tiers reported for eligible own funds.

Section 2 – Balance Sheet:

Chart 2.1:  Balance Sheet

This chart breaks down the movement in assets and liabilities.

Chart 2.2: Range of the ratio of assets to liabilities

This chart shows the average and range over time of the asset-liability ratio.

Section 3 - Assets:

These charts show various breakdowns of assets and bonds based on the granular asset data set, which has been subject to some data cleansing. The information is based on the item-by-item asset data submitted in IR.06.02.

Chart 3.1: Breakdowns of assets by investment category

Chart 3.2: Breakdown of bonds by credit rating

Chart 3.3: Breakdowns of bonds by years to maturity

Section 4 – Non-Life Lines of Business:

Chart 4.1: Performance metrics for key lines of business (Non-life sector)

This chart shows performance metrics over time for all direct and proportional reinsurance lines of business. It shows net written premiums in the last 12 months. It also shows the net incurred claims loss ratio.

Chart 4.2: Best estimate liabilities breakdown for key lines of business

This chart shows the breakdown of the best estimate liabilities into claims provisions and premium provisions, for all direct and proportional reinsurance lines of business.

Chart 4.3: Range of risk margin to net best estimate liabilities for key lines of business

This chart shows the range of the ratio of risk margin to net best estimate liabilities.

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.