Insurance aggregate data report

This report is a quarterly 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 was 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.

The schedule for future publications will be at a timely point following the submission and quality checking of quarterly and annual data, with the intention of publishing the information when it is of most relevance. 

Content

The content of the initial publication is based on Solvency II Quantitative Reporting Templates (QRTs). The table below contains a list of the statistics published, and represents areas of core insurance data 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.  

Future additional content may include other data points from the Solvency II dataset as well as those taken from the National Specific Templates (NSTs) and other PRA data collections.  

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 – 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. 

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Chart 1.2: Range of SCR coverage ratio

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

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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.

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Section 2 – Balance Sheet:

Chart 2.1:  Balance Sheet

This chart breaks down the movement in assets and liabilities.

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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. It excludes unit linked and index linked assets and unit linked and index linked technical provisions.

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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 S.06.02.

Chart 3.1: Breakdowns of assets by investment category

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Chart 3.2: Breakdowns of bonds by credit rating

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Chart 3.3: Breakdowns of bonds by years to maturity

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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 and a combined operating ratio.

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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, net and gross for all direct and proportional reinsurance lines of business.

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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.

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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 and grossing up the data as required, and the approach taken to ensure confidentiality of individual firm data within the report.

  • Source Data

    All 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.  These firms, currently numbering around 250, account for in excess of 99% of the UK insurance market.  Data is aggregated across all insurers as per the chart calculations outlined below.

    Firm Categorisation

    Insurers 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.

    Reporting Exemptions Methodology

    Many small firms, whose aggregated data currently accounts for less than 10% of the total, are given a waiver from reporting much of the quarterly data.  To account for this, data from the last available reporting period is carried forward into the waiver reporting periods so that the temporal trends are consistent. For example, a firm with reported data in Q2 and a waiver in Q3 would have the Q2 data carried forward into Q3. Data is carried forward for multiple reporting periods if the waiver periods extend for more than one quarter. Annual data is used to populate Q4 waiver periods when it is available. Due to the delay between receiving Q4 and annual data, Q3 data is used to populate Q4 waiver periods until the annual data is submitted.

    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.  This has led to some minor subcategories within Assets chart 3.1 being combined for a small number of reporting periods.

  • 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. This is a weighted average calculation:

    Capital coverage = (1) / (2)

    1

    Total eligible own funds to meet SCR for selected cohort

    S.23.01:R0540:C0010

    2

    Total SCR for selected cohort

    S.23.01:R0580:C0010

    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.  The range box shows the 25th, 50th and 75th percentiles of SCR coverage for each cohort. 

    1

    Total eligible own funds to meet SCR for selected cohort

    S.23.01:R0540:C0010

    2

    Total SCR for selected cohort

    S.23.01:R0580:C0010

    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.

    1

    Total tier 1 unrestricted eligible own funds to meet SCR for selected cohort

    S.23.01:R0540:[C0020+C0030]

    3

    Total tier 2 restricted eligible own funds to meet SCR for selected cohort

    S.23.01:R0540:C0040

    4

    Total tier 3 restricted eligible own funds to meet SCR for selected cohort

    S.23.01:R0540:C0050

    5

    Total eligible own funds to meet SCR for selected cohort

    S.23.01:R0540:C0010

    Proportion of tier 1 unrestricted eligible own funds to meet SCR = (1) / (5)

    Proportion of tier 1 restricted eligible own funds to meet SCR = (2) / (5)

    Proportion of tier 2 restricted eligible own funds to meet SCR = (3) / (5)

    Proportion of tier 3 restricted eligible own funds to meet SCR = (4) / (5)

    Section 2 – Balance Sheet:

    Chart 2.1: Balance Sheet

    This chart breaks down the movement in assets and liabilities.

    Assets:

    1

    Investments and cash excluding participations

    S.02.01:[R0070-R0090+R0230+R0410]:C0010

    2

    Unit-linked and index-linked assets

    S.02.01:R0220:C0010

    3

    Reinsurance recoverables

    S.02.01:R0270:C0010

    4

    Insurance related payables

    S.02.01:[R0350+R0360+R0370]:C0010

    5

    Participations

    S.02.01:R0090:C0010

    6

    Operating assets & other

    S.02.01:[R0500-R0070-R0220-R0230-

    R0350-R0360-R0370-R0410]:C0010

    Liabilities:

    7

    Technical Provisions (TPs) (excl. index & unit linked)

    S.02.01:[R0510+R0600]:C0010

    8

    Technical Provisions (TPs) (Index linked & Unit Linked)

    S.02.01:R0690:C0010

    9

    Insurance related payables

    S.02.01:[R0770+R0820+R0830]:C0010

    10

    Derivatives in liabilities

    S.02.01:R0790:C0010

    11

    Other liabilities

    S.02.01:[R0900-R0510-R0600-R0690-R0770-R0790-R0820-R0830]:C0010

    12

    Excess Assets over Liabilities

    S.02.01:R1000:C0010

    Chart 2.2: Average and range of the ratio of assets to liabilities

    This chart shows the average and range over time of the asset-liability ratio. It excludes unit linked and index linked assets and unit linked and index linked technical provisions. The avg. is the weighted average of the ratio. The range box shows the 25th, 50th and 75th percentiles of capital coverage for the selected cohort.

    Asset-liability ratio = (Total assets - Assets held for index- and unit-linked contracts) / (Total liabilities – Technical provisions: Index and unit-linked)

    1

    Total assets for selected cohort

    S.02.01:[R0500-R0220]:C0010

    2

    Total liabilities for selected cohort

    S.02.01:[R0900-R0690]:C0010

    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 S.06.02.

    Chart 3.1 – Chart 3.3: Breakdowns of assets and bonds

    This chart shows the proportion of each type of asset.  Some combining of categories has been necessary to ensure confidentiality of individual firm data. 

    Chart 3.2: Breakdown of bonds by credit rating

    This chart shows the proportion of bonds with each credit rating.  The reported data been subject to some data cleansing, as not all firms report ratings in the format shown in the chart.   The chart includes both government and corporate bonds.

    Chart 3.3: Breakdown of bonds by years to maturity

    This chart shows the proportion of bonds that fall into each duration bucket. The reported data has been subject to some data cleansing in order to derive years to maturity from the maturity date.

    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 and a combined operating ratio.

    Cohort

    Net written premiums in last 12 months

    Net claims incurred

    Expenses incurred

    Net earned premiums

    Year to Date

    Medical expense

    (S.28.01:R0020:C0030)

    + (S.28.02:R0020:C0040)

    (S.05.01:R0400:C0010)

    (S.05.01:R0550:C0010)

    (S.05.01:R0300:C0010)

    Income protection

    (S.28.01:R0030:C0030) + (S.28.02:R0030:C0040)

    (S.05.01:R0400:C0020)

    (S.05.01:R0550:C0020)

    (S.05.01:R0300:C0020)

    Motor liability

    (S.28.01:R0050:C0030) + (S.28.02:R0050:C0040)

    (S.05.01:R0400:C0040)

    (S.05.01:R0550:C0040)

    (S.05.01:R0300:C0040)

    Motor other

    (S.28.01:R0060:C0030) + (S.28.02:R0060:C0040)

    (S.05.01:R0400:C0050)

    (S.05.01:R0550:C0050)

    (S.05.01:R0300:C0050)

    Transport

    (S.28.01:R0070:C0030) + (S.28.02:R0070:C0040)

    (S.05.01:R0400:C0060)

    (S.05.01:R0550:C0060)

    (S.05.01:R0300:C0060)

    Property

    (S.28.01:R0080:C0030) + (S.28.02:R0080:C0040)

    (S.05.01:R0400:C0070)

    (S.05.01:R0550:C0070)

    (S.05.01:R0300:C0070)

    General liability (including Workers’ compensation)

    (S.28.01:R0040:C0030) + (S.28.02:R0040:C0040)
    +
    (S.28.01:R0090:C0030) + (S.28.02:R0090:C0040)

    (S.05.01:R0400:C0030)
    +
    (S.05.01:R0400:C0080)

    (S.05.01:R0550:C0030)
    +
    (S.05.01:R0550:C0080)

    (S.05.01:R0300:C0030)
    +
    (S.05.01:R0300:C0080)

    Credit

    (S.28.01:R0100:C0030) + (S.28.02:R0100:C0040)

    (S.05.01:R0400:C0090)

    (S.05.01:R0550:C0090)

    (S.05.01:R0300:C0090)

    Legal expenses

    (S.28.01:R0110:C0030) + (S.28.02:R0110:C0040)

    (S.05.01:R0400:C0100)

    (S.05.01:R0550:C0100)

    (S.05.01:R0300:C0100)

    Assistance

    (S.28.01:R0120:C0030) + (S.28.02:R0120:C0040)

    (S.05.01:R0400:C0110)

    (S.05.01:R0550:C0110)

    (S.05.01:R0300:C0110)

    Financial loss

    (S.28.01:R0130:C0030) + (S.28.02:R0130:C0040)

    (S.05.01:R0400:C0120)

    (S.05.01:R0550:C0120)

    (S.05.01:R0300:C0120)

    Total non-life

    (S.28.01:[R0020 to R0170]:C0030)

    +

    (S.28.02:[R0020 to R0170]:C0040)

    (S.05.01:R0400:C0200)

    (S.05.01:R0550:C0200)

    (S.05.01:R0300:C0200)

    Loss ratio = Net claims incurred / Net earned premiums

    Expenses ratio = Expenses incurred / Net earned premiums

    Combined ratio = Loss ratio + Expenses 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, net and gross for all direct and proportional reinsurance lines of business.

    Gross claims provisions = Net claims provisions + Ceded claims provisions

    Gross premium provisions = Net premium provisions + Ceded premium provisions

    (Ceded provisions are after the adjustment for expected losses due to counterparty default.)

    Cohort

    Net claims provisions

    Ceded claims provisions

    Net premium provisions

    Ceded premium provisions

    Medical expense

    (S.17.01:R0250:C0020)

    (S.17.01:R0240:C0020)

    (S.17.01:R0150:C0020)

    (S.17.01:R0140:C0020)

    Income protection

    (S.17.01:R0250:C0030)

    (S.17.01:R0240:C0030)

    (S.17.01:R0150:C0030)

    (S.17.01:R0140:C0030)

    Motor liability

    (S.17.01:R0250:C0050)

    (S.17.01:R0240:C0050)

    (S.17.01:R0150:C0050)

    (S.17.01:R0140:C0050)

    Motor other

    (S.17.01:R0250:C0060)

    (S.17.01:R0240:C0060)

    (S.17.01:R0150:C0060)

    (S.17.01:R0140:C0060)

    Transport

    (S.17.01:R0250:C0070)

    (S.17.01:R0240:C0070)

    (S.17.01:R0150:C0070)

    (S.17.01:R0140:C0070)

    Property

    (S.17.01:R0250:C0080)

    (S.17.01:R0240:C0080)

    (S.17.01:R0150:C0080)

    (S.17.01:R0140:C0080)

    General liability (including Workers’ compensation)

    (S.17.01:R0250:C0040) 
    +
    (S.17.01:R0250:C0090)

    (S.17.01:R0240:C0040) +
    (S.17.01:R0240:C0090)

    (S.17.01:R0150:C0040) +
    (S.17.01:R0150:C0090)

    (S.17.01:R0140:C0040) +
    (S.17.01:R0140:C0090)

    Credit

    (S.17.01:R0250:C0100)

    (S.17.01:R0240:C0100)

    (S.17.01:R0150:C0100)

    (S.17.01:R0140:C0100)

    Legal expenses

    (S.17.01:R0250:C0110)

    (S.17.01:R0240:C0110)

    (S.17.01:R0150:C0110)

    (S.17.01:R0140:C0110)

    Assistance

    (S.17.01:R0250:C0120)

    (S.17.01:R0240:C0120)

    (S.17.01:R0150:C0120)

    (S.17.01:R0140:C0120)

    Financial loss

    (S.17.01:R0250:C0130)

    (S.17.01:R0240:C0130)

    (S.17.01:R0150:C0130)

    (S.17.01:R0140:C0130)

    Total non-life

    (S.17.01:R0250:C0180)

    (S.17.01:R0240:C0180)

    (S.17.01:R0150:C0180)

    (S.17.01:R0140:C0180)

    Gross best estimate liabilities = gross claims provisions + gross premium provisions

    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. The average is the weighted average for the line. The range box shows the 25th, 50th and 75th percentiles of capital coverage for the line.

    Cohort

    Risk Margin

    Net best estimate (including TPs calculated

    as a whole)

    Medical expense

    (S.17.01:[R0280 + R0310]:C0020)

    (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0020)

    Income protection

    (S.17.01:[R0280 + R0310]:C0030)

    (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0030)

    Motor liability

    (S.17.01:[R0280 + R0310]:C0050)

    (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0050)

    Motor other

    (S.17.01:[R0280 + R0310]:C0060)

    (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0060)

    Transport

    (S.17.01:[R0280 + R0310]:C0070)

    (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0070)

    Property

    (S.17.01:[R0280 + R0310]:C0080)

    (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0080)

    General liability (including Workers’ compensation)

    (S.17.01:[R0280 + R0310]:C0040) +
    (S.17.01:[R0280 + R0310]:C0090)

    (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0040) 
    +
    (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0090)

    Credit

    (S.17.01:[R0280 + R0310]:C0100)

    (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0100)

    Legal expenses

    (S.17.01:[R0280 + R0310]:C0110)

    (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0110)

    Assistance

    (S.17.01:[R0280 + R0310]:C0120)

    (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0120)

    Financial loss

    (S.17.01:[R0280 + R0310]:C0130)

    (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0130)

    Total non-life

    (S.17.01:[R0280 + R0310]:C0180)

    (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0180)

    Ratio = Risk margin / net best estimate liabilities (including TPs calculation as a whole)

This page was last updated 22 December 2021

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