The results from Insurance Times’ Five Star Rating Report: Commercial and Personal Lines 2023 are now available - how have UKGI brokers rated commercial and personal lines insurers this year?
Insurance Times is excited to reveal the headline results of its combined Five Star Rating Report: Commercial and Personal Lines 2023.
Although the full report and findings will be published in March 2023, Insurance Times can today (8 February 2023) unveil the overall star ratings for both commercial and personal line insurers - as rated by UKGI brokers.
Insurance Times has been conducting its Broker service survey for the past 17 years. Over the last five years, the publication has additionally awarded a star rating out of five, linked to insurers’ scores. The survey asks brokers for their opinions, attitudes and satisfaction with the service they receive from insurance partners
The most recent survey, conducted between October and December 2022, saw more than 800 brokers identify and rate the insurers with which they have regularly placed business during the past 12 months. This informs the Five Star Rating Report: Commercial and Personal Lines 2023.
In 2023’s report, Arch Insurance and Covea Insurance ranked the highest when it came to commercial lines service for brokers. These two insurers were awarded the maximum five stars for overall service across all five of the service areas investigated by the Broker service survey.
Meanwhile, seven insurers achieved an overall four star rating for their commercial lines service, one insurer achieved a three star rating and three insurers gained a two star rating.
Covea Insurance also came out on top in this year’s personal lines results - it was the only insurer to be awarded five stars by brokers for personal lines service.
Three insurers were awarded four stars by brokers for their personal lines service, while two insurers achieved an overall three star rating. Only one insurer received two stars by brokers.
In particular, Hiscox performed very poorly this year, continuing the trend from last year’s result - the insurer ranked in last place across both commercial and personal lines, according to broker respondents.
The commercial lines findings also ranked AIG, Allianz, Axa, Chubb, Hiscox, Markel, NIG, QBE, RSA and Zurich. The personal lines results include Ageas, Aviva, Axa, Chubb, Covea Insurance, Hiscox, LV= and Zurich.
Click here to view the overall commercial lines results and ratings for 2023.
Click here to view the overall personal lines results and ratings and 2023.
The Five Star Rating Report: Commercial and Personal Lines 2023 will be fully available for subscribers in March 2023. The full report includes additional insight around insurers’ performance levels, as well as granular broker feedback on insurers’ products and services.
For insurers wanting to receive in-depth analysis from the report, the 2023 Commercial and Personal Lines Data Insight Book can be acquired by emailing Aisha Roberts at Aisha.roberts@insurancetimes.co.uk. Analysis into broker group performance and feedback from over 800 brokers are included.
Insurance Times’ head of research, Savan Shah, said: “Thank you to all the brokers across the nation that came forward to participate in the survey - your views and feedback will surely steer the insurer market through challenging times over the next year.
”I have seen firsthand how seriously insurers take the feedback you provide, so thank you for influencing your insurer partners”.
Have your say
The Insurance Times 2023 eTrading survey is open until midnight on 19 March 2023.
Brokers that take part in Insurance Times’ latest eTrading survey will be entered into a prize draw to win £250 worth of John Lewis vouchers. They will also receive an exclusive executive summary of the results confirming the leading insurer extranets and software houses.
Click here to take part in the eTrading survey.
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