‘In such a tough market, we’re delighted to recognise these top achievers,’ says cofounder
FM Insurance – the UK arm of FM Global – has been named as the best insurer in UK general insurance (UKGI) by Insurance DataLab’s latest Underwriting Ratings report.
Seven UK-regulated insurers picked up a gold award in this year’s report, which was published yesterday (30 October 2023), with each receiving a score above 70%.
FM Insurance led the pack with a score of 92% for 2023, increasing from 69% a year earlier – the rise was driven by the firm improving its combined operating ratio (COR).
Meanwhile, Scor UK achieved a score of 87%, followed by Arch UK (83%), Starr International Europe (83%), Berkshire Hathaway International (79%), International General Insurance Company (UK) (75%) and Fidelis Underwriting (74%).
Insurance DataLab co-founder Dan King said that “in such a tough market, we’re delighted to recognise these top achievers”.
“Insurers have faced a challenging time of late with rampant claims inflation, increasing levels of regulation and a difficulty economic landscape creating a perfect storm,” he added.
“Each of our gold award winners have demonstrated expertise in delivering best-in-class underwriting performances and we would like to congratulate them on their success.”
UK vs Gibraltar
Insurance DataLab’s research rated every UK and Gibraltar-regulated insurer across three metrics to assess underwriting performance – including COR, aggregate COR over the last three years and the improvement in the COR for the most recent year.
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The research also found that UK insurers had ranked higher than Gibraltarian counterparts for the first time – the aggregate rating for insurers in Gibraltar sat at 51% for 2023, which was some 13 percentage points behind the UK aggregate.
That also marked a 14 percentage point deterioration on the previous year, when Gibraltarian insurers’ aggregate score sat marginally ahead of their UK-regulated peers at 65%.
Despite this, five Gibraltar-regulated insurers picked up gold awards in this year’s report.
Nelson was named the best with a score of 78% for 2023, reflecting a rise of 57 percentage points compared to a year earlier.
The specialist motor and liability insurer’s performance coincided with the business’ return to underwriting profitability, with its COR improving 34.9 percentage points to 77.3%.
The best insurers in Gibraltar after Nelson were Acasta European Insurance (72%), WDP Insurance (71%) and Argus Insurance (Europe).
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