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Market Research Report
Norwich Union: UK Personal General Insurance Competitor Profile 2006
| Published by |
Datamonitor |
| Published |
December, 2006 |
Product code |
47685 |
| Content info |
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| Price |
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This publication has been discontinued on July 19, 2011.
Abstract
Overview
Introduction
This profile contains an overview of Norwich Union' s personal general
insurance business in the UK, focusing on product and distribution strategy in
addition to the company' s performance in its key lines of business
Scope
- Unique data on Norwich Union' s UK personal insurance business, including
premium income and performance ratios
- A combination of primary and secondary research, including FSA Returns,
investor relations analysis, and advertising statistics
Reasons to Purchase
- Gain insight into Norwich Union' s corporate and personal lines strategy,
along withthe insurer' s structure and focus
- Understand Norwich Union' s personal lines business through unique data and
analysis
Table of Contents
- CHAPTER 1 INTRODUCTION
- What is this report about?
- Who is the target reader?
- How to use this report
- CHAPTER 2 NORWICH UNION: UK PERSONAL GENERAL INSURANCE COMPETITOR PROFILE
2006
- Norwich Union is part of the Aviva Group and is the largest contributor
to its general insurance business
- Norwich Union Insurance is part of the Aviva group
- Norwich Union is the largest contributor to Aviva' s worldwide general
insurance premium income
- Norwich Union' s personal lines book accounts for the majority of its
general insurance business, and while motor and home have seen marginal
growth since 2001, the insurer has made significant profits
- Norwich Union' s general insurance book is weighted towards personal
lines business
- Norwich Union has seen slower growth in its household and private
motor books than the overall market
- Norwich Union' s household book grew marginally between 2001 and 2005,
while the size of its private motor book remained fairly flat
- Norwich Union' s profit before tax increased to £1.3 billion in 2005
- Norwich Union recorded a strong set of results for the first half of
2006
- Norwich Union' s key areas of focus are its Pay As You Drive motor
insurance proposition and its roadside assistance product
- Norwich Union launched Pay As You Drive motor insurance in 2006
- Norwich Union is increasing premium rates in motor and has stopped
quoting for third party cover online
- Norwich Union aims to grow the personal membership of RAC Rescue by
800,000 by 2008
- Norwich Union focuses its advertising budget primarily on motor and
household insurance
- Norwich Union spends the majority of its advertising budget on direct
mail
- Norwich Union follows a multi-distribution channel strategy
- Corporate partnerships play a significant role in NUI' s personal lines
distribution strategy
- Norwich Union Direct has seen powerful growth between 2001 and 2005
- Intermediaries are now the smallest distribution channel for personal
lines insurance
- Norwich Union aims to sell 600,000 new policies under the RAC Direct
Insurance brand by 2008
- Norwich Union will be continuing with its long-term strategy while
focusing on the RAC businesses, Norwich Union Direct and Pay As You Drive in
the near-term
- Norwich Union' s longer term strategy is to be a multi-product,
multi-channel insurance company
- In the near-term Norwich Union will be focusing on the RAC businesses,
Norwich Union Direct and the Pay As You Drive initiative
- CHAPTER 3 APPENDIX
- Supplementary data
- Methodology
- Competitor data
- GWP versus GEP reporting
- Major changes in FSA Return categories and their impact
- Market size
- Changes in market size information
- 2005 definitions for lines of business
- Accident & health
- Motor
- Total private motor
- Private motor comprehensive
- Private motor non-comprehensive
- Motorcycle
- Property
- Household and domestic all risks.
- Financial/Pecuniary loss business
- Total personal financial loss business
- Total personal
- Total commercial
- Ratio analysis by competitor
- Premium income measures
- Earned premiums
- Gross Premium
- Net Premium
- Written premiums
- Research methodology
- Datamonitor' s Personal Broker Survey
- Current readings
- Future readings
- Do you need more information?
- Datamonitor Financial Services Consulting
- SPP writing team
- List of Tables
- Table 1: Aviva' s general insurance NWP by geography, 2005
- Table 2: Split between personal and commercial business for Norwich
Union, 2005
- Table 3: Norwich Union' s growth rate and share of personal GWP by
selected line of business compared to the market, 2005
- Table 4: Norwich Union' s personal lines premium income split by line
of business, 2001-5
- Table 5: Key statistics relating to Norwich Union' s personal lines
book, 2001-5
- Table 6: Profit metrics for Norwich Union, 2001-5
- Table 7: Norwich Union' s advertising spend by product, 2005
- Table 8: Norwich Union' s advertising spend by media, 2005
- Table 9: Norwich Union sources of personal lines premium income, 2001
and 2005e
- Table 10: Do you enjoy dealing with any particular insurer?
- List of Figures
- Figure 1: Aviva is made up of five business streams
- Figure 2: Norwich Union was by far the biggest contributor to Aviva' s
general insurance business in 2005
- Figure 3: Almost two-thirds of Norwich Union' s UK general insurance
book was personal business in 2005
- Figure 4: Norwich Union' s household book grew slower than the overall
household market between 2001 and 2005
- Figure 5: Strong growth in Norwich Union' s private motor and household
books saw premium income rise back to 2001 levels in 2005
- Figure 6: Norwich Union' s operating profit has increased every year
between 2001 and 2005
- Figure 7: RAC Rescue aims to acquire 800,000 more individual members
by 2008
- Figure 8: Norwich Union spent over half of its advertising budget on
private motor insurance in 2005
- Figure 9: A large proportion of Norwich Union' s advertising budget is
spent on direct mail and TV advertising
- Figure 10: The closure of Hill House Hammond has slashed Norwich
Union' s intermediated business volumes
- Figure 11: NUI has set an aim for RAC Direct Insurance to acquire
600,000 new policies by 2008
- Figure 12: Norwich Union Insurance' s personal lines corporate strategy
- Figure 13: Brokers particularly enjoy dealing with Zurich and Norwich
Union
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