UK motor grows 10% as Gibraltar overtakes Lloyd's
Ernst & Young has reported that the UK motor market grew by 10% in terms of gross written premium in 2010 to £13.4bn with growth in Gibraltar based insurers making it bigger than Lloyd’s.
According to the report, FSA registered business reached £11.1bn in the financial year 2010, representing 83% of the market, while Lloyd's accounted for £1.1bn in the underwriting year 2010 and Gibraltar had £1.2bn in the underwriting year 2009.
The professional services firm also revealed that the reported net combined ratios (NCR) for 2010 had slipped to 120.6% in 2010 from 118.8% the previous year. When adjusted for investment income the fall persisted from 114.8% in 2009 to 117.1% in 2010
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