Top 10 Insurance Providers in the UK
Benjamin Franklin once said, “….in this world, nothing can be said to be certain, except death and taxes”. Fast-forwarding to the 21st century, you can add one more aspect or component to the wisecrack-insurance.
There’s no denying that insurance is something you cannot avoid nowadays whenever you purchase an asset such as a home or car.
More often, you have to choose a protection plan or an insurance policy offered by several insurance providers. At other times, it comes as part of a standard package like with a building society account or bank account.
So which are the top insurance providers in the UK? As per ABI (Association of British Insurers), the insurance industry in the UK is Europe’s largest with an estimated turnover of £1.8 trillion.
In this review of the top insurance providers, we take a close look at the top 10 insurance providers in the UK (in terms of GWP or gross written premiums):
The company Aviva occupies the top spot amongst all the insurance providers in the UK insurance industry with a 17% share of the life insurance market.
At the same time, Aviva enjoys a 10% share of the general insurance market. Nearly 50% of Aviva customers in Europe are based in the UK, making Britain its largest European market.
On the other hand, Aviva has branch offices and several POS (points-of-sale) in more than 16 countries across Asia and Europe. Aviva also happens to be Canada’s 2nd biggest insurer after Manulife Financial.
As the top insurance provider in the UK, Aviva offers insurance products for health, home, and car, etc., and schemes for savings, investments, and pensions.
Though North America happens to be AIG’s largest market by GWP, the company has a commendable market share in Asia, Africa, and Europe.
AIG UK Life, the life insurance arm of American International Group, acquired the major insurance company Ellipse in 2018, enabling it to offer extra benefits to individuals under its group protection policy.
AIG is one of the largest insurance providers in Great Britain, having a nearly 10% share of the life insurance and savings market.
The company AXA operates throughout the UK and Ireland as a subsidiary of the AXA Group. This insurance company earns the bulk of its revenue from the general insurance markets in France, Germany, and Switzerland.
As one of the biggest insurance providers in the UK, AXA’s business is limited to healthcare, property, and casualty insurance markets.
If their up-to-date financial report is to be believed, then it occupies 29.9% and 8% of the health insurance and property and casualty insurance markets in the UK, respectively. With more than 103 million customers globally, AXA is the world’s largest insurer in terms of revenue.
Zurich Insurance Group
The UK constitutes the largest market for Zurich Insurance Group, which chiefly offers coverage for life insurance, property and casualty segments across Europe.
Zurich Insurance Group also does business in the above insurance markets in North America and Asia.
The Royal & Sun Alliance Group is one of the first transnational insurance corporations in the world with an NWP (net written premiums) worth £6.5 billion as of 2018.
RSA continues to be one of the largest insurance providers in Britain, with its GWP in the UK contributing almost 49% towards its worldwide total. RSA Group provides quality products and services for commercial, personal, and specialty insurance markets via its distribution network in the UK.
Direct Line Group
Next, Direct Line Group, in keeping up with its name, sells the bulk of its policies directly through the Direct Line brand. The insurance firm, which mainly deals with motor insurance, also offers systems via its other well-known brands such as Churchill and Privilege.
DLG stands out as one of the leading car insurance providers in Great Britain on account of its collaboration with reputed automobile brands.
The company Allianz UK, after acquiring LV GIG (LV General Insurance Group) in 2019, became the second-biggest insurer in Britain, ranking just after Aviva.
Allianz issues products mostly for the general insurance market as well as offers commercial insurance instruments.
Of all the top 10 insurance providers operating in the private medical insurance in the UK, Bupa is one. Bupa controls 90% of the market in the private medical insurance sector as one of the components of a close-knit group that includes AXA PPP, Aviva, and Prudential.
The company Ageas sells general insurance policies encompassing all principal components such as health, motor, and home throughout the UK. The insurance provider is a significant player in the motor insurance market in Great Britain.
However, Ageas’s largest market in Europe is Belgium. They offer services to over 3.5 million customers across life and general insurance segments.
Chubb European Group
Next on our list, Chubb European Group (CEG) is the largest public property and casualty insurer in the world. They had an estimated GWP of $40 million in 2019.
CEG is also one of the principal operators in commercial insurance and reinsurance markets in Europe. Headquartered in London, CEG offers its customers a wide variety of risk mitigation and insurance products. The product categories are accident, health, property & casualty.
Choosing an appropriate policy from amongst the top 10 insurance providers
Buying an insurance policy for your life, health, or home, is one of the most vital decisions you make. Choosing a protection plan from one of the top insurance providers in the UK is easier said than done. The ten most popular insurance providers in the UK offer a variety of products for almost anything worth insuring.
Selecting a policy offered by various insurance providers can be challenging, given the wide variance in features and prices.
However, deciding on a system that works for you becomes more comfortable if you know what you are looking for. Keeping the following considerations in mind will make it easier for you to choose a suitable product:
- List five to six established insurance providers that offer products in the category you’re looking for.
- Compare prices of products offered by your listed insurance firms.
- You can also check out websites that focus on comparing prices and features of insurance solutions issued by companies.
- What exactly do you want the policy to cover?
- Check for exclusions or exceptions, if any.
- Find out the maximum reimbursement you can get.
- Consult a certified insurance agent or financial adviser if you’re not sure about which product to choose.