Insurance aggregate data annual report

Introduction

The Bank of England and Prudential Regulation Authority (PRA) recognise the value of UK Insurance data produced in a timely and structured publication, based on the regular submission of data by UK Solvency II firms across the various sectors of the market. We understand that analysis and insights into the UK Insurance market are built upon access to timely, quality data. Through regular disclosure of key insurance statistics, we seek to facilitate the analysis and insight into time-period data, utilising the breadth and depth of data submitted by UK Solvency II undertakings.

Since the implementation of Solvency II, we have emphasised to UK undertakings the need for correct and complete data, and recognise that undertakings have endeavoured to comply with plausibility and quality checks. The efforts and improvements by firms to provide good quality data have resulted in the PRA being able to provide aggregated market data for industry users outside of the PRA.

This publication of PRA aggregated insurance statistics is accompanied by underlying aggregated granular data to enable users to perform bespoke analysis. The content includes UK aggregated statistics that were published as part of the Transparency & Accountability requirements under the Solvency II Act up to 2020. The publication does not include a commentary on the data, nor does it seek to provide any explanation of observed trends or movements.

Publication of the data will be at a timely point following the submission and quality checking of the data provided by firms, with the intention of publishing the information when it is of most relevance.

Please note that the data in this publication may be subject to revisions due to corrections and refinements driven by reporting resubmissions and further quality assurance checks.

Content

The content of the annual publication is based on UK Solvency II Quantitative Reporting Templates (QRTs) and National Specific Templates (NSTs). It incorporates areas of core insurance data and detailed breakdowns that can be extended in future publications. The publication includes the split of Life and Non-Life insurance where relevant. The charts are displayed in Tableau, with some containing a level of interactivity which allows more detailed examination of specific breakdowns, as well as access to the aggregate level data used within the charts. A .csv file containing all the aggregate data used in the charts is provided for those wanting to undertake their own analysis.

Future additional content for this publication may include other data points from the UK Solvency II dataset and other PRA data collections. Other amendments to the contents of this publication may also occur to reflect changes in the data collected.

For reporting reference dates from 31 December 2024 onward, insurance regulatory reporting is collected under the Bank of England Insurance Taxonomy 2.0.1. This follows the conclusion of the Solvency II Review. The changes between the reporting requirements within EIOPA taxonomy 2.6 and Bank of England Insurance Taxonomy 2.0.1 have led to changes in some of the charts previously produced. The previous version of this report can be accessed through the National Archives: Insurance aggregate data annual report.

More details on the changes between these reporting taxonomies can be read in the following papers: PS3/24 – Review of Solvency II: Reporting and disclosure phase 2 near-final and PS15/24 – Review of Solvency II: Restatement of assimilated law.

We welcome comment and feedback on the scope and depth of the data within the publication, and how it is presented. Please provide this to InsuranceDataRelease@bankofengland.co.uk.

Copyright guidance and the related UK Open Government Licence can be viewed on our Legal page.

Data file

2024 YE data file

List of charts

Section 1 – Industry-wide data:

Chart 1.1: Firm Count

This chart shows the total number of authorised insurance firms reporting in the UK.

Chart 1.2: Transitional measures on technical provisions & matching adjustments

This chart shows the impact of the Matching Adjustment (MA) and the Transition Measure on Technical Provisions (TMTP) on the solvency of firms.

Chart 1.3: Eligible Own Funds Ratio by Method of Calculation for the SCR

This chart shows the breakdown of Eligible Own Funds ratio, broken down by the method of calculation for the SCR.

Section 2 – Non-Life business

These charts show premiums and claims development for various non-life insurance lines of business.

Chart 2.1: Gross written premiums by personal lines

Chart 2.2: Gross written premiums by commercial lines

Chart 2.3: Claims development by accident/underwriting year

These charts show the development of net claims paid on both a cumulative and non-cumulative basis.

Chart 2.4: Total Net Claims Paid per development year

This chart shows the total net claims paid in a given year, split by the accident/underwriting year.

Section 3 – Life business

Chart 3.1: Lines of business

This chart shows each line of business broken down by investment type for direct business only.

Chart 3.2: Types of Investment

This chart shows the types of investment split between direct and reinsurance business.

Annex

The annex provides detailed information on the source of the data used within each chart, together with the methodology used for aggregating the data as required, and the approach taken to ensure confidentiality of individual firm data within the report.