An insurance industry study published today suggests a major shift is taking place in the companies and Lloyd’s markets. The 2013 Underwriting Performance and Reputation report, in its tenth year, interviewed over 450 brokers to determine which are the best-known underwriting businesses by a number of different criteria.

Following several years of relatively stable awareness in which Lloyd’s players dominated, the 2013 study shows a major change with companies market players’ awareness collectively increasing by over 40%.

Companies market insurers also perform much more strongly in the shortisting rankings, with Zurich in particular becoming an insurer of choice for London Market brokers.

Ben Bolton, CEO of Gracechurch Consulting, said “This year’s study shows a developing trend in which Company Market insurers are increasingly well known and much more likely to be shown business by brokers. This reinforces a trend of increased competitive pressures on Lloyd’s insurers.”

“The research shows clearly that ‘big brand’ insurers are becoming more credible in the London Market, historically the stronghold of the Lloyd’s players. They offer a formidable combination of balance sheet strength to write large lines and a strong investment in their brands.”

“Lloyd’s still has huge value but isn’t a meal-ticket for its members. In a competitive world of increasing choice, successful insurers will need to create their own distinct market propositions, showing where they offer tangible value to customers. As in other markets, the players who thrive will be those who stay strongly aligned with market needs. Viewing this year’s results in that context, Brit is a prime example of a Lloyd’s business where change and brand development programmes have really made a positive difference."

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