Top 10 Insurance Companies In The United Kingdom

The insurance industry in the United Kingdom is rated as the biggest in all of Europe and the fourth largest in the world. It was said to be worth an estimated $1.8 trillion as of 2019.

Though, political policies and a bad market have really taken their toll on the industry in recent times. However, the industry is still striving and increasing, even though at a slower pace.

Insurance companies are rated based on the gross written premium (GWP). As a result, the number of businesses each of these companies performs in a year is used to rate them.

Here is the list of the 10 largest insurance companies in the United Kingdom. Each is rated base on the value of their Gross Written Premiums (GWP)

1.Legal And General

Legal & General is currently the biggest insurance company in the United Kingdom. They reach this height specifically because of their huge customer base in life insurance.

Legal & General also offers multiple policies like health, mortgage, business, retirement, motor, and others. In the middle of 2021 alone, they realized a total of over £17 in overall GWP.

2. Aviva Insurance

Aviva is the second-biggest insurance company in the United Kingdom. The UK represents about 50% of its total customer network, which is about 15 million and over 32 million customers globally.

The company controls about 17% of the life and health insurance sub-industry and covers over 10% of the UK’s general insurance market.

Aviva is also the second-biggest insurance company in Canada. It also has branches in 16 other countries, the majority of which are in Asia and Europe.

The company sold off it’s arm, which was rooted in the United States, with the name “Fixed Index Life Insurance Policy,” which has to do with investment policy. In 2013, Anthene Holdings, a retirement savings insurance firm, purchased it.

3. RSU

RSA is among the leading insurance companies in the United Kingdom. RSA offers multiple insurance policies directly and through brokers, ranging from personal, group to commercial.

According to the RSA report, the company had a GWP of more than £4.3 billion as of 2021.

4. Direct Line

Direct Line Insurance Group only has branches in the United Kingdom. However, they offer insurance policies through different brands, among which are direct line, Churchill, and privilege.

The company is currently one of the biggest motor insurance companies in the UK. Motor insurance contributes heavily to their GWP. Direct lines also do well in home, commercial, and personal insurance.

5. Allianz

Allianz Insurance is a subsidiary of the Allianz Group, which is German-based. The company is listed as one of the top international insurance companies in the UK.

Allianz Insurance offers lot of  different policies, some of which include; home, pet, car, business, and life insurance. The company is currently rated as the biggest insurer of pets and horses in the UK. The firm also offers other general insurance policies.

6. Phoenix Group

With about 14 million customers, Phoenix Group is also rated among the top 10 insurance companies. The company is known for offering quality insurance packages as well as good customer service.

The Phoenix Group operates under various sub-brands, each representing one of their policies.They have Phoenix life assurance, Phoenix life, Sun life, Reassure, Phoenix wealth, and standard life assurance.

7. Liverpool Victoria (LV)

Liverpool Victoria is also among the top 10 largest insurance companies in the UK. With over 7 million customers, Liverpool Victoria offers lots of insurance policies. Some of the offers include: house, life, pet, retirement, pension, business, and so many other types of insurance.

Liverpool Victoria Insurance is currently the biggest insurer of customer care services in the whole of the United Kingdom.

8. British United Provident Association (Bupa)

Bupa is another leading insurance company in the United Kingdom that gets most of its gross written premiums (GWP) from personal, family, and commercial health insurance.

Aside from that, they also offer packages like travel insurance, dental health insurance, care insurance, home insurance, health clinic insurance, car insurance, and many others.

9. Royal London Mutual Insurance

Royal London Mutual Insurance was established in 1861. It currently has one of the largest insurance customer bases, estimated at over 10 million.

Royal London offers insurance like health insurance, business management insurance, pension insurance, life insurance, and a few others. It’s the biggest mutual insurance company in the United Kingdom.

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10. AXA Insurance

AXA is a child company of the AXA Group, which has its base across the United Kingdom, Ireland, and other European countries.

Despite having dominance only in these two regions, they control over 14% of AXA’s business in the whole of Europe.

AXA is only known to insure mostly health and properties. Moreso, recent statistics have shown that it controls over 8% of the property insurance sub-industry as well as 29.9% of the health insurance market in the UK.

11. American International Group (AIG)

American International Group (AIG) is also among the list of the biggest insurers in the United Kingdom. The group has branches across America, Asia, Europe, and Africa, with its largest market size in North America.

The UK branch of the company had expanded its network beyond individual protection in 2018, so it initiated a policy (the acquisition of life insurance specialist Ellipse) that tends to protect groups.

AIG had a total of £1.1 billion in GWP as of 2021 and £8.3 billion in net assets.

12. Zurich Insurance

Zurich Insurance Group is a property and life insurance company that was founded in Switzerland. It currently has a wide network across Europe, North America, and Asia.

Its UK base is said to control over 10% of its total gross written premiums. Also, it controls the largest share of its property insurance market, followed by Switzerland, where it was first established, and then Germany.

Spain, on the other hand, has the highest proportion of its life insurance policy. Second is Germany, and third is the United Kingdom.