Analysis of the solvency ratios published in the 2024 SFCR disclsoures of 131 UK solo insurers reveals overall stability in the UK insurance market following the switch to the Solvency UK regime.
The solvency ratio of the sample is 192% compared to 193% in 2023. The sample covers GBP 2.8 trillion in total assets, up from a total of GBP 2.6 trillion in 2023. The total market coverage in the UK in 2023 was EUR 2.7 trillion.
The chart below shows the distribution of solvency ratios across the market.
Line of business analysis indicates a reduction in the ratios of the UK life market (down to 185% from 189% in 2023), while non-life and composites slightly.
The analysis is based on a sample of the data and figures may change particularly as several solo insurers will only publish their SFCRs with the groups on 27 May. However, it does serve as an indication of the state of the market.
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