UK Liability Market

UK insurance companies wrote £4.8bn (US$7.8bn) in gross premiums for third-party liability insurance in 2002, according to a survey of the UK company market carried out by our sister newsletter WIR. The survey, which is based on the annual returns submitted by insurers to the Financial Services Authority (FSA), shows that liability gross premium volume grew by 38% in 2002 compared with a 24% increase in 2001. By contrast, in 2002, the property and motor insurance sectors recorded volume increases of 21% and 8%, respectively.