UK Commercial Liability Insurance 2003

Transcription

1 A Datamonitor report UK Commercial Liability Insurance 2003 Published: Apr-03 Product Code: Why should you buy this report? There is little publicly available, quantitative data for the size and growth of the professional indemnity and directors' and officers' markets. This report aims to fill this information void with unique independent analysis and market sizing, including the share of Lloyd's in these markets. Datamonitor's 'Commercial Liability Insurance for SMEs' survey will allow you to target this market segment more effectively through an understanding of their attitudes and requirements. 88% of our clients trust Datamonitor to effectively do their market research and analysis Analysis of competitor market shares and claims ratios will enable you to benchmark your company against your competitors. Source: Datamonitor customer research

2 UK Commercial Liability Insurance 2003 An introduction to the report This market report covers the UK liability market focusing on the following sectors: employers' liability, professional indemnity and directors' & officers'. It contains data examining market size, segmentations, profitability and also company data, such as market shares, premium income and ratio analyses. Datamonitor's unique B2B surveys of over 100 companies provide invaluable insight into the views of SME clients and brokers' experiences. Scope and coverage of the report Report methodology Key findings and report highlights Provides detailed analysis of the UK employers' liability, professional indemnity and directors' and officers' insurance markets. Provides unique data on market sizes and current and future growth in terms of GWP. The market is split between Lloyd's and the company market. The report also includes competitor market share data where possible. Datamonitor's unique survey of over 100 SMEs and brokers will further your understanding of this competitive market segment and your company's intermediary partners, enabling you to effectively market your products. Primary research with leading commercial insurers and brokers provides analysis of key issues in the market. Unique market sizing and forecasting based on Datamonitor's methodology of combining extensive primary research with company FSA Returns and Lloyd's Xchanging Ins-sure data. Datamonitor's B2B survey: Commercial Liability Insurance for SMEs. Datamonitor's B2B survey: Brokers' Perspectives on Commercial Liability Insurance The UK employers' liability market is in crisis. The principal issue is the sustainability of the current system of employers' liability, both for the insurers themselves and for their customers. The employers' liability market experienced a sharp jump in premium income in 2001, yet still remained unprofitable as claims costs continued to soar. With companies trading illegally or going out of business as they cannot afford employers' liability premiums, there are many calls for a fundamental reform of the market. This report examines these issues and provides forecasts for future growth. For more information... tel: fax: fsinfo@datamonitor.com

3 Key findings and report highlights continued Of the three liability sectors covered, Lloyd's has the greatest presence in the professional indemnity market in terms of market share. The directors' and officers' (D&O) market has moved from soft to hard market conditions in the last 18 months. While most insurers interviewed for this report felt that claims were certainly not as frequent or severe as in other liability classes, all agreed that there were signs of the UK boardroom becoming a riskier environment. This could have substantial impacts on this sector, which are examined in this report. In spite of high premium rate increases, most SMEs are satisfied with their commercial liability insurers. However, there are several areas in which they could improve their image. Aside from lowering premiums, improved service levels and better communication were felt to be important. In current market conditions brokers are having the most success placing their liability business in the London Market. Zurich FS is the largest player in the UK employers' liability market XL Winterthur Iron Trades Ecclesiastical Allianz Cornhill St Paul Zurich FS NFU & Avon AXA Norwich Union Source: Datamonitor Royal & SunAlliance DATAMONITOR Analyzis of three key commercial liability markets: employers' liability, professional indemnity and directors' and officers' insurance. Each individual market is covered in a separate chapter and each market chapter is broken down into the same sections: Market Context, Competitive Dynamics and The Future Decoded. Targeting SME Customers - Uses Datamonitor's 'Commercial Liability Insurance for SMEs' survey to help further insurers' understanding of this customer segment. SMEs are considered to be one of the most profitable commercial segments and there is currently a lot of competition in the market for their business. This survey will provide vital information to help competitors understand the insurance needs of SMEs and therefore enable them to target their products more effectively. Broker Perspective - Uses Datamonitor's 'Brokers' Perspectives on Commercial Liability Insurance' survey to help insurers understand how brokers are responding to current market conditions and therefore enable insurers to work more effectively with their intermediary partners. Report structure, chapter by chapter...i would be very surprised to discover that any of the big players made money in the directors' and officers' market last year in the UK... Directors' and Officers' Insurer

4 UK Commercial Liability Insurance 2003 While a third of SMEs may have changed their provider in the last 2 years, only eight per cent are considering it in the next 12 months This is significantly lower than Datamonitor's survey for the commercial insurance market as a whole, in which 20 per cent said they were considering changing in the next 12 months. This tallies with the high levels of satisfaction expressed by commercial liability insurance customers. However it may also be a function of the fact that many SMEs have experienced, or are facing, major premium increases and therefore feel they would receive the best deal through their relationship with their current provider. Furthermore, the reduced capacity in the market may mean that some SMEs are experiencing difficulties in finding alternative providers. All of those that responded 'Yes' are considering changing their provider on the basis of price. Claims ratio analysis of the main competitors This section provides an analysis of the gross claims ratios of the leading competitors according to FSA returns. It allows the reader to gain insight into the progress of a competitor's underwriting strategy. Most insurers are trying to improve their claims ratios, and hence their profitability, through a strategy of rate increases and more selective underwriting. Only those insurers that included professional indemnity business on their FSA returns are included in this section. Most of the leading competitors had a sub-100 per cent claims ratio in 2001 Of this group of insurers only Zurich FS had a claims ratio over 100 per cent in This compares favorably with the employers' liability market in which only four out of the top ten players had a claims ratio of less than 100 per cent. While claims may be increasing in number and cost in the professional indemnity market, it is still far from the crisis that has hit the EL sector. As such, it suggests that professional indemnity underwriters do not have as far to go to reach profitability as their EL counterparts. Figure 1: 3: Do you think you will change your commercial liability insurance provider in the next 12 months? Yes 8% Figure 1: Norwich Union had the lowest gross claims ratio in 2001 Norwich Union Source: Datamonitor No 92% D A T A M O N I T O R Royal & SunAlliance St Paul New Hampshire MMA Table 1: 6: Key drivers for the forecast Page 60 Zurich FS Driver Issue Impact on GWP 0% 20% 40% 60% 80% 100% 120% Claims 140% inflation 160% Claims ratio Source: Datamonitor analysis of SynThesys Non-Life database D A T A M O N I T O R While little historical data exists, industry interviews suggest that claims are increasing in severity and frequency, and that insurers expect this to continue as pressure grows for directors to be held more accountable and shareholders increasingly demand compensation. UK Commercial Liability Insurance 2003 Datamonitor (Published Apr-03) More realistic underwriting As mentioned earlier, the D&O market is still + + relatively young and hence underwriters are still learning about the risks involved and the necessary rate to give them. Insurers commented that this learning curve is still being climbed and therefore rates will continue to rise and policy wordings become tighter. Marketing benefits of the Higgs report Regardless of whether the reforms are + implemented, the media coverage of the Higgs report has increased the awareness of company directors, at all levels, of the need for D&O cover. It can be expected that customer take-up of the product will increase. The Higgs report reforms Reinsurance Economic conditions If Higgs' recommendations are implemented,? + non-executive directors' responsibilities may increase and therefore they may be held more liable if the company experiences difficulties. Industry interviews suggested that the last two + renewals had been tough and were expected to remain so in the foreseeable future Insurers' income has been hit by poor + investment returns over the last two years and this has prompted premium increases to make up for lost reserves. Source: Datamonitor D A T A M O N I T O R UK Commercial Liability Insurance 2003 Datamonitor (Published Apr-03) Page 62...The professional indemnity market has not been profitable for ten years and I'm dubious that the market has reached profitability yet... Professional Indemnity Insurer

5 Summary of contents EXECUTIVE SUMMARY Employers' liability Professional indemnity Directors' and officers' insurance Targeting SME customers The broker perspective INTRODUCTION What is this report about? Who is the target reader? How to use this report EMPLOYERS' LIABILITY Market context Market overview Market size Market profitability Claims numbers Claims costs Liability claims drivers Key factors increasing liability claims costs Market share by competitor Lloyd's share of the employers' liability market Claims ratio analysis of the top ten competitors in the UK employers' liability market Competitive issues The future decoded Forecast GWP for the employers' liability market PROFESSIONAL INDEMNITY Market context Market overview Market size Competitive dynamics Market share of competitors Claims ratio analysis of the main competitors Competitive issues The future decoded Forecast GWP for the professional indemnity market DIRECTORS' AND OFFICERS' INSURANCE Market context Market overview Market size Market profitability Competitive dynamics Leading competitors Competitive issues The future decoded Forecast GWP for the directors' and officers' market TARGETING SME CUSTOMERS Customer requirements and attitudes towards distribution channels Almost three quarters of SMEs surveyed have both professional indemnity and directors' and officers' cover As expected, brokers dominate the distribution of commercial liability insurance Price, service and previous experience are all important reasons for choosing a commercial liability insurance provider Most SMEs would not consider purchasing their commercial liability cover from a bank/building society Similarly, only 20 per cent of SMEs would consider purchasing their commercial liability cover direct Satisfaction and switching behavior Almost 50 per cent of SMEs in the survey are very satisfied with their commercial liability insurance provider Almost a third of SMEs have changed their commercial liability insurance provider in the last two years Price dominates the reason for switching provider While a third of SMEs may have changed their provider in the last two years, only eight per cent are considering it in the next 12 months Customers' experience of, and attitude towards, premium increases Almost two thirds of SMEs have experienced an increase in their employers' liability insurance premium in the last 12 months Professional indemnity premiums have increased for almost two thirds of SMEs Directors' and officers' premiums have increased for almost two-thirds of SMEs Over a quarter of SMEs have been affected by increases in their commercial liability premiums For the majority of SMEs, their opinion of commercial liability insurers has remained the same Unsurprisingly, premium reductions were suggested as the main thing insurers could do to improve their image Additional services and product bundling The most common service provided by commercial liability insurers is risk management The majority of SMEs find additional services provided by their commercial liability insurer useful 60 per cent of SMEs find bundled commercial liability packages attractive...the issue of claims inflation is illustrated by examining the claims ratios of the top ten UK employers' liability insurers. Only four companies achieved a claims ratio under 100 per cent... Vicki Summerhayes: Datamonitor Analyst

6 UK Commercial Liability Insurance 2003 THE BROKER PERSPECTIVE Datamonitor's survey of commercial liability brokers Just over half of the brokers surveyed offered directors' and officers' insurance Employers' liability Professional indemnity Directors' and officers' insurance For all liability classes featured here, the main reason for success in placing risks is the level of specialist expertise provided by the insurer Broker satisfaction APPENDIX Supplementary data Employers' liability GEP by competitor Employers' liability market share by competitor Professional indemnity GEP by competitor Professional indemnity market share by competitor General liability insurance performance ratios by competitor SME survey data tables Broker survey data tables Definitions DTI definitions of SME businesses Research methodology Further reading Future readings Relevant links Do you need more information? Datamonitor Financial Services Consulting SPP writing team DATASETS Table 1: The size and growth of the UK employers' liability market, GWP, Table 2: Employers' liability underwriting result, Table 3: Reinsurance ceded in the UK employers' liability market, Table 4: Personal injury claims made to employers' liability insurers, Table 5: Employers' liability claims paid by year of origin, Table 6: Employers' liability claims as a percentage of GEP, Table 7: Average cost of employers' liability claims by year of origin, Table 8: Average cost of employers' liability claims paid in year of origin, Table 9: Workplace injuries reported under RIDDOR, p Table 10: Workplace fatalities, p Table 11: Total number of workplace accidents and potential claims, Table 12: Number of cases of occupational diseases and illhealth, Table 13: Prescribed industrial lung and non-lung diseases in Great Britain, Table 14: Average cost of employers' liability claims, Table 15: GEP of the top ten competitors in the UK employers' liability market, Table 16: UK employers' liability market share of the top ten competitors, Table 17: Lloyd's premium income and share of the employers' liability market, Table 18: Claims ratio for the top ten UK employers' liability insurers, 2001 Table 19: Claims incurred, GEP and claims ratio for St Paul, Table 20: Claims incurred, GEP and claims ratio for Norwich Union, Table 21: Claims incurred, GEP and claims ratio for XL Winterthur, Table 22: Claims incurred, GEP and claims ratio for Royal & SunAlliance, Table 23: Claims incurred, GEP and claims ratio for Iron Trades, Table 24: Claims incurred, GEP and claims ratio for Zurich FS, Table 25: Claims incurred, GEP and claims ratio for Allianz Cornhill, Table 26: Claims incurred, GEP and claims ratio for Ecclesiastical, Table 27: Claims incurred, GEP and claims ratio for AXA, Table 28: Claims incurred, GEP and claims ratio for NFU & Avon, Table 29: Forecast GWP for the employers liability market, Table 30: Key drivers for the forecasts Table 31: Key drivers for the forecasts Table 32: Forecast underwriting result for the employers' liability market under current growth trends, f Table 33: UK professional indemnity market premium income, Table 34: UK professional indemnity market premium income by competitor, Table 35: UK professional indemnity market share, Table 36: Lloyd's premium income in the UK professional indemnity market, Table 37: Claims ratio of leading professional indemnity insurers, Commercial liability insurers should be more tolerant and provide support to small brokers... Commercial Liability Broker

7 Table 38: Table 39: Table 40: Table 41: Table 42: Table 43: Table 44: Table 45: Table 46: Table 47: Table 48: Table 49: Table 50: Table 51: Table 52: Table 53: Table 54: Table 55: Table 56: Table 57: Table 58: Table 59: Table 60: Table 61: Table 62: Table 63: Table 64: Table 65: Claims incurred, GEP and claims ratio for Norwich Union, Claims incurred, GEP and claims ratio for Royal & SunAlliance, Claims incurred, GEP and claims ratio for St Paul, Claims incurred, GEP and claims ratio for New Hampshire, Claims incurred, GEP and claims ratio for MMA, Forecast GWP for the professional indemnity market, Key drivers for the forecast Lloyd's premium income in the UK directors' and officers' market, Forecast GWP for the directors' and officers' market, Key drivers for the forecast UK employers' liability GEP by competitor, UK employers' liability market share by competitor, Professional indemnity GEP by competitor, Professional indemnity market share by competitor, General liability loss ratio, by competitor, General liability loss ratio, by competitor,, cont. General liability expense ratio, by competitor, General liability expense ratio, by competitor,, cont. General liability combined ratio, by competitor, General liability combined ratio, by competitor,, cont. General liability commission ratio, by competitor, General liability commission ratio, by competitor,, cont. General liability management expenses ratio, by competitor, General liability management expenses ratio, by competitor,, cont. General liability net / gross premiums ratio, by competitor, General liability net / gross premiums ratio, by competitor,, cont. What types of commercial liability insurance do you have? Where do you purchase your commercial liability insurance from? Table 66: Table 67: Table 68: Table 69: Table 70: Table 71: Table 72: Table 73: Table 74: Table 75: Table 76: Table 77: Table 78: Table 79: Table 80: Table 81: Table 82: Table 83: Table 84: Table 85: Table 86: Table 87: Table 88: Table 89: Table 90: What were the most important reasons for choosing your current commercial liability insurance provider? Would you consider purchasing your commercial liability insurance from a bank/building society? Why would you not consider purchasing your commercial liability insurance from a bank/building society? Would you consider purchasing your commercial liability insurance direct? Why would you consider purchasing your commercial liability insurance direct? Why would you not consider purchasing your commercial liability insurance direct? How satisfied are you with your commercial liability insurance provider? Have you changed your commercial liability insurance provider in the last 2 years? Why have you changed your commercial liability insurance provider in the last 2 years? Do you think you will change your commercial liability insurance provider in the next 12 months? Has your employers' liability premium increased in the last 12 months? If yes, by how much has your employers' liability premium increased in the last 12 months? Has your professional indemnity premium increased in the last 12 months? If yes, by how much has your professional indemnity premium increased in the last 12 months? Has your directors' and officers' premium increased in the last 12 months? If yes, by how much has your directors' and officers' premium increased in the last 12 months? Have recent issues over corporate governance, such as those associated with Enron or Equitable Life, made you more aware of a need for directors' and officers' insurance? Have increases in your commercial liability premiums affected your business? Specifically has an increase in your employers' liability premium affected your ability to afford other liability covers? Has your attitude towards commercial liability insurers changed over the last 12 months? What can insurers do to improve their image? What services do you receive from your current commercial liability insurance provider? How useful are they? What other services would you like to receive? How attractive is commercial liability cover bundled in a package with other insurance?...while a third of SMEs may have changed their provider in the last 2 years, only eight per cent are considering it in the next 12 months... Vicki Summerhayes: DAtamonitor Analyst

8 UK Commercial Liability Insurance 2003 Table 91: Why is commercial liability cover bundled in a package with other insurance attractive? Table 92: Why is commercial liability cover bundled in a package with other insurance NOT attractive? Table 93: Which of the following types of liability cover do you provide? Table 94: On average, how much have premiums increased for employers' liability? Table 95: Are you having trouble placing risks for employers' liability? Table 96: Why are you having trouble placing risks for employers' liability? Table 97: Under current market conditions where are you having the most success placing your employers' liability risks? Table 98: On average, how much have premiums increased for professional indemnity? Table 99: Are you having trouble placing risks for professional indemnity? Table 100: Why are you having trouble placing risks for professional indemnity? Table 101: Under current market conditions, where are you having the most success placing your professional indemnity risks? Table 102: On average, how much have premiums increased for directors' and officers' insurance? Table 103: Are you having trouble placing risks for directors' and officers' insurance? Table 104: Why are you having trouble placing risks for directors' and officers' insurance? Table 105: Under current market conditions, where are you having the most success placing your directors' and officers' risks? Table 106: Why are you having success placing your commercial liability risks with these types of insurance providers? Table 107: In general, how satisfied are you with your commercial liability insurance providers? Table 108: Why are you satisfied with your commercial liability insurance providers? Table 109: Why are you dissatisfied with your commercial liability insurance providers? Figure 1: Zurich FS is the largest player in the employers' liability market, 2001 Figure 2: The UK employers' liability market reversed its decline in 2001 Figure 3: The underwriting result for employers' liability continued to worsen in 2001 Figure 4: Reinsurance ceded fell by 12.8 per cent over 2001 Figure 5: Employers' liability claims have a very long tail Figure 6: Insurers can expect to be paying out over 100 per cent of original GEP on claims several years after they originated Figure 7: Underwriting employers' liability is made difficult by the increases in average claims paid as time passes Figure 8: The average cost of claims paid in year of origin decreased in 2001, however it remained higher than in the years previous to 2000 Figure 9: Asbestos-related industrial diseases account for majority of industrial lung illnesses, 2000 Figure 10: Vibration White Finger accounts for over half of all prescribed industrial non-lung diseases, 2000 Figure 11: Zurich FS is the largest player in the employers' liability market, 2001 Figure 12: Overall Lloyd's employers' liability premiums remain relatively stable Figure 13: St Paul had the lowest claims ratio of the top ten UK employers' liability insurers in 2001 Figure 14: Strong rate increases saw St Paul's claims ratio decrease in 2001 Figure 15: Norwich Union has steadily decreased its book of business since 1998 Figure 16: 2001 saw a dramatic rise in claims for XL Winterthur Figure 17: Royal & SunAlliance experienced a rise in both GEP and claims incurred over 2001 Figure 18: Iron Trades has significantly reduced its employers' liability business, however its claims ratio continued to increase in 2001 Figure 19: 2001 saw Zurich's claims ratio rise substantially Figure 20: Allianz Cornhill's claims incurred continued to rise in 2001 Figure 21: Ecclesiastical failed to improve its claims ratio in 2001 Figure 22: AXA's claims ratio continued to increase in 2001 Figure 23: NFU & Avon's efforts to improve its claims ratio were torpedoed by spiraling claims costs in 2001 Figure 24: The employers' liability market will experience rapid growth over the next five years Figure 25: Current trends in NWP and total outgoings are unsustainable if the employers' liability market is to reach underwriting profitability Figure 26: The professional indemnity market grew steadily between 1997 and 2001 Figure 27: Lloyd's accounted for 41 per cent of the UK professional indemnity market in 2001 Figure 28: Lloyd's involvement in the professional indemnity market is erratic Figure 29: Norwich Union had the lowest gross claims ratio in 2001 Figure 30: Norwich Union maintained a sub-100 per cent claims ratio between 1997 and 2001 Figure 31: Royal & SunAlliance's claims ratio increased steadily between 1999 and 2001 Figure 32: St Paul succeeded in improving its claims ratio in 2001 For more information... tel: fax: fsinfo@datamonitor.com

9 Figure 33: New Hampshire's claims ratio worsened slightly in 2001 Figure 34: Growth in premium income has been accompanied by a increase in MMA's claims ratio Figure 35: Strong growth in premium income for the professional indemnity market is forecast over the next five years Figure 36: Aside from in 1999, Lloyd's D&O premium income has remained relatively stable between 1997 and 2001 Figure 37: The directors' and officers' market will experience strong growth over the next five years Figure 38: What types of commercial liability insurance do you have? Figure 39: Where do you purchase your commercial liability insurance from? Figure 40: What were the most important reasons for choosing your current commercial liability insurance provider? Figure 41: Would you consider purchasing your commercial liability insurance from a bank/building society? Figure 42: Why would you not consider purchasing your commercial liability insurance from a bank/building society? Figure 43: Would you consider purchasing your commercial liability insurance direct? Figure 44: Why would you consider purchasing your commercial liability insurance direct? Figure 45: Why would you not consider purchasing your commercial liability insurance direct? Figure 46: How satisfied are you with your commercial liability insurance provider? Figure 47: Have you changed your commercial liability insurance provider in the last 2 years? Figure 48: Why have you changed your commercial liability insurance provider in the last 2 years? Figure 49: Do you think you will change your commercial liability insurance provider in the next 12 months? Figure 50: Has your employers' liability insurance premium increased in the last 12 months? Figure 51: By how much has your employers' liability premium increased? Figure 52: Has your professional indemnity insurance premium increased over the last 12 months? Figure 53: By how much has your professional indemnity premium increased? Figure 54: Has your directors' and officers' insurance premium increased in the last 12 months? Figure 55: By how much has your directors' and officers' premium increased? Figure 56: Have recent issues over corporate governance, such as those associated with Enron or Equitable Life, made you more aware of a need for directors' and officers' insurance? Figure 57: Have increases in your commercial liability premiums affected your business? Figure 58: Specifically has an increase in your employers' liability premium affected your ability to afford other liability covers? Figure 59: Has your attitude towards commercial liability insurers changed over the last 12 months? Figure 60: What can insurers do to improve their image? Figure 61: What services do you receive from your current commercial liability insurance provider? Figure 62: How useful are the additional services provided by your commercial liability insurance provider? Figure 63: What other services would you like to receive? Figure 64: How attractive is commercial liability cover bundled in a package with other insurance? Figure 65: Why is it attractive? Figure 66: Why is it not attractive? Figure 67: Which of the following types of liability cover do you provide? Figure 68: On average, how much have premiums increased for employers' liability? Figure 69: Are you having trouble placing risks for employers' liability? Figure 70: Why are you having trouble placing risks for employers' liability? Figure 71: Under current market conditions, where are you having the most success placing your employers' liability risks? Figure 72: On average how much have premiums increased for professional indemnity? Figure 73: Are you having trouble placing risks for professional indemnity? Figure 74: Why are you having trouble placing risks for professional indemnity? Figure 75: Under current market conditions, where are you having the most success placing your professional indemnity risks? Figure 76: On average, how much have premiums increased for directors' and officers' insurance? Figure 77: Are you having trouble placing risks for directors' and officers' insurance? Figure 78: Why are you having trouble placing risks for directors' and officers' insurance? Figure 79: Under current market conditions, where are you having the most success placing your directors' and officers' risks? Figure 80: Why are you having success placing your commercial liability risks with these types of insurance providers? Figure 81: How satisfied are you with your commercial liability insurance providers? Figure 82: Why are you satisfied with your commercial liability insurance providers? Figure 83: Why are you dissatisfied with your commercial liability insurance providers? For more information... tel: fax: fsinfo@datamonitor.com

10 UK Commercial Liability Insurance 2003 Datamonitor: Your total information solution Datamonitor is a premium business information company helping 5,000 of the world's leading companies across the Automotive, Consumer Markets, Energy, Financial Services, Healthcare & Technology sectors. Our products and services are specifically designed to support our clients key business processes - from corporate strategy to competitive intelligence. We provide an independent and trustworthy source of data, analysis and forecasts to improve these processes and ultimately, to help grow your business. Corporate Strategy & Business Planning Product Development & Commercialization Targeting & Influencing the Market Market & Competitive Intelligence Quality Data Expert Analysis Future Forecasts Make more effective strategic and business decisions Accelerate delivery of commercial success Assess and influence your commercial and market environment Maintain or obtain critical competitive advantage HELPING TO GROW YOUR BUSINESS No-one speaks louder than our clients Abbey National ABN AMRO AIB Bank American Express Aviva AXA Bank of Ireland Barclays Bank Berlinerische Lebensversicherung BNP Paribas BUPA Capital One Citibank Commerzbank AG Co-Operative Bank Crédit Agricole Crédit Lyonnais Credit Suisse Deutsche Bank Diners Club International Dresdner Bank Europay Fidelity Investment Services Fortis GE Capital HBOS HFC Hiscox Insurance HSBC HypoVereinsbank ING Interpay Invesco Legal & General Lloyds of London Lloyds TSB M&G Group MBNA National Australia Group (UK) Ltd Nationwide Building Society Nordea Prudential Royal & SunAlliance Royal Bank of Scotland Scottish Widows Skandia International Standard Life Swiss Re UK UBS AG Visa Zurich 95% of Datamonitor clients use our research to help them identify new trends and future market developments Source: Datamonitor customer research

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