UK liability market

UK insurance companies wrote £6.3bn (US$11.2bn) in gross premiums for third-party liability insurance in 2003, according to a survey of the UK company market carried out by LRI’s sister newsletter World Insurance Report . The survey, which is based on the annual returns submitted by insurers to the Financial Services Authority, shows that liability gross premium volume grew by 32% in 2003 compared with a 38% increase in 2002. By contrast, in 2003, the property and motor insurance sectors recorded volume increases of 8% and 5%, respectively.