New market share figures for the general insurance market shows that some of the larger companies lost market share to smaller operators in 1997. The top three companies lost market share to smaller competitors.
Guardian/PMPA retained its place as the largest company with premium income of £239 million though its market share slipped to 18.64 per cent from 18.84 per cent. Royal SunAlliance market share slipped from second to third place with its market share down to 11.44 per cent from 12.88 per cent.
Hibernian moved up to second place with premium income of £152 million despite a fall in its market share to 11.87 per cent from 12.75 per cent. Among the winners were Church and General in fourth place with premium income of £103 million, and an increase in market share to 8.07 per cent from 7.69 per cent. FBD increased its market share to 7.94 per cent from 7.19 per cent, Insurance Corporation was up to 7.34 per cent from 7.25 per cent while General Accident was up to 6.03 per cent from 5.9 per cent.
Smaller companies which increased their shares include Quinn Direct, up from under 1 per cent to 1.41 per cent, Irish National up to 3.45 per cent from 3.43 per cent and Friends First up to 1.86 per cent from 1.71 per cent. Market share figures for the life business were released earlier this year.
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