Underwriting Policy for Business and Ways for Market Competition (Coursework Sample)
Provide a brief context for an insurer or reinsurer, or a division of either, with which you are familiar.
For this insurer or reinsurer, or division of either:
• Identify one significant class of business currently underwritten.
• Explain the underwriting policy for this class of business briefly.
• Analyse four ways market competition affects the underwriting policy.
• Make recommendations, based on your analysis, to optimise the underwriting policy in response to this market competition.
Brief Context of Aviva Plc.
Aviva public limited company is a British multinational insurance company whose headquarters are in the United Kingdom. The company was established in 2000 as a merger of two British insurance firms; Norwich Union and CGU plc. Primarily, Aviva has about 30 million global customers with operational bases in 16 countries. Aviva is the largest general insurer and a leading life and pension provider in the United Kingdom while in Canada, Aviva is the second-largest general insurer. The entity is a constituent of the Financial times stock exchange 100 (FTSE 100) and is listed under United Kingdom stock exchange market (Aviva 5). Upon its foundation in May 2000, the company was named CGNU plc but the name was changed to Aviva in 2002 leading to official adoption of global operations in 2008. Since then, Aviva has developed and sustained platforms for the provision of general and life assurance services. More so, long-term saving and fund management services are offered by a team of over 29000 employees. Therefore, Aviva has an enormous financial and market stability especially since investment is estimated to be 289 billion Euros in assets.
Aviva’s CEO is Maurice Tulloch who was appointed in March 2019 following the resignation of Mark Wilson in 2018. The overall net income stands at 17.29 million Euros as at 2018 statistics (Aviva 5) .The Company has over ten primary subsidiaries including Aviva life, Aviva insurance, Aviva investors which offers fund investment operations, Aviva Canada, Aviva France, Aviva Italia Holding S.p.A, Aviva Emeklilik-Turkey, Shiva Cofco-china, Aviva Poska and Aviva India among others.
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