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UK Private Motor Insurance: Competitor Dynamics
- Publication Date:October 2013
- Product Type: Report
UK Private Motor Insurance: Competitor DynamicsIntroduction
The private motor insurance market shows no signs of shifting from its highly competitive state. This brief outlines how the top insurers are performing by examining their GWP and market shares and providing an analysis of their performance ratios, examining losses, and expense ratios. Finally this brief will look at recent developments and strategic trends among insurers.
• Gage the performance of the top private motor insurance underwriters in terms of their gross written premiums and combined operating ratios.
• Ensure your strategy differentiates from your competitors in this market.
• Gain insight into the major developments in the competitive landscape and how players are developing their propositions.
2012 saw the top 10 insurers shuffle their rankings, largely due to the fact that several insurers reduced their GWP as opposed to achieving significant growth. Aviva achieved the highest growth rate in 2012 with an increase in GWP of 5.7%, but it remains a long way from knocking DLG off the number one spot.In 2012 Aviva, the second largest private motor insurer, broke the 100% barrier and delivered a respectable COR of 98.7%. The insurer furthermore improved its loss ratio from 85.3% in 2011 to 79.8% in 2012, while its administration expense ratio is now the lowest among the top 10 insurers.Co-operative Insurance had a difficult year in 2012, with its COR increasing by 20.1 percentage points on 2011 to an unhealthy 135.7%. This was mainly due to a significant rise in its loss ratio from 95.2% in 2011 to 107.2% in 2012.
Reasons to Buy This Report
• Which companies were the top players in the private motor insurance market in 2012?
• How have insurers developed their propositions?
• How profitable were the top private motor insurers in 2012?