UK Private Motor Insurance: Market Dynamics & Opportunities 2019
Summary This report analyzes UK private motor insurance, looking at market size as well as changes in premiums, claims, road casualties, the motor parc, regulations, and opportunities. It discusses the leading competitors and how the market is likely to change due to telematics and driverless cars, as well as providing future forecasts of market size up to 2023.
Gross written premiums (GWP) expanded by less than 1% in the private motor insurance market in 2018, following a period of stronger growth.A year of low growth for the market made it tough for insurers to increase their GWP, with competition heating up among the top five players.
As claims costs continue to rise, insurers eagerly await the Civil Liability Act coming into full effect. Technology advancements - above all driverless cars - will be pivotal in this market over the next five years.
Scope - Measured by GWP, the private motor insurance market was worth £13.1bn in 2018.
- Average premiums fell slightly to £477 in 2018 after peaking at £481 in 2017.
- Direct Line remained the largest private motor insurer in 2018, holding over 12% of the market as Admiral challenged Aviva for second place.
- Personal injury claims remain the biggest average and total cost for insurers, costing an average of £10,454 per claim and over £3.2bn per year.
Reasons to buy - Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Be prepared for how regulation will impact the private motor insurance market over the next few years.
- Benchmark yourself against leading competitors.
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