UK Commercial Motor Insurance: Market Dynamics & Opportunities 2018
- September 2018 •
- 38 pages •
- Report ID: 5094617 •
- Format: PDF
"UK Commercial Motor Insurance: Market Dynamics & Opportunities 2018", report analyzes the UK commercial motor insurance market, looking at market size as well as changes in premiums, claims, road casualties, the motor parc, regulations, and opportunities. It discusses competitors in the market, how the market is likely to change due to telematics and driverless cars, and provides future forecasts of market size up to 2022.
The commercial motor market is estimated to have grown by 2.5% in 2017, reaching £4,281m in GWP. This growth has been driven by a combination of factors, including slight economic growth which has boosted consumer and business confidence as well as an increase in the size of the commercial motor parc. Claims in the commercial motor insurance market are affected by the UK’s whiplash culture in the same way as the private motor insurance market; the UK government has sought to combat this through the proposed Civil Liability Bill, which is due to come into effect in April 2020. Once the bill is implemented the commercial motor market will likely experience a reduction in both the number and cost of claims, allowing for insurers to lower premiums.
- The UK commercial motor insurance market is estimated to have grown by 2.5% to £4,281m in 2017.
- Claims notified in the commercial motor insurance market declined in 2017; the incoming Civil Liability Bill is likely to extend this decline further in the coming years.
- The commercial motor market is forecast to continue growing, breaking through the £5bn threshold in 2022.
Reasons to buy
- Keep up-to-date with the new trends and innovations in the market.
- Benchmark yourself against competitors.
- Learn about growth in all aspects of the market, what is driving it, and whether it looks set to continue.