United Kingdom (UK) Commercial Motor Insurance - Market Dynamics and Opportunities 2020

United Kingdom (UK) Commercial Motor Insurance - Market Dynamics and Opportunities 2020

  • December 2020 •
  • 35 pages •
  • Report ID: 6020477 •
  • Format: PDF
United Kingdom (UK) Commercial Motor Insurance - Market Dynamics and Opportunities 2020

Summary
Growth in gross written premiums (GWP) for 2019 was driven by an increase in commercial vehicles on the roads in the UK.The number of reported claims remained unchanged compared to 2018, yet the average payout for claims reached its highest historical rate.

This drift in the market signals that despite vehicle technology making road traffic safer, vehicles are increasingly becoming more expensive to repair.In the long term, rising repair costs will lead to an increase in premiums.

COVID-19 has had various impacts on different commercial vehicle types.Some lines of business have increased the use of light goods vehicles for commercial purposes.

Others (such as taxis and company cars) have opted for a Statutory Off Road Notification (SORN) as there has been a decrease in demand in their lines of business.

This report analyzes UK commercial motor insurance, looking at the market in terms of GWP, claims, road casualties, the motor parc, regulations, and opportunities.It discusses the impact of COVID-19 and further implications related to claims.

It also looks at the leading competitors and their product offerings, as well as providing future forecasts of market size up to 2024.

Scope
- GWP increased by 1.5%, reaching £4.9bn in 2019 - driven by an increase in both the number of policies and premium costs.
- The number of claims remained unchanged in 2019 compared to 2018.
- RSA remains the largest player but is closely followed by Allianz, whose market share grew significantly over the course of the year.
- Despite COVID-19, the commercial motor insurance market is forecast to grow to £5.5bn in GWP by 2024 thanks to a sharp recovery.

Reasons to Buy
- Identify key factors that are influencing the cost of premiums.
- Learn how current and future regulation will influence the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Benchmark yourself against leading competitors.
- Understand the impact of COVID-19 on the commercial motor insurance market.
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