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

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

  • December 2020 •
  • 53 pages •
  • Report ID: 6020478 •
  • Format: PDF
United Kingdom (UK) Private Motor Insurance - Market Dynamics and Opportunities 2020

Summary
Gross written premiums (GWP) contracted in 2019.This was driven by decreases in both the number of policies sold and the average cost of premiums.

The implications of COVID-19 have changed the way that consumers use their vehicles, creating a greater demand for usage-based insurance (UBI) products.COVID-19 has also postponed the highly anticipated Civil Liability Act until 2021.

The outcome of Brexit also remains unclear, with an expectation that basic coverage will no longer be available for UK drivers in the EU as part of standard policies. Going forward, growth in the market will be driven by an increased cost of premiums, with the top five market players setting the precedent for how the motor insurance market is reshaped in light of the pandemic.

This report explores consumer purchasing behaviors in the private motor insurance space, as well as how consumer preferences are changing over time.It identifies what is most influential to customers when purchasing a policy, and also reveals the most popular providers in the market.

New trends and innovations are highlighted, as well as the key factors that will influence the market over the next few years.

Scope
- Measured by GWP, the private motor insurance market was worth £13.0bn in 2019.
- The leading trio remained unchanged, with Direct Line, Aviva, and LV= holding 32.2% of the market.
- The cost of personal injury increased by 2.1%, reaching an average cost of £10,676 in 2019.
- The private motor insurance market will expand to £15.5bn by 2024, representing a compound annual growth rate (CAGR) of 3.4% between 2019 and 2024.

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 the leading competitors.
- Understand the impact of COVID-19 on the private motor insurance market.
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