UK Private Motor Insurance: Market Dynamics & Opportunities 2018
- September 2018
- 56 pages
"UK Private Motor Insurance: Market Dynamics & Opportunities 2018", report analyzes the UK private 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 and how the market is likely to change due to telematics and driverless cars, and provides future forecasts of market size up to 2022.
The private motor insurance market grew in gross written premiums (GWP) in 2017. This was due to increasing premiums, which have reached a record high because of rising insurance premium tax (IPT), increasing car repair costs, and the change of the Ogden discount rate from 2.5% to -0.75% in March 2017. The latter move resulted in higher claims costs for insurers, which they responded to by raising premiums. Implementation of the Civil Liability Bill has been delayed to April 2020 due to Brexit. This means the market is further away from reforms that will reduce claims costs and allow insurers to pass on savings to customers. The delay will not, however, impact upon another review of the Ogden discount. The rate is hoped to rise to between 0% and 1%, which should provide some reprieve to the insurance industry in the meantime.
- GWP for the private motor insurance market grew by 7.9% to reach 13.1bn in 2017.
- Bodily injury claims are the highest cost for motor insurers, with the average claim costing 10,272.
- Direct Line and Aviva are the leading private motor insurers, with market shares of 12.3% and 10.0% respectively in 2017.
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 competitors.
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