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UK Private Motor Insurance Market Dynamics & Opportunities 2017 | Admiral, Aviva, Direct Line, Allianz, Ageas

08-13-2018 02:02 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ReportsWeb

ReportsWeb

ReportsWeb

"UK Private Motor Insurance: Market Dynamics & Opportunities 2017", 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, how the market is likely to change due to telematics and driverless cars, and provides future forecasts of market size up to 2021.

The private motor insurance market grew significantly in GWP in 2016. This was due to increasing premiums, which reached a record high because of an insurance premium tax rise, increasing car repair costs, and the change of the personal injury discount rate from 2.5% to-0.75%. The latter move resulted in higher claims costs for insurers, which impacted their profitability; they responded by raising premiums. However, following consultation the discount rate is expected to soften, and it is hoped any reforms will reduce the cost of claims for insurers and enable them to pass on savings to consumers. The Civil Liability Bill is also set to reform motor personal injury claims. It will raise the limit in the small claims track to £5,000 for road traffic accident claims, and will additionally introduce claims tariffs and ban pre-medical offers. But it remains uncertain when reforms will be introduced-not to mention how successful they will be.

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Scope

-GWP for the private motor insurance market grew by 12.4% to £12.2bn in 2016.
-Bodily injury claims are the highest cost for motor insurers, with the average claim costing £10,799.
-Direct Line and Aviva are the leading private motor insurers, with market shares of 12.4% and 12.1% respectively in 2015.

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.

Companies Mentioned:
Admiral
Aviva
Direct Line
LV=
Allianz
Ageas

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Table of Contents:

1. EXECUTIVE SUMMARY 3
1.1. The success of the Civil Liability Bill and a review of the discount rate are crucial to reduce premiums 3
1.2. Key findings 3
1.3. Critical success factors 3

2. MARKET DYNAMICS 10

3. COMPETITOR DYNAMICS 32
3.1. Direct Line and Aviva hold the largest shares of private motor 32
3.1.1. Direct Line and Aviva currently lead the private motor market 32
3.1.2. Direct Line has been the top private motor insurer for the past three years 33
3.1.3. Aviva offers standard insurance in addition to short-term, learners, and telematics policies 34
3.1.4. Ageas offers four car insurance policies, which can be purchased through brokers 35
3.1.5. LV= and Allianz are combining to form a joint venture in personal insurance 36
3.1.6. Mobile network providers are entering the telematics market 36
3.1.7. Start-ups are entering the insurance space with telematics, car sharing, P2P, and usage-based policies 37

4. THE MARKET GOING FORWARD 38

5. APPENDIX 58
5.1. Abbreviations and acronyms 58
5.2. Bibliography 58
5.3. Further reading 62

For More Information about This Report: http://www.reportsweb.com/uk-private-motor-insurance-market-dynamics-and-opportunities-2017

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Call: +1-646-491-9876
Email: sales@reportsweb.com

ReportsWeb.com is a one stop shop of market research reports and solutions to various companies across the globe. We help our clients in their decision support system by helping them choose most relevant and cost effective research reports and solutions from various publishers. We provide best in class customer service and our customer support team is always available to help you on your research queries.

Pune, India

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