Private Motor Insurance Market: UK Industry Dynamics and Opportunities 2018 By Allianz, Aviva, QBE

"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.

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Scope:
- 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.

Companies Mentioned:
• Allianz
• Aviva
• QBE

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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Key Points from TOC:
1. EXECUTIVE SUMMARY 1
1.1. The Civil Liability Bill has been delayed to April 2020 1
1.2. Key findings 1
1.3. Critical success factors 1

2. MARKET DYNAMICS 7
2.1. Introduction 7
2.2. The private motor insurance market continued to grow in 2017 7
2.2.1. The private motor market grew by 7.9% to reach £13.1bn in GWP in 2017 7
2.2.2. Non-comprehensive policies are becoming less widespread 8
2.2.3. The Lloyd’s of London market accounts for 1.3% of private motor insurance GWP 8
2.3. Motor insurance premiums have reached an all-time high 9
2.3.1. Motor insurance premiums have continued to rise 9
2.3.2. Comprehensive and non-comprehensive premiums are decreasing 10
2.3.3. IPT has remained at 12% despite concerns 13
2.3.4. The requirement to notify customers of the previous year’s premiums will encourage shopping around 13
2.4. The Ogden rate continues to increase the cost of claims 14
2.4.1. Changes to calculating the Ogden discount rate are set to benefit insurers 14
2.5. The number of motor claims notified fell in 2017 14
2.5.1. Claims notified decreased in 2017 14
2.5.2. Recorded personal injury motor claims fell by over 100,000 in 2017/18 16
2.5.3. Bodily injury claims pose the highest cost for insurers 17
2.6. Whiplash claims remain a problem 19
2.6.1. Whiplash claims were reported to fall in 2017, but remain an issue 19
2.6.2. Motor personal injury claims remain high, while RTA claims are in decline 20
2.6.3. Most RTA casualties are car occupants, but these are the least vulnerable road users 21
2.6.4. The number of pedestrian casualties increased in 2017 21
2.6.5. Car and taxi use has continued to increase 22
2.6.6. The UK motor parc continues to grow 23

3. COMPETITOR DYNAMICS 25
3.1. Direct Line and Aviva hold the largest shares of private motor 25
3.1.1. Direct Line and Aviva currently lead the private motor market 25
3.1.2. Direct Line has been the top private motor insurer for the past two years 26
3.1.3. Aviva offers standard insurance in addition to short-term, learners, and telematics policies 27
3.1.4. Ageas offers four car insurance policies, which can be purchased through brokers 28
3.1.5. LV= and Allianz are in the process of forming a joint venture 29
3.1.6. Mobile network providers are entering the telematics market 29
3.1.7. Chatbots are a new way to get a quote 30

4. THE MARKET GOING FORWARD 31

5. APPENDIX 48
5.1. Abbreviations and acronyms 48
5.2. UK Top 20 General Insurance Competitor Analytics methodology 49
5.3. Forecasting methodology 49
5.4. Bibliography 49
5.5. Further reading 54

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