UK: Private Motor Insurance Market Study: An Emerging Hint of Opportunity

HTF Market Intelligence released a new research report of 55 pages on title 'UK Private Motor Insurance: Market Dynamics & Opportunities 2019' with detailed analysis, forecast and strategies. The study covers key regions that includes North America, South & Central America, Middle East & Africa, Europe, Asia-Pacific etc. and important players such as Direct Line, Aviva, Admiral etc.

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Summary
This report analyzes UK private motor insurance, looking at market size as well as changes in premiums, claims, road casualties, the motor parc, regulations, and opportunities. It discusses the leading competitors and how the market is likely to change due to telematics and driverless cars, as well as providing future forecasts of market size up to 2023.

Gross written premiums (GWP) expanded by less than 1% in the private motor insurance market in 2018, following a period of stronger growth. A year of low growth for the market made it tough for insurers to increase their GWP, with competition heating up among the top five players. As claims costs continue to rise, insurers eagerly await the Civil Liability Act coming into full effect. Technology advancements - above all driverless cars - will be pivotal in this market over the next five years.

Companies Mentioned in the Report
Direct Line, Aviva, Admiral, Ageas, LV=, Advantage, Munich Re, esure, AXA, Covea, By Miles, Metromile, Carvi, ThingCo, Tractable, Tesla

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Scope
- Measured by GWP, the private motor insurance market was worth £13.1bn in 2018.
- Average premiums fell slightly to £477 in 2018 after peaking at £481 in 2017.
- Direct Line remained the largest private motor insurer in 2018, holding over 12% of the market as Admiral challenged Aviva for second place.
- Personal injury claims remain the biggest average and total cost for insurers, costing an average of £10,454 per claim and over £3.2bn per year.

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 leading competitors.

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Table of Contents
1. EXECUTIVE SUMMARY
1.1. Growth begins to slow in the run up to the Civil Liability Act
1.2. Key findings
1.3. Critical success factors
2. MARKET DYNAMICS
2.1. Introduction
2.2. The private motor insurance market continued to grow in 2018
2.2.1. Growth in the market slowed to 0.97% to reach £13.1bn in GWP
2.3. A multitude of factors drive premiums down
2.3.1. Premiums have begun to decrease after reaching an all-time high in 2017
2.3.2. The most recent Ogden rate change has been disputed by insurers
2.3.3. IPT remains frozen at 12%
2.3.4. Premiums hit a yearly high in Q4 2018 for the fifth consecutive year
2.3.5. Renewal notice requirements have begun to have an effect
2.3.6. “Average premium” confuses consumers
2.3.7. Comprehensive premiums remain lower than TPFT despite lower cover
2.4. The motor claims landscape in 2018
2.4.1. Claims notified rose despite previous falls
2.4.2. Average claim value rose for the third consecutive year
2.4.3. Bodily injury claims
2.5. Road traffic accidents (RTAs) and their link to claims
2.5.1. Whiplash claims continue to drive up premiums
2.5.2. Total RTAs continue to decline, while number of claims increased slightly after a sharp fall
2.5.3. Car occupants are the leas
....Continued

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Thanks for reading this article, you can also get individual chapter wise section or region wise report version like North America, Europe or Asia.

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About Author:
HTF Market Report is a wholly owned brand of HTF market Intelligence Consulting Private Limited. HTF Market Report global research and market intelligence consulting organization is uniquely positioned to not only identify growth opportunities but to also empower and inspire you to create visionary growth strategies for futures, enabled by our extraordinary depth and breadth of thought leadership, research, tools, events and experience that assist you for making goals into a reality. Our understanding of the interplay between industry convergence, Mega Trends, technologies and market trends provides our clients with new business models and expansion opportunities. We are focused on identifying the “Accurate Forecast” in every industry we cover so our clients can reap the benefits of being early market entrants and can accomplish their “Goals & Objectives”.

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