Private Motor Insurance Market Shaping from Growth to Value | Metromile, Carvi, AXA

A new research document with title 'United Kingdom (UK) Private Motor Insurance - Market Dynamics and Opportunities 2020' covering detailed analysis, Competitive landscape, forecast and strategies. The study covers geographic analysis that includes regions and important players/vendors such as Direct Line, Aviva, Admiral, Ageas, LV=, Advantage, Munich Re, esure, AXA, Covea, By Miles, Metromile, Carvi, ThingCo, Tractable, Tesla, Marmalade. The report will help user gain market insights, future trends and growth prospects for forecast period of 2021-2026

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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.

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

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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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Table of Contents
1. EXECUTIVE SUMMARY
1.1. Growth in the market will be driven by higher costs of premiums
1.2. Key findings
1.3. Critical success factors
2. MARKET DYNAMICS
2.1. The private motor insurance market contracted in 2019
2.1.1. Market GWP contracted by 1.2% to £13.0bn
2.2. Factors influencing premiums in 2019
2.2.1. Premiums have decreased since reaching an all-time high in 2017
2.2.2. The most recent Ogden rate change has been disputed by insurers
2.2.3. IPT remains frozen at 12%
2.2.4. Consumers continue to renew in the first quarters of the year
2.2.5. The FCA set out a new proposal to tackle issues with dual pricing
2.2.6. Fewer younger drivers on the roads drives up premiums for older demographics
2.2.7. The impact of COVID-19 on the cost of premiums
2.3. The motor claims landscape in 2019
2.3.1. Claims notified rose despite previous falls
2.3.2. Average claim costs continued t

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