Press release
UK Private Motor Insurance: Market Dynamics & Opportunities 2017
Summary
"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.
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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.
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