UK Commercial Motor Insurance: Market Dynamics, looking at market size & Opportunities 2017

"The Report UK Commercial Motor Insurance: Market Dynamics & Opportunities 2017 provides information on pricing, market analysis, shares, forecast, and company profiles for key industry participants. - MarketResearchReports.biz"

​UK Commercial Motor Insurance: Market Dynamics & Opportunities 2017

Summary
"UK Commercial Motor Insurance: Market Dynamics & Opportunities 2017", analyzes the UK commercial motor insurance market, looking at market size as well as changes in premiums, claims, road casualties, the motor parc, regulations, and opportunities.

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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 commercial motor insurance market grew slightly in 2016. This was a result of economic growth, which in turn increased business prosperity and therefore the investment in commercial vehicles to support business expansion. Despite growth in commercial motor, the market is heading towards unprofitable territory as it is expected that rates will begin to harden over the next few years, until further government reforms are introduced that might lower claims costs. As reported last year, claims costs fell initially when LASPO was implemented back in 2013, but the claims environment has now stabilized. Some insurers continue to report rises as the market has adjusted to the legislation. The commercial motor parc continued to increase in 2016, with light goods vehicles and company cars driving the majority of growth. However, with the UKs vote to leave the EU it is expected that motor parc growth will slow, as businesses will have less confidence and money to invest in new commercial vehicles until the economy begins to recover. While reforms will provide instant benefits upon implementation, telematics and driverless technology will help reduce the frequency of claims in the longer term.

Scope
- Gross written premiums for the commercial motor insurance market grew by 4.5% to 4.17bn in 2016.
- The claims environment, alongside personal motor insurance, remains in a state of uncertainty around the impact of the discount rate reduction to -0.75% and whiplash claim reforms.
- There are concerns among industry experts around longer-term market profitability and the availability of reserves to bolster combined operating ratios, particularly if the predicted negative impacts of leaving the EU come to fruition.

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Reasons to buy
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Be prepared for how regulation will impact the commercial motor insurance market over the next few years.

Table of Contents
1. EXECUTIVE SUMMARY 3
1.1. Future growth continues to be linked to economic prosperity and the ability to respond to market dynamics 3
1.2. Key findings 3
1.3. Critical success factors 3
2. MARKET DYNAMICS 10
2.1. Introduction 10
2.2. Commercial motor GWP grew slightly in 2016 10
2.2.1. The total motor insurance market grew by 10.3% in 2016 10
2.2.2. The commercial motor insurance market grew to 4.17bn in 2016 12
2.2.3. Lloyds of London accounts for 7.7% of the commercial motor market 12
2.3. Excluding IPT, commercial motor insurance premiums remained flat over 2016 12

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2.3.1. IPT has been increased to 12% 12
2.3.2. The IPT increase kept premiums in check in 2016 13
2.3.3. Premium rates will have to rise in addition to IPT if the market is to remain profitable 13
2.4. Claims costs are putting pressure on profitability 14
2.4.1. The discount rate was changed from 2.5% to -0.75% 14
2.4.2. Insurers profits have been hit by the rate change 14
2.4.3. The Ogden rate change cost has impacted profitability 15
2.4.4. The MoJ is consulting on how the Ogden discount rate should be set going forward 15
2.5. Claims frequency is down but severity is increasing 15
2.5.1. CMCs have consolidated following LASPO 15
2.5.2. The ABI reports that the number of commercial claims notified remained flat in 2016 16
2.5.3. Personal injury motor claims have risen for the past two years 17
2.5.4. Whiplash claims account for up to 80% of motor personal injury claims numbers 18
2.5.5. Fraud remains a significant issue 19
2.5.6. Motor personal injury claims remain high, while RTA claims are in decline 19

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2.5.7. Most RTA casualties are car occupants, but these are the least vulnerable road users 20
2.5.8. The number of RTA casualties continues to fall across all road user types 20
2.5.9. The number of pedal cyclist casualties has reached a five-year low 21
2.5.10. Larger commercial vehicles are colliding with pedal cyclists 21
2.6. The UK commercial motor parc continues to grow in a positive economic outlook 22
2.6.1. The commercial motor parc increased by 3.9% against 2015 figures 22
2.6.2. Company cars and LGVs are the most common commercial vehicle types 22
2.6.3. The number of newly licensed commercial vehicles rose slightly in 2016 25
2.6.4. The majority of commercial vehicles continue to be licensed in the South East 26
2.6.5. Road usage continues to rise as a result of a growing motor parc and cheaper fuel

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