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UK Commercial Motor Insurance: Market Dynamics & Opportunities for Business Expansion 2017

Market Research HUB

Market Research HUB

Market Research Hub (MRH) has recently broadcasted a new study to its broad research portfolio, which is titled as “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. 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.

Request For Free Sample Report: http://www.marketresearchhub.com/enquiry.php?type=S&repid=1319621

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.

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.

Browse Full Report with TOC: http://www.marketresearchhub.com/report/uk-commercial-motor-insurance-market-dynamics-and-opportunities-2017-report.html

Table of Content:
1. EXECUTIVE SUMMARY
1.1. Future growth continues to be linked to economic prosperity and the ability to respond to market dynamics
1.2. Key findings
1.3. Critical success factors
2. MARKET DYNAMICS
2.1. Introduction
2.2. Commercial motor GWP grew slightly in 2016
2.2.1. The total motor insurance market grew by 10.3% in 2016
2.2.2. The commercial motor insurance market grew to 4.17bn in 2016
2.2.3. Lloyds of London accounts for 7.7% of the commercial motor market
2.3. Excluding IPT, commercial motor insurance premiums remained flat over 2016
2.3.1. IPT has been increased to 12%
2.3.2. The IPT increase kept premiums in check in 2016
2.3.3. Premium rates will have to rise in addition to IPT if the market is to remain profitable
2.4. Claims costs are putting pressure on profitability
2.4.1. The discount rate was changed from 2.5% to -0.75%
2.4.2. Insurers profits have been hit by the rate change
2.4.3. The Ogden rate change cost has impacted profitability
2.4.4. The MoJ is consulting on how the Ogden discount rate should be set going forward
2.5. Claims frequency is down but severity is increasing
2.5.1. CMCs have consolidated following LASPO
2.5.2. The ABI reports that the number of commercial claims notified remained flat in 2016
2.5.3. Personal injury motor claims have risen for the past two years
2.5.4. Whiplash claims account for up to 80% of motor personal injury claims numbers
2.5.5. Fraud remains a significant issue
Continue…..

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About Market Research Hub

Market Research Hub (MRH) is a next-generation reseller of research reports and analysis. MRH’s expansive collection of insurance market research reports has been carefully curated to help key personnel and decision makers across industry verticals to clearly visualize their operating environment and take strategic steps.
MRH functions as an integrated platform for the following products and services: Objective and sound market forecasts, qualitative and quantitative analysis, incisive insight into defining industry trends, and market share estimates. Our reputation lies in delivering value and world-class capabilities to our clients.

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