UK Private Motor Insurance : Market Key Trends, Challenges and Standardization 2017

Albany, NY, 9th October : Recent research and the current scenario as well as future market potential of "UK Private Motor Insurance: Market Dynamics & Opportunities 2017" globally.

"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.

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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Table of Contents

1. EXECUTIVE SUMMARY 3
1.1. The success of the Civil Liability Bill and a review of the discount rate are crucial to reduce premiums 3
1.2. Key findings 3
1.3. Critical success factors 3

2. MARKET DYNAMICS 10
2.1. Introduction 10
2.2. The private motor insurance market continued to grow in 2016 10
2.2.1. The private motor market grew by 12.4% to reach 12.2bn in GWP in 2016 10
2.2.2. Comprehensive policies make up the majority of the private motor market 11
2.2.3. The Lloyds of London market accounts for 1.4% of private motor insurance GWP 12
2.3. Motor insurance premiums have reached an all-time high 12
2.3.1. Comprehensive and non-comprehensive premiums are both following an upwards trend 13
2.3.2. IPT has risen to 12% 16
2.3.3. The requirement to notify customers of last years premium will encourage shopping around 17
2.4. The discount rate has increased the cost of claims 18
2.4.1. The discount rate was changed from 2.5% to -0.75% 18
2.4.2. Insurers profits have been hit by the rate change 18
2.4.3. The Ogden rate change has impacted profitability 19

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2.4.4. Insurers results highlight the impact of the discount rate change on profits 19
2.4.5. The MoJ is consulting on how the discount rate should be set going forward 20
2.5. Gross claims paid continued to increase in 2016 20
2.5.1. Claims notified remained steady in 2016 20

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