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United Kingdom Motor Insurance Market 2019 - Direct Line & Admiral Lead the Competition - ResearchAndMarkets.com

April 11, 2019

DUBLIN--(BUSINESS WIRE)--Apr 11, 2019--The “UK Motor Insurance Market 2019: Market Trends Report” report has been added to ResearchAndMarkets.com’s offering.

In 2018, the motor insurance market generated premiums of just over 14 billion, a rise of around 4% over 2017. Between 2013 and 2015, GWP remained relatively flat, but it has grown since.

Between 2018 and 2023, motor insurance GWP will rise by 23% to finish at just over 17 billion. Growth will be steady, if unspectacular, over this period, averaging a little over 4% per year.

Key factors impacting the market today and in the future are:

  • Increasing consumer switching
  • Continued growth in sales via digital channels
  • Regulatory changes which will see reform to whiplash claims, which will help insurer margins
  • Insurers becoming more nimble and flexible
  • The pressure on insurers (and possibly regulatory reform) to end price walking
  • The growing use of InsurTech by insurers and a growing challenge to the major insurers from new InsurTech start-ups.
  • The continued growth in the number of cars on the road, the growing popularity of higher value marques and SUV-type cross-over vehicles.
  • The possible impact of Brexit on the ability of UK drivers to drive in Europe and risk that UK insurers will become subject to the New European Insurance Directive, which could widen the scope of vehicles that need insurance.

Key Topics Covered

1. Executive Summary

  • Motor insurance market worth over 14 billion in GWP
  • Three key routes to market
  • Almost 30 million cars to insure, with six-in-ten adults insured
  • Consumer and manufacturing trends change the insurance risks
  • Changing consumer behaviour impacts the market
  • Regulatory reforms: A curate’s egg?
  • Insurers embrace InsurTech to improve their operations
  • Premium rates come down but seem to be rising again
  • Brexit
  • Direct Line and Admiral lead the market

2. Introduction

  • Abbreviations

3. Market Structure

  • Direct route or via brokers
  • Over 600 insurers
  • Two channels to market

4. Market Developments and Drivers

  • Almost 29 million cars to insure
  • But the type of cars owned has changed
  • Car crime rises in 2018
  • Decline in road traffic accidents
  • Six-in-ten adults have motor insurance
  • Premium costs encourage fronting
  • Car owners are getting trigger happy
  • As the tendency to automatically renewal is declining
  • But that doesn’t mean everything in the garden is rosy
  • So, the FCA decides to act
  • InsurTech a growing feature of developments
  • Civil Liabilities Bill
  • Premiums
  • The Automated and Electric Vehicles Bill (AEVB)
  • Brexit and Europe

5. The Key Players

  • Direct Line and Admiral lead the market
  • Admiral Group
  • Allianz Insurance
  • Ageas
  • Axa Insurance UK
  • Aviva
  • BGL (Holdings) Ltd.
  • Co-op
  • Covea Insurance
  • Direct Line Group
  • esure Group
  • Hastings Group
  • Markerstudy Group
  • Lloyds Banking Group
  • Liverpool Victoria Friendly Society (LV=)
  • Saga
  • Sabre Insurance
  • RSA
  • Zurich

6. Market Size and Trends

  • Motor insurance market worth over 14 billion in GWP

7. The Future

  • GWP predicted to rise by 23%
  • But this implies very little real growth
  • Price pressure to continue

8. Associations

For more information about this report visit https://www.researchandmarkets.com/r/y5gjaq

View source version on businesswire.com:https://www.businesswire.com/news/home/20190411005357/en/

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Related Topics:Automotive Insurance

KEYWORD: UNITED KINGDOM EUROPE

INDUSTRY KEYWORD: AUTOMOTIVE AFTERMARKET PROFESSIONAL SERVICES INSURANCE

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 04/11/2019 06:49 AM/DISC: 04/11/2019 06:48 AM

http://www.businesswire.com/news/home/20190411005357/en