Financial Services & Insurance Research News

Private motor insurance market statistics in UK for 2017 published by leading research firm

Private motor insurance market statistics in UK for 2017 published by leading research firm

Private motor insurance market Statistics in UK 2017 report provides United Kingdom (UK) private motor insurance market investigation,Opportunities and Dynamics for 2017. Private Motor Insurance Companies mentioned in this report are Admiral, Aviva, Direct Line, LV, Allianz, Ageas. The private motor insurance market has grown, primarily due to rising premiums in 2016. Motor insurance premiums have reached an all-time high

- Agency -.

Private motor insurance market statistics in UK 2017 Opportunities and Dynamics 2017 provides Private motor insurance industry analysis, key players, size, and growth. Report provides that 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.

Get Sample Report at www.reportsnreports.com/contacts/r…aspx?name=1165602

Private motor insurance market grew significantly in gross written premiums (GWP) in 2016.

- Agency -.

This was due to increasing premiums, which reached a record high because of an insurance premium tax (IPT) 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.

Companies mentioned in this report:  Admiral, Aviva, Direct Line, LV, Allianz, Ageas.

The last decade has been challenging for the Private motor insurance market. Regulators and insurers have fought to reduce claims costs and pass on savings to customers, but with little luck as the market has adjusted to the post-LASPO era.

Premiums have been rising and have hit record highs due to rises in IPT and the change of the personal injury discount rate. The market is now seeing a wave of tighter legislation to reduce claims costs.

Reforms aim to disrupt the role claims management companies (CMCs) and solicitors play in encouraging claims and confront the UK’s whiplash epidemic. However, with current political and economic uncertainty the next few years will be a pivotal time.

Access report at www.reportsnreports.com/purchase.aspx?name=1165602.

In 2015, comprehensive policies accounted for 93.2% of the market, whereas non-comprehensive and motorcycle held 5.5% and 1.3% shares respectively as per our UK General Insurance Competitor Analytics. Providers have been exiting the non-comprehensive motor insurance market for some time.

Since the majority of claims costs associated with motor insurance come from third-party involvement in a claim, it is no longer viable for insurers to offer basic third-party cover as opposed to fully comprehensive cover. This has resulted in non-comprehensive policies losing market share in the private motor insurance space.

Critical success factors include –

-Utilize big data to help customers save on premiums - With premiums rising, insurers should look towards non-standard motor insurance policies such as telematics, car sharing, and usage-based policies to help customers reduce their premiums.

- Insurers must learn from LASPO - As claims costs begin to fall from the impact of new reforms, insurers must collectively ensure that market overcapacity does not lead premiums to fall unsustainably low and compromise market profitability in anticipation of savings.

- Prepare for driverless cars - Insurers must consider how insurance will change with driverless technology. Insurers must begin to design dual policies that cover both the driver and the vehicle being in control.

Collaboration with car manufacturers is also key if insurers are to remain competitive as driverless vehicles begin to enter the motor parc.

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 access:

- 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.

List of Tables:

Table 1: Quarterly change in market average and Shop around premiums, Q1 2012-Q2 2017

Table 2: Number of claims settled, average cost, and gross claims paid by claim type, 2013-16

Table 3: New tariff amounts for RTA soft tissue injury claims compared to 2015 average payment for PSLA, by injury duration

News From

ReportsnReports - Industry Trends & ForecastsReportsnReports
Category: Market Research Publishers and RetailersCompany profile: ReportsnReports.com provides market research reports to industries, individuals and organizations with an objective of helping them in their decision-making process. Our library of 400,000+ industry & country research reports covers 5000+ micro markets.