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UK Motor Insurance 2002
Datamonitor, March 2002
The motor insurance market has recently experiencedseveral major upheavals. Consolidation between some ofthe key players has caused the market to shrink, whilstnew entrants in 2001 pose a new threat. The motor marketremained unprofitable in 2000 as premiums hardened in abid to offset the rising claims inflation faced by insurers.What does the future hold for competitors old and new?What will be the strategy for survival? When will themarket attain underwriting profitability and for how long?How are customers changing the way they buy motorinsurance and what are their motivational criteria?This report will answer these questions, offering the latestdata analysis and insight to provide the reader with acomprehensive, timely understanding of the motorinsurance market whilst also setting out the path themarket will take in the future.Essential for allThis report has been written with motor insuranceunderwriters, intermediaries and strategy teams inmind. It contains information for both private andcommercial motor insurers and is also suitable for thosecatering for niche as well as standard markets.This report will also be useful for any firms wishing toenter this market, be they insurers, banks, retailers orintermediaries. The data and analysis provided will aidthese firms in terms of determining the level ofunderwriting profitability, the key issues to consider andthe future direction of the motor market, thus enabling thereader to understand the potential within this sector.What does the report include?o Market ContextThis chapter provides a comprehensive overview ofthe health and wealth of the market. Statistics andanalysis of the size of the total motor insurancemarket are given, broken down into private andcommercial motor lines, together with an extensiveassessment of claims costs and underwriting resultsbetween 1996 and 2000. Furthermore, it containsinsight into the drivers and trends of the market.o Customer FocusDatamonitor analyzes the marketing activities of majorinsurers and brokers and also takes an in-depth lookinto the latest private motor insurance purchase trendsfrom Mori polls.o Competitive DynamicsThis chapter features an extensive analysis of thecurrent competitive landscape. Both private andcommercial motor insurers are examined in terms ofmarket share and premium income, alongside anoverview of the role played by Lloyd's. This chapteralso provides detailed statistical data of the top 20motor insurers' performance ratios, focusing on loss,expense and combined ratios.o Future DecodedDatamonitor has calculated forecasts for underwritingresult and for premium growth across the five lines ofmotor insurance up to and including 2006.Introduction
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