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Viewing report
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UK Motorcycle Insurance
Datamonitor, Nov 2004, Pages: 47
Introduction
This report is a consolidated source of information about the UK motorcycle insurance market. It examines trends in market size and claims. The report also provides GEP and gross claims ratio data by competitor. Forecasts of motorcycle GWP up until 2008 are provided helping the reader to understand the size of the market going forward.
Scope
Analysis of market size and trends in new bike registrations
GEP and gross claims ratio by competitor
Unique forecasts of motorcycle insurance GWP up until 2008
Highlights
Scooters make up an increasing proportion of all bikes and have become increasingly attractive to thieves due to their fashionable status. As they cost less to replace than their larger counterparts, the average cost of a motorcycle claim fell in 2003 by 1.7 per cent.
Highways motorcycle GEP more than doubled in 2003, moving it into second place by market share. However, its claims ratio saw a particularly large increase, as it was unable to profitably control this growth. Its claims ratio grew significantly as claims costs growth outstripped GEP growth.
Interviews with industry executives indicated that premium rates are likely to remain flat in 2004 due to various pressures. Insurers are finding it difficult to raise their premium rates in the face of aggressive pricing from certain players in the market. Furthermore, the subsidized insurance offered by various manufacturers is also holding prices down.
Reasons to Purchase
Target your customers through a better understanding of trends in new bike sales
Benchmark yourself against your competitors using our GEP and gross claims ratio analysis
Plan your future growth strategy using our forecasts of motorcycle GWP
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