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UK Motor Insurance 2004/5
Datamonitor, Jan 2005, Pages: 283
Introduction
This report examines the dynamics of both the private and commercial sectors, identifying the major players and their market shares. It presents a comprehensive guide to the state of the market, analyzing its fundamentals and discussing the key issues facing the market both currently and in the future.
Scope
Extensive coverage of claims, underwriting and competitor data across comprehensive, non-comprehensive, motorcycle, commercial vehicle and fleet lines
Incorporates primary interviews with senior product managers and underwriting directors within the industry
Utilizes our in-house model to forecast future GWP growth across five sectors, with total underwriting results up to 2009
Distribution and consumer data provides insight into the purchasing habits of motor insurance consumers
Highlights
While rates will undoubtedly stay soft in the coming year, it is highly unlikely that the motor market will see a return to the bad old days of plummeting rates and a sustained period of undercutting resulting in a genuine price war.
The dwindling market share of those outside the top twenty, which now account for under a fifth of the UK motor market for the first time, is indicative of the growing market consolidation. This is primarily symptomatic of a string of mergers and acquisitions, but also of the increasingly restrictive nature of regulatory and capital requirements.
Despite fears concerning an increasingly litigious society and a so-called compensation culture, motorists are exercising greater caution when evaluating whether or not to claim following minor accidents.
Reasons to Purchase
Understand consumer behavior and tailor your motor offering accordingly, thus improving retention rates and attracting new customers
Benchmark your performance and profitability against that of your competitors
Develop your future strategy confidently and focus your product range effectively using our market size and profitability forecasts to 2009
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