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Viewing report
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UK Motorcycle Insurance 2005
Datamonitor, Jan 2006, Pages: 51
The motorcycle market experienced tougher market conditions in 2004 and 2005, as increased competition put pressure on rates and led to a reduction in GWP. This report examines the reasons for this decline, as well many other issues at the forefront of motorcycle insurance in 2005.
Scope of this title:
- 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 2010
Highlights of this title:
The motorcycle insurance market was worth £144 million in 2004, a decrease of 5.9 per cent. This fall was caused by increased competitive pressure, due in part to a spill-over effect from the soft market conditions and reduced profitability of private motor, which led some underwriters to target more profitable niche markets such as motorcycle.
The weighted average claims costs of the main motorcycle insurers improved in 2004. This improvement was largely a result of companies scaling back their exposure to the motorcycle sector as a reaction to the tough market conditions. Norwich Union, Highway, CIS and Royal & SunAlliance all saw improved their profitability following such a strategy.
Industry executives expect to see slight rate improvements in 2006, and expect increases to be more substantial in 2007 and 2008. Consequently, GWP growth is expected to be low in 2006, but forecast to pick up in 2007.
Reasons to order your copy:
- Target your customers through a better understanding of trends in new bike sales
- Benchmark yourself against your competitors using GEP and gross claims ratio analysis
- Plan your future growth strategy with confidence using our forecasts of motorcycle GWP
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