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UK Private Motor Insurance 2006
Datamonitor, Feb 2007, Pages: 159
Despite continued competitive pressures, the UK private motor insurance market is currently transitioning out of a soft cycle phase. This report examines the markets performance in terms of GWP, profitability, and competitor performance. It also provides forecasts for GWP and underwriting result to 2011 making it essential for those with an interest in private motor insurance.
Scope of this title:
Extensive analysis of GWP, underwriting result and claims is provided for the private motor market Consumer data provides insight into private motor insurance purchasing habits and competitor data reveals key players performances and strategies Analysis of the major competitive issues, supported by interviews with senior industry executives and data from a range of secondary sources GWP and underwriting result forecasts to 2011, based on our in-house expertise and proprietary models
Highlights of this title:
The private motor underwriting result deteriorated in 2005, as the market returned an underwriting loss of £232 million. The private motor underwriting loss has been increasing since 2001 when it approached the break-even mark with a loss of only £86. The market has not made an underwriting profit since 1994. Younger people are more likely to have changed insurer at the time of the last renewal of their motor insurance. By contrast older customers are more loyal to their motor insurer. Among consumers aged 65 and over, 87 per cent stayed with the same insurer at their last renewal, compared to only 62 per cent of 18 to 24 year olds. Despite a lack of any large-scale M&A activity the market has grown more consolidated as the market leader, RBSI, and the rest of the top 10 increased market share in 2005. The growth in share of the market leader, RBSI, is the most striking as it has almost four times the share of the market leader in 1994, Royal & SunAlliance. .
Reasons to order your copy:
- Benchmark your performance against that of your competitors
- Understand consumer purchasing and decision making behavior so as to target your proposition in order to optimize retention and acquisition rates
- Develop your business strategy with confidence using our exclusive sector forecasts
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