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UK Motor Insurance 2004
Datamonitor, April 2004, Pages: 285
Introduction
This report examines the dynamics of both the private and commercial sectors, identifying the major players and their market shares. How the competitive landscape has changed over the last number of years is considered and the likely effects of the merger of Churchill and Direct Line is explored.
Scope
Extensive coverage of claims, underwriting and competitor data across comprehensive, non-comprehensive, motorcycle, commercial vehicle and fleet lines
Incorporates primary interviews with senior motor directors and underwriting professionals within the industry
Utilizes Datamonitor’s in-house forecasting techniques to predict future GWP growth across sectors, with total underwriting result up to 2008
Consumer data from MORI, split by age and income, gives insurers a valuable insight into their customers
Report Highlights
Although some areas of the market have seen rate reductions in early 2004, most major motor insurers will maintain pricing discipline, steering the market clear of a damaging price war and ensuring a 'soft landing' into the next cycle.
Customers are becoming increasingly loyal to their motor insurers as the market starts to soften. MORI data shows that in 1999, 27.8 per cent of customers changed their motor insurance provider at the last renewal stage, compared to just 20.6 per cent in 2003. Loyalty and retention rates also improve with the age of the customer.
The top ten players controlled 63.8 per cent of the market in 2002, an increase of 1.5 per cent on 2001. This growth has come at the expense of the market share of the smaller players within the market. These smaller insurers saw their combined market share fall by almost 5 per cent between 2001 and 2002.
Reasons to Purchase
Understand consumer behaviour and tailor your motor offering accordingly, improving retention rates and attracting new customers
Benchmark your performance against your competitors
Develop your future strategy confidently and focus your product range effectively using Datamonitor’s forecasts of premiums and profitability to 2008
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