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UK Private Motor Insurance 2011
Datamonitor, July 2011, Pages: 110
Introduction
This report is an in-depth analysis of the UK private motor insurance market in 2010, showing the current market size and estimates for growth. The report explores market issues including the impact of claims inflation and referral fees. Also included is an in-depth exploration of key competitor data for 2009/10 as well as analysis of the latest insurance product innovations.
Features and benefits
- Gain a broad and deep knowledge of the private motor insurance market and understanding of change drivers.
- Plan your future strategy using The forecast of the future growth of the creditor insurance market.
- Keep up to date with the latest legal and regulatory developments taking place in the market and how they will affect your company.
Highlights
There has been a steady increase in motor insurance premiums over the last five years. This is because companies are looking to stem the losses caused by claims inflation and increase the profitability of motor insurance products. It is expected that this trend will continue as firms try to balance their books.
The number of motor personal injury claims has been rising steadily, with an increase of over 13% in 2008–09 and 8% in 2009–10. This pattern is a direct consequence of wider consumer awareness that even small motor accident claims can be pursued, which has been prompted by advertising from solicitors and Claims Management Companies (CMCs).
A number of firms are beginning to use telematics to reduce the cost of high risk driver's premiums. Companies are targeting young drivers because of their higher prices, and it will allow penetration to be more long term. The sophistication of telematics devices and the pricing algorithms behind them vary between market players.
Your key questions answered
- What is the current size of the UK private motor insurance market and how will this change over the next five years?
- How are consumers reacting to increasing premiums, and how are companies dealing with these changes?
- What are the industry, companies and the government doing to combat growing levels of fraud?
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