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Understanding the UK Car Insurance System - Part 1: The Process
SBD, Dec 2010
The British insurance industry introduced a new risk classification system expanding the groups from 20 to 50. This first report in the series covering The Process is a no-jargon, step-by-step guide on what to expect from the new insurance group rating process*.
- The UK Car Insurance System - Summary of the three main types of insurance in the UK and the factors that calculate the cost of insurance
- The Group Rating Process - Explanation of the 50 group system and the main factors that influence the initial and final group ratings
- Transparency and beyond - Forecasting the effect of changes to the UK insurance system and introduction to Thatcham
The rulebook has changed...
The purpose of this report is to explain how the UK car insurance system works, identify the processes and stakeholders involved and the activities that are required for a new vehicle to get an accurate insurance rating.
It also explores what effects recent changes to the insurance rating system have had and introduces the main factors that a vehicle manufacturer can use to influence the final rating of a new model. The report finishes by analysing what changes the future could have in store for the UK insurance process and what effect these changes could have.
*Please note these reports do not contain the actual group rating formula. This can only be obtained through the ABI or Thatcham.
IMPORTANT CONFIDENTIALITY NOTICE: ** Due to the confidential nature of the report content, your request to purchase this security report will be vetted by the security team, prior to any sale agreement. **
Product samples
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Also available
Understanding the UK Car Insurance System Series
Understanding The UK Car Insurance System - Part 2: How To Gain Competitive UK Insurance Ratings
Understanding The UK Car Insurance System - Part 3: Thatcham And Their Expanding Global Influence
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