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UK Private Motor Insurance 2007
Datamonitor, Feb 2008, Pages: 138
The report analyzes the UK private motor insurance markets performance in 2006 and 2007, providing insight into competitor strategies, GWP, market share and profitability. The report also provides forecasts for the size and profitability of the private and total motor markets up to 2012.
Scope
- Motor insurance distribution trends analyzed by channel and platform
- Analysis of the major competitive issues shaping the market, supported by interviews with senior industry executives and data from secondary sources
- Detailed market forecasts based on The in-house model and expertise
Highlights of this title
Premium income from private non-comprehensive policies decreased due to consumers shifting away from this type of cover, as non-comprehensive premium rates rose on average over the year. Consumers have found it much easier in recent years to obtain comprehensive coverage and so have naturally opted for the better cover.
Around two-thirds of consumers arranged their motor insurance over the telephone in 2007, making it the largest distribution platform. However, use of the telephone as a means to arrange a policy has been declining steadily year-on-year since 2003.
The market dominance of the largest players is expected to confer a greater control over the setting of premium rates and a greater ability to steer the market. This has been evident in the fact that the current underwriting cycle has turned before the market reached the level of losses seen in previous cycles.
Key reasons to purchase this title
- Understand what motivates consumers to buy motor insurance and which consumers are most likely to switch provider at renewal
- Benchmark your company against your competitors based on current and past performance in the market
- Develop your future business plans from an informed viewpoint with The market forecasts under three different scenarios
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