United Kingdom Motor Insurance Market 2019 – Direct Line & Admiral Lead the Competition – ResearchAndMarkets.com

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DUBLIN--(BUSINESS WIRE)-- The "UK Motor Insurance Market 2019: Market Trends Report" report has been added to ResearchAndMarkets.com's offering.

In 2018, the motor insurance market generated premiums of just over 14 billion, a rise of around 4% over 2017. Between 2013 and 2015, GWP remained relatively flat, but it has grown since.

Between 2018 and 2023, motor insurance GWP will rise by 23% to finish at just over 17 billion. Growth will be steady, if unspectacular, over this period, averaging a little over 4% per year.

Key factors impacting the market today and in the future are:

Increasing consumer switching
Continued growth in sales via digital channels
Regulatory changes which will see reform to whiplash claims, which will help insurer margins
Insurers becoming more nimble and flexible
The pressure on insurers (and possibly regulatory reform) to end price walking
The growing use of InsurTech by insurers and a growing challenge to the major insurers from new InsurTech start-ups.
The continued growth in the number of cars on the road, the growing popularity of higher value marques and SUV-type cross-over vehicles.
The possible impact of Brexit on the ability of UK drivers to drive in Europe and risk that UK insurers will become subject to the New European Insurance Directive, which could widen the scope of vehicles that need insurance.

Key Topics Covered

1. Executive Summary

Motor insurance market worth over 14 billion in GWP
Three key routes to market
Almost 30 million cars to insure, with six-in-ten adults insured
Consumer and manufacturing trends change the insurance risks
Changing consumer behaviour impacts the market
Regulatory reforms: A curate's egg?
Insurers embrace InsurTech to improve their operations
Premium rates come down but seem to be rising again
Brexit
Direct Line and Admiral lead the market

2. Introduction

Abbreviations

3. Market Structure

Direct route or via brokers
Over 600 insurers
Two channels to market

4. Market Developments and Drivers

Almost 29 million cars to insure
But the type of cars owned has changed
Car crime rises in 2018
Decline in road traffic accidents
Six-in-ten adults have motor insurance
Premium costs encourage fronting
Car owners are getting trigger happy
As the tendency to automatically renewal is declining
But that doesn't mean everything in the garden is rosy
So, the FCA decides to act
InsurTech a growing feature of developments
Civil Liabilities Bill
Premiums
The Automated and Electric Vehicles Bill (AEVB)
Brexit and Europe

5. The Key Players

Direct Line and Admiral lead the market
Admiral Group
Allianz Insurance
Ageas
Axa Insurance UK
Aviva
BGL (Holdings) Ltd.
Co-op
Covea Insurance
Direct Line Group
esure Group
Hastings Group
Markerstudy Group
Lloyds Banking Group
Liverpool Victoria Friendly Society (LV=)
Saga
Sabre Insurance
RSA
Zurich

6. Market Size and Trends

Motor insurance market worth over 14 billion in GWP

7. The Future

GWP predicted to rise by 23%
But this implies very little real growth
Price pressure to continue

8. Associations

For more information about this report visit https://www.researchandmarkets.com/r/y5gjaq

View source version on businesswire.com: https://www.businesswire.com/news/home/20190411005357/en/

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Related Topics: Automotive Insurance

Source: Research and Markets