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UK Commercial Motor Insurance: Market Dynamics and Opportunities, Verdict

  • December 2014
  • 36 pages
  • GlobalData
Report ID: 3375791

Summary

Summary
The commercial motor insurance market has had to push against a "new normal" of lackluster growth, fighting conditions where rate increases beyond a "head above water" level remain difficult. At the same time, the market faces a number of issues including personal injury claims, hardened reinsurance rates, and the uncertainty of the impact of LASPO.


Synopsis
- Compare a whole market view, informed by a series of insurer interviews, against your own experience and expectations.
- Develop strategies to benefit from opportunities arising in the market and prepare for emerging challenges.

Reasons To Buy
- How is this space expected to perform in the next five years?
- What are other insurers in the market most concerned by, and are there consequences you haven't considered?

Key Highlights
The last 12-18 months have seen a flurry of government-initiated investigations and reviews of the general insurance market with the aim of improving market competitiveness and reducing provider costs - and hence premiums.

Along with the improved economic outlook, demand for services and transportation is increasing thanks to stronger business activity levels. This was reflected in a 7% increase in large goods vehicle operator licenses in 2013-14 to 26,224, compared to 24,498 in 2012-13 according to Department for Transport statistics.

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