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  5. > UK Private Motor Insurance: Market Dynamics and Opportunities, Verdict

UK Private Motor Insurance: Market Dynamics and Opportunities, Verdict

  • July 2014
  • -
  • GlobalData
  • -
  • 43 pages

Summary

Table of Contents

Summary
Private motor insurance GWP continued to decline in 2013. Insurance premiums also continued to fall, due to overcapacity and the resulting high competition in the market. There have been reports of players reducing their books to limit exposure but this seems to have been met with increased appetite from others, and there is no indication of a decrease in market capacity in the near future.


Synopsis
- Get an overview of the private motor insurance market, with an in-depth analysis of market size, claims, and profitability.
- Develop strategies to approach opportunities arising in the market, and prepare for emerging challenges.

Reasons To Buy
- How did the market perform in 2013, and how is it expected to perform in the coming years?
- What are the main issues facing insurers in this market?

Key Highlights
Private motor insurance GWP continued to decline in 2013, shrinking by 4.8% to £10.8bn. Insurance premiums also continued to fall in Q1 2014, due to overcapacity and the resulting high level of competition in the market.

However, interviews with industry experts suggest that rates may be starting to harden in Q2 2014 in response to claims inflation, which is likely to drive a return to gradual growth in the market over the next few years.

In 2013 the private motor insurance market combined operating ratio (COR) saw its lowest level in years, falling from 108.2% in 2012 to 100.5%.

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