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United Kingdom (UK) Commercial Motor Insurance - Market Dynamics and Opportunities 2021

United Kingdom (UK) Commercial Motor Insurance - Market Dynamics and Opportunities 2021

  • December 2021
  • 41 pages
  • ID: 6020477
  • Format: PDF
  • GlobalData


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United Kingdom (UK) Commercial Motor Insurance - Market Dynamics and Opportunities 2021

This report analyzes UK commercial motor insurance, looking at the market in terms of GWP, claims, road casualties, the motor parc, regulations, and opportunities.It discusses the impact of COVID-19 and further implications related to claims.

It also looks at the leading competitors and their product offerings, as well as providing future forecasts of market size up to 2025.

In 2020, 2.3% growth in gross written premiums (GWP) in the UK commercial motor insurance market was driven by an increase in the number of light goods vehicles (LGVs) on the road - an effect of increasing demand for home deliveries amid the COVID-19 pandemic. A large fall in road accidents for the year meant claims were also significantly down on 2019 levels. This came about as roads were utilized at below-average rates from March 2020 onwards, especially in periods of national lockdowns. Despite this fall in the number of claims, the average cost of claims continued to rise, reflecting the increasing complexity and evolving technology fitted into modern vehicles. As cutting-edge technology becomes more prevalent, these issues will subside as manufacturers, technicians, and insurers get to grips with the repair processes and costs in modern vehicles.

- GWP in the commercial motor insurance market grew by 2.3% to reach £5.0 billion in 2020.
- The total number of commercial vehicles on UK roads declined by 2.4% in 2020. However, the number of LGVs on roads grew by 97,000, driven by increased demand for home deliveries.
- Total claims notified fell 28.1% in 2020 due to COVID-19-induced lockdowns. But the average cost of claims continued to rise, increasing 3.3% to £3,319 in 2020.

Reasons to Buy
- Determine the underlying factors affecting the commercial motor insurance market.
- Understand the impact of new regulations in the industry.
- Observe the actions and reactions of incumbent market leaders and insurtech newcomers.
- Anticipate new challenges and changes to the market going forward.

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