Table of Contents
- Overview
- Table of Contents
- Table of figures
- Table of tables
- Market Context
- Introduction
- UK motorcycle insurance GWP grew slightly in 2006 but contracted in 2007
due to falling premium rates
- Slow growth in bike numbers and lower premium rates resulted in only a
slight increase in motorcycle GWP in 2006
- Competitive pressure on premium rates resulted in an estimated market
contraction of 1.0% in 2007
- Premium rates fell again in 2007, while vehicle numbers continued to
slowly increase
- Premium rates declined for motorcycle risks in both 2006 and 2007
- The motorcycle parc has continued to expand, bolstering the size of
the market
- The motorcycle parc has become older, though new registrations have
not fallen much since 2004
- Approximately the same number of new bikes were registered in 2006
as in 2005
- Almost half of all motorcycles on Britain' s roads were first
registered more than five years ago
- The motorcycle market remains bifurcated, with the largest and
smallest models the most popular
- The Suzuki GSXR 1000 became the most sought after motorcycle in 2007
- Green bikes may rise in popularity in the future
- Casualty and theft rates influence the claims bill for motorcycle
insurance
- Claims involving personal injury continued to drive claims inflation
due to high medical and legal costs
- Casualty rates are down, which should result in lower claims frequency
for insurers
- The pass rate for motorcycle tests have fallen slightly over the
last decade
- Theft rates also influence the motorcycle claims bill
- Competitive Dynamics
- Introduction
- Few of the top motorcycle insurers managed to increase market share in
2006
- Only two top 10 insurers, Equity Red Star and QBE, increased their
market share in 2006
- The majority of the top 10 motorcycle insurers lost premium income and
market share in 2006
- Some insurers began recording motorcycle premium income for the first
time in 2006
- Distribution is dominated by a few specialist brokers
- Specialist brokers Carole Nash, Bennetts and Devitt dominate the
distribution of motorcycle insurance
- Carole Nash, now part of Groupama, is the largest motorcycle
insurance broker in the UK
- Bennetts is the second largest broker in the UK distributing over
200,000 motorcycle policies a year
- Devitt, which is owned by RBSI, focuses on distributing insurance
through motorcycle dealers
- Motorcycle dealers and manufacturers have long been a key route to
market for motorcycle insurance
- Brokers advertising via the press dominated motorcycle insurance
advertising in 2006
- The amount spent on motorcycle advertisement increased in 2006 and
brokers dominated the top 10
- Press advertising in trade publications dominated the spend of the top
advertisers
- Future Decoded
- Introduction
- Motorcycle insurance GWP is forecast to increase in the near term before
contracting again
- A number of factors influence future GWP growth in the motorcycle
market
- Motorcycle GWP is expected to grow in most of the forecast period as
competitive pressure lessens
- APPENDIX
- Supplementary data
- Definitions
- Premium income measures
- Earned premiums
- Gross Premium
- Net Premium
- Written premiums
- Other definitions
- Channel
- Direct insurer/writer
- Brokers
- Bancassurers
- Brandassurers
- Platform
- 2005-06 definitions for line of business
- Motor
- Total private motor
- Private motor comprehensive
- Private motor non-comprehensive
- Motorcycle
- Pre-2005 definitions for lines of business
- Methodology
- Primary and secondary research
- Market size
- Changes in market size information
- Market size methodology
- Lloyd' s players and underwriting result figures
- Competitor data
- CIS
- GWP versus GEP reporting
- Home-Foreign, overseas and facultative reinsurance business
- Advertising statistics
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Tables
- Table 1: UK motorcycle insurance GWP, 2002-07e (£m)
- Table 2: Motorcycle parc in Great Britain by body type, 2002−06
(000s)
- Table 3: Motorcycles registered for the first time in Great Britain by
body type, 2002−06 (000s)
- Table 4: Motorcycle parc by age of first registration by body type,
2006 (000)
- Table 5: Motorcycle parc by engine size and body type, 2002-06 (000s)
- Table 6: Top 10 new motorcycle registrations by brand, year to date,
November 2007
- Table 7: Road traffic casualties in Great Britain, 1996-2006
- Table 8: Number of motorcycle tests and pass rate in Great Britain,
1997/98−2006/07
- Table 9: Theft of and from motor vehicles in the UK, 1996-2006/7
- Table 10: Top 10 motorcycle insurers by market share, 2002-06
- Table 11: UK motorcycle insurance competitors by premium income,
2002−06 (£000)
- Table 12: Policy numbers and market share of top three UK motorcycle
insurance brokers, 2007
- Table 13: Top 10 motorcycle insurance advertisers, 2005−06 (£)
- Table 14: Top 10 motorcycle insurance advertisers by media, 2006 (£)
- Table 15: Key variables affecting motorcycle insurance GWP, 2007e-12f
- Table 16: UK motorcycle insurance GWP forecast, 2002-12f (£m)
- Table 17: Licensed motorcycles in Great Britain by taxation class as a
proportion of total vehicle stock, 2002-06 (000s)
- Table 18: New motorcycle registrations in Great Britain by taxation
class, 2002-06 (000s)
- List of Figures
- Figure 1: Motorcycle GWP declined in 2007 after a slight increase in
2006
- Figure 2: Bike numbers are growing, but at a slower rate than in
previous years
- Figure 3: The number of new bike registrations have remained almost
flat since 2004
- Figure 4: Bikes over 500cc, touring and superbikes, have dominated the
market over the last five years
- Figure 5: Motorcycle casualties as a proportion of total road
casualties have fallen since 2003
- Figure 6: Motorcycle test pass rates have fallen between 1997 and
2006, but increased in the last year
- Figure 7: Theft of and from motor vehicles continued to decline in
2006/7
- Figure 8: The market leader, Equity Red Star, increased its market
share in 2006
- Figure 9: The RBSI broker Devitt spent the largest amount marketing
motorcycle insurance in 2006
- Figure 10: Advertising in the press was the favored medium for
motorcycle insurance providers in 2006
- Figure 11: UK motorcycle premium income is forecast to increase slowly
through most of the forecast period
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