Abstract
Introduction
The report is an invaluable guide to the UK private motor insurance market,
providing insight into competitor strategies, profitability and performance as
well as overall market growth and trends. It examines trends in distribution,
such as the growing role of aggregators, identifies the key providers and
provides unique market share estimates.
Scope of this research
- Private motor insurance distribution trends analyzed by channel, platform
and provider.
- Analysis of the effects aggregators are having on the distribution and
underwriting of private motor insurance.
- Detailed market growth and profitability forecasts based on Datamonitor' s
in-house model and expertise.
Research and analysis highlights
Many insurers feel that aggregators have resulted in business generally being
written by those with the lowest rates. This has meant that insurers that have
raised rates have had to, at least temporarily; accept a loss of market share
for the affected risks, depressing premium income growth.
Of the top 10 groups, Lloyds Banking Group, through its underwriting vehicle
esure, achieved the largest growth in GWP in 2008. According to the HBOS 2008
annual report, this growth was supported by the additional spending on
marketing and new business acquisition activities.
Key reasons to purchase this research
- Understand what motivates consumers to buy motor insurance and which
consumers are most likely to switch provider at renewal.
- Benchmark your company against your competitors based on market share data
and profitability ratios.
- Develop your future business plans from an informed viewpoint with
Datamonitor' s market forecast.
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