Abstract
Overview
Introduction
The report analyzes the UK private motor insurance market' s performance in
2006 and 2007, providing insight into competitor strategies, GWP, market share
and profitability. The report also provides forecasts for the size and
profitability of the private and total motor markets up to 2012.
Scope
- Motor insurance distribution trends analyzed by channel and platform
- Analysis of the major competitive issues shaping the market, supported by
interviews with senior industry executives and data from secondary sources
- Detailed market forecasts based on Datamonitor' s in-house model and
expertise
Highlights
Premium income from private non-comprehensive policies decreased due to
consumers shifting away from this type of cover, as non-comprehensive premium
rates rose on average over the year. Consumers have found it much easier in
recent years to obtain comprehensive coverage and so have naturally opted for
the better cover.
Around two-thirds of consumers arranged their motor insurance over the
telephone in 2007, making it the largest distribution platform. However, use
of the telephone as a means to arrange a policy has been declining steadily
year-on-year since 2003.
The market dominance of the largest players is expected to confer a greater
control over the setting of premium rates and a greater ability to steer the
market. This has been evident in the fact that the current underwriting cycle
has turned before the market reached the level of losses seen in previous
cycles.
Reasons to Purchase
- 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 current and past
performance in the market
- Develop your future business plans from an informed viewpoint with
Datamonitor' s market forecasts under three different scenarios
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