Research and Markets: United Kingdom Motor Insurance (Consumer) Market Report 2014-2018
DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/zgffr4/motor_insurance) has announced the addition of the "Motor Insurance (Consumer) Market Report 2014" report to their offering.
This Market Report covers the UK market for motor insurance, focusing on the consumer market; motor insurance for commercial vehicles is discussed in a separate report examining the wider commercial insurance sector as a whole. This publication will analyse the size of the market in terms of net written premiums (divided into comprehensive, non-comprehensive and motorcycle insurance) for the 5-year period between 2009 and 2013, as well as discussing future projections of the market until 2018. This report will also examine net claims incurred.
The recent trends in the number of vehicles (cars and motorcycles) on British roads increased by 2.9% between 2009 and 2013, while the number of full driving licences in issue increased by 0.7% between 2012 and 2013. This means that, in 2013, over three-quarters of the population of Great Britain aged 17 and over are in possession of a driving licence.
With the number of cars and licences in issue increasing, and given that motor insurance is compulsory, it is clear to see why motor insurance forms the largest proportion of the UK's general insurance sector, as well as being its backbone. Consumer motor insurance consistently makes up the lion's share of net written premiums in the UK.
However, despite a rising number of cars and drivers, the past 12 months have seen a significant downward correction in the cost of premiums, particularly comprehensive premiums. This is on the back of the continuing rapid growth of price comparison websites (PCWs).
Between 2009 and 2013, net written premiums for consumer motor insurance in the UK increased by 1.2%. There were sharp increases in 2010 and 2011, with premiums reaching a 5-year high in the latter year, before significant downward correction in premiums in 2012 and 2013 on the back of changes to legislation and regulation, as well as the wider use of products such as telematics insurance. This report forecasts that net written premiums in this sector will fall to a 10-year low in 2014, as premiums continue their current downward trend. Thereafter, with underwriting profits being threatened,it is believed that the market will grow by 17.2% between 2014 and 2018.
Key Topics Covered:
- Executive Summary
- Market Definition
- Industry Background
- Competitor Analysis
- Strengths, Weaknesses, Opportunities and Threats
- Current Issues
- The Global Market
- Company Profiles
- Admiral Group Plc
- Ageas Insurance Ltd
- Allianz Insurance Plc
- Aviva Plc
- Axa Insurance Uk Plc
- Direct Line Insurance Group Plc
- Esure Group Plc
- Gocompare.Com Ltd
- Liverpool Victoria Insurance Company Ltd
- Moneysupermarket.Com Group Plc
- National Farmers Union Mutual Insurance Society Ltd (The)
- RSA Insurance Group Plc
For more information visit http://www.researchandmarkets.com/research/zgffr4/motor_insurance