PUBLISHER: GlobalData | PRODUCT CODE: 1224922
PUBLISHER: GlobalData | PRODUCT CODE: 1224922
United Kingdom (UK) Private Motor Insurance Market Size, Trends, Competitor Dynamics and Opportunities
Abstract
This report analyzes the UK private motor insurance market, looking at drivers of uptake. It explores the claims landscape in 2022, as well as the motor market and upcoming regulatory changes within the insurance industry. Incumbent competitors are analyzed and compared, along with newcomers and insurtechs operating in this space. Future impactors on the market - including inflation as well as emerging technologies such as artificial intelligence and autonomous vehicles - are also examined.
We expect gross written premiums (GWP) in the UK private motor insurance market to grow by 19.1% in 2023f, following an increase of 1.7% in 2022. As a result, the market will reach a value of GBP14.71 billion by the end of 2023e. Meanwhile, in 2022, the total number of claims notified and gross claims incurred increased by 17.1% and 13.3% respectively. Claims inflation remains an issue for insurers, attributed to factors such as supply chain issues, labor shortages, and macroeconomic conditions. Admiral remained the market leader in 2022, while the top five players increased their total market share to 55%.
Scope
- The UK private motor insurance market is expected to grow by 19.1% in 2023e, following a 1.7% increase in 2022.
- Average premiums remained unchanged from 2021 to 2022, standing at GBP434.
- Total policies written increased by 0.4% from 2021 to 2022.
- The total number of claims notified increased by 17.1% from 2021 to 2022, while gross claims paid increased by 13.3%.
Reasons to Buy
- Determine the underlying factors affecting the private motor insurance market.
- Understand the impact of new regulations on the industry.
- Observe the actions and reactions of incumbent market leaders and insurtech newcomers.
- Understand the effects of the cost-of-living crisis.
- Anticipate new challenges and changes to the market going forward.
Table of Contents
Table of Contents
1. Executive Summary
- 1.1 Market overview
- 1.2 Key findings
- 1.3 Critical success factors
2. Market Dynamics
- 2.1 The private motor insurance market grew in 2022 and 2023
- 2.2 Average premiums began to rise towards the end of 2022
- 2.3 The motor claims landscape in 2022
- 2.4 RTAs and their link to claims
3. Competitor Dynamics
- 3.1 Admiral remains the market leader
- 3.2 Analysis of the market leaders
- 3.3 Newcomers and insurtechs gain traction
4. The Market Going Forward
- 4.1 The UK private motor insurance market is expected to reach GBP15.01 billion by 2027
- 4.2 Future opportunities in the private motor insurance market
- 4.3 Connected cars, the Internet of Things, and smart motorways
- 4.4 The EV market is expected to keep growing
- 4.5 Fully autonomous vehicles will disrupt motor insurance
5. Appendix
- 5.1 Abbreviations, acronyms, and initialisms
- 5.2 Methodology
- 5.3 Secondary sources
- 5.4 Further reading
- About GlobalData
- Contact Us
List of Tables
List of Tables
- Table 1: Number of claims settled, average cost, and gross claims paid, by claim type, 2018-22
- Table 2: GWP and market share of the top 10 private motor insurers in the UK, 2020-22
List of Figures
List of Figures
- Figure 1: The private motor insurance industry increased by 1.7% in 2022
- Figure 2: The average private motor insurance premium remained at GBP434 in 2022
- Figure 3: Average premiums rose by 20.1% from Q2 2022 to Q2 2023
- Figure 4: Consumer p
