UK Private Motor Insurance Market – coming off a booming decade!
The private motor insurance market has grown in GWP following three years of successive decline. This change is primarily a result of premiums rising rapidly over 2015 in addition to a growing motor parc. Insurers raised their premiums in response to the impact falling rates in anticipation of LASPO had on market profitability. Insurers have also had to pass on a 3.5 percentage point IPT rise to 9.5% to customers. COR remained steady at just above 100% in 2015, but continues to be strengthened by large reserve releases. However, with reserves developed over the profitable period of 2011 to 2013 running out it is forecast that COR will rise in 2016. While claims fell significantly in 2013 and 2014 due to the implementation of LASPO, claims have since stabilized as the market has adapted to legislative changes. Despite the significant decline in road traffic accidents, whiplash claims remain incredibly high and fraud is still a significant issue. The government and regulatory bodies are introducing new reforms in order to reduce claims costs so insurers can pass on the savings to customers. The industry seeks to impose tougher regulation on the role claims management companies and solicitors play in encouraging claims and also confront the UKs whiplash epidemic. Proposed government reforms include an increase of the small claims track limit and the removal of general damages for minor soft-tissue injuries; however, it is uncertain when legislation will be introduced. While reforms have the potential to create an immediate effect, telematics and driverless cars will cause claims to fall in the longer term.
- GWP for the private motor insurance market grew by 4.2% to £10.8bn in 2015.
- COR fell slightly by 0.2 percentage points to 101.3% in 2015.
- Motor insurance premiums have risen above pre-LASPO levels.
- Gross claims incurred have stabilized, only falling by 1.9% in 2015.
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- MarketIntelReports “UK Private Motor Insurance: Market Dynamics and Opportunities” report provides an in-depth analysis of the UK private motor insurance market. It looks at market size and performance ratios as well as changes in premiums, claims, road casualties, regulations, and opportunities. It provides a thorough overview of the market along with future forecasts.
Reasons to Buy
- Benchmark yourself against the rest of the market. Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Be prepared for how regulation will impact the private motor insurance market over the next few years.
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