UK Motor Insurance Market Report 2020 - UK Market is Forecast to Grow at a CAGR of 4% Between 2020 and 2025
DUBLIN, Dec. 21, 2020 /PRNewswire/ -- The "United Kingdom Motor Insurance Market - Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The United Kingdom Motor Insurance Market is estimated to grow at a CAGR of approximately 4% during the forecast period.
The GBP 515 million underwriting profit of motor insurance in 2018 was a significant increase from the GBP 258 million underwriting profit in 2017. Motor insurance net written premium was 10,097 GBP million and net claims of motor insurance were 7,011 GBP million in 2018. In 2018, insurance penetration (gross written premiums as a percentage of GDP) increased by 0.21 of percentage points to 7.46% and ranged from 0.5% in Liechtenstein to 14.3% in the United Kingdom. Motor premiums fell GBP 24 through the first three quarters of 2018. Brexit has affected non-life insurers. Despite existing regulatory challenges and geopolitical uncertainty, an uptick in interest rates and historically low unemployment are likely to support steady market demand.
Key Market Trends
Recover in Underwriting of Motor Insurance:
This data reveals the United Kingdom's (UK) motor insurance market's annual underwriting profit or loss from 2008 through 2018. 2017 and 2018 are the only years that have made a profit in the years listed, other than 2015. The 2018 underwriting profits stood at 515 million pounds in the UK. During this time period, the highest underwriting loss was seen in 2010 when motor insurance firms announced an annual underwriting loss of almost 1.8 billion GBP. Motorists are legally obliged to hold a valid insurance policy to cover third party risks. In 2018, over 27 million UK motor insurance policies were written for premiums of just over Euro 13bn.
Growing Fintech:
In the United Kingdom (UK) between 2015 and 2019, consumer adoption of fintech companies and products grew rapidly. The UK has a higher adoption rate as of 2019 relative to the 64% global average. One reason for the outstanding adoption of fintech products, particularly between 2017 and 2019, is that more incumbent banks and financial services companies have started offering fintech products globally.
Competitive Landscape
The report covers the major players operating in the UK Motor Insurance Market. The market is Fragmented, the market is expected to grow during the forecast period due to the adoption of insurtech in the industry and slightly recover in the underwriting of motor insurance and other few factors.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.1 By Product type
5.1.1 Third-Party
5.1.2 Third-Party fire and theft
5.1.3 Comprehensive
5.2 By Distribution channel
5.2.1 Direct
5.2.2 Agency
5.2.3 Banks
5.2.4 Others
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Mergers & Acquisitions
6.3 Company Profiles
6.3.1 AVIVA
6.3.2 THE PRUDENTIAL ASSURANCE COMPANY LIMITED
6.3.3 ZURICH ASSURANCE LTD
6.3.4 DL INSURANCE SERVICES LIMITED
6.3.5 AXA INSURANCE UK PLC
6.3.6 GENERAL REINSURANCE AG
6.3.7 ALLIANZ INSURANCE PLC
6.3.8 ROYAL & SUN ALLIANCE INSURANCE PLC
6.3.9 AGEAS INSURANCE LIMITED
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/am6353
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article