Wednesday, 19 March 2014

Market Survey-Motor Insurance - UK - March 2014-Market Growth, Trends and Forecast

New Market Research Report Added in MarketResearchReports.Biz Reports Database:Motor Insurance - UK - March 2014

The potential of telematics-based motor insurance is not being realised. Younger motorists who could save the most by using the technology are the least interested, while the reverse is true of older drivers. Motorists’ low estimation of their own driving ability could be behind the problem, with 36% of policyholders believing that their driving is worse than average. If motorists are to habitually use telematics they need to be nudged into doing so, by being shown the benefits – making the ambiguous concept of ‘safe driving’ more tangible.

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Table of Content


Market definitions

Executive Summary

The market
Motor insurance GWP declined in 2013
Figure 1: Forecast of motor insurance GWP (personal lines), 2008-18
Market factors
Premiums decline due to increased competition as a result of the ban on referral fees
Net claims decrease in 2012
Bodily injury claims expected to increase in 2013, despite referral fee ban
The Competition Commission investigation is due by September 2014
‘My Licence’ initiative to reduce fraud and simplify the application process
Companies, brands and innovation
Direct Line Group remains the largest underwriter in the motor insurance market
Figure 2: Top five personal motor underwriters, by gross written premiums, 2012 (UK insurers only)
Post Office stands out from the crowd on trust
Figure 3: Attitudes towards and usage of brands in the motor insurance sector, November 2013
Advertising spend declines for second successive year in 2012/13
The consumer
Motor insurance ownership
Figure 4: Motor insurance ownership, December 2013
Online is the dominant channel in purchasing car insurance
Figure 5: Car insurance purchasing methods, December 2013
Renewal behaviour
Figure 6: Renewal behaviour, December 2013
Interest in add-ons
Figure 7: Interest in additional cover, December 2013
Driving behaviour
Figure 8: Factors that affect car insurance premiums, December 2013
Attitudes towards motor insurance
Figure 9: Attitudes towards car insurance, December 2013
What we think

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Issues and Insights

Motorists’ lack of confidence in their driving ability is holding back telematics
The facts
The implications
Confusing policy documents can damage brand reputation
The facts
The implications
Greater transparency can lead to a more trusted relationship between motorists and insurers
The facts
The implications
Smartphone and tablet channels can help to boost retention rates
The facts
The implications

Trend Application

Developing telematics
Tailored car insurance
Using smartphones and tablets to improve loyalty

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Market Drivers

Key points
Increased competition causes average premiums to decline
Figure 10: AA BIPI motor third party and comprehensive shoparound premium trends, January 2010-January 2014
Net claims continue to decrease improving profitability
Figure 11: NWP and net claims for UK personal motor insurance, 2002-12
The cost of bodily injury claims continues to rise despite safer roads and cars
Figure 12: Average UK motor claims payout, by type, 2008-12
Number of claims is expected to remain stable in 2013
Figure 13: Total number of private UK car insurance claims notified and claims frequency, 2003-13
Number of vehicles on the road remains level
Figure 14: UK car parc, 2003-12
Number of learner drivers remains low
Figure 15: Full GB driving licence holders, 1975/76-2012
The number of new car registrations is creeping upwards
Figure 16: UK new car registrations, 2002-13
The Competition Commission investigation is due by September 2014
The gender directive has not affected premiums as much as expected
‘My Licence’ initiative to reduce fraud and simplify the application process
The EU’s eCall initiative will start in October 2015
SWOT Analysis

Who’s Innovating?

Key points
MORE TH>N offers a discount of up to 20% for using telematics app
RAC uses telematics to diagnose vehicle faults
More technology to reduce the risk of accidents

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