Dublin, Jan. 03, 2025 (GLOBE NEWSWIRE) -- The "UK Private Motor Insurance: Market Dynamics and Opportunities 2024" report has been added to ResearchAndMarkets.com's offering.
Gross written premiums (GWP) in the UK private motor insurance market were forecast to grow by 9.6% in 2024, following an increase of 23.9% in 2023. As a result, the market was forecast to reach a value of GBP16.76 billion by the end of 2024.
Average premiums increased by 25.3% from 2022 to 2023, while the number of policies written fell by 1.5% during the same period. Claims inflation remains an issue for insurers, driven by supply chain issues, labor shortages, and macroeconomic conditions. Gross claims paid increased by 17.6% from 2022 to 2023, while the average claims cost rose by 7.3%. Although the total number of claims notified fell from 2022 to 2023, the claims frequency increased by 0.2 percentage points (pp) to 10.6%.
This report analyzes the UK private motor insurance market, looking at drivers of uptake. It explores the claims landscape in 2023, 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 are also examined, including inflation and emerging technologies such as autonomous vehicles. In addition, market forecasts are provided up to 2028.
Report Scope
- The UK private motor insurance market was forecast to grow by 9.6% in 2024, following a 23.9% increase in 2023.
- Average premiums increased by 25.3% from 2022 to 2023, while the number of policies written fell by 1.5%.
- Gross claims paid increased by 17.6% from 2022 to 2023.
- The average claims cost increased by 7.3% from 2022 to 2023.
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 on the private motor market.
- Anticipate new challenges and changes to the market going forward.
Key Topics Covered:
- Executive Summary
- Market Dynamics
- Competitor Dynamics
- The Market Going Forward
Company Coverage:
- Confused.com
- WTW
- Clyde&Co
- The Green Insurer
- Smart Money People
- Uber
- Bolt
- Zipcar
- Admiral
- Aviva
- Allianz
- Direct Line
- Advantage Insurance
- Ageas
- AXA
- Munich Re
- esure
- Skyfire
- RSA
- Darwin
- Clearspeed
- Flow
- Hastings Direct
- ARAG
- Qover
- NIO
- Fisker
- ZEEKR
- MoneySuperMarket
- Auto Trader
- Go.Compare
- Marshmallow
- Sky
- Kwik Fit
- BIBA
- Novo
- John Lewis
- Covea
- BYD
For more information about this report visit https://www.researchandmarkets.com/r/fdfm9i
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