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UK Private Motor Insurance 2011
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Zahlen und Fakten zur Studie: | 110 seiten | |||||||||
| Inhalt der Studie: |
Introduction
This report is an in-depth analysis of the UK private motor insurance market in 2010, showing the current market size and estimates for growth. The report explores market issues includin.....
Introduction This report is an in-depth analysis of the UK private motor insurance market in 2010, showing the current market size and estimates for growth. The report explores market issues including the impact of claims inflation and referral fees. Also included is an in-depth exploration of key competitor data for 2009/10 as well as analysis of the latest insurance product innovations. Features and benefits * Gain a broad and deep knowledge of the private motor insurance market and understanding of change drivers. * Plan your future strategy using Datamonitor’s forecast of the future growth of the creditor insurance market. * Keep up to date with the latest legal and regulatory developments taking place in the market and how they will affect your company. Highlights There has been a steady increase in motor insurance premiums over the last five years. This is because companies are looking to stem the losses caused by claims inflation and increase the profitability of motor insurance products. It is expected that this trend will continue as firms try to balance their books. The number of motor personal injury claims has been rising steadily, with an increase of over 13% in 2008–09 and 8% in 2009–10. This pattern is a direct consequence of wider consumer awareness that even small motor accident claims can be pursued, which has been prompted by advertising from solicitors and Claims Management Companies (CMCs). A number of firms are beginning to use telematics to reduce the cost of high risk driver's premiums. Companies are targeting young drivers because of their higher prices, and it will allow penetration to be more long term. The sophistication of telematics devices and the pricing algorithms behind them vary between market players. Your key questions answered * What is the current size of the UK private motor insurance market and how will this change over the next five years? * How are consumers reacting to increasing premiums, and how are companies dealing with these changes? * What are the industry, companies and the government doing to combat growing levels of fraud? [Studien Infos ausblenden] |
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Executive Summary GWP grew strongly during 2010 to £9.5bn Total market GWP grew by 2.8% Over the past decade the value of non-comprehensive policies has fallen Private motor insurance COR fell 0.8% to 121.4% in 2010 Claims costs and volumes continued to rise in 2010 Volumes of personal injury claims continue to rise Claims costs have doubled in recent years Policy prices are climbing as firms look to balance their books There has been a sharp rise in the penetration rate among those aged between 18 and 24 The majority of private motor insurance is sold online Referral fees will continue to be a source of income and costs for the industry Industry experts state that premium inflation is encouraging some consumers to use telematics The top 10 insurers still dominate the market and grew their combined market share by 5% RBS Insurance lost some of its GWP and market share in 2010 Aviva grew its market share in 2010 Consumers will look for more tailored and adaptable polices Personalization will allow providers to increase value and consumer loyalty Premium increases will plateau in 2013 and the market will reach £10.6bn in 2015 under a neutral scenario OVERVIEW Catalyst Summary MARKET CONTEXT Introduction GWP grew strongly during 2010 to £9.5bn Lloyd’s of London is estimated to hold £552m in GWP Over the past decade the value of non-comprehensive policies has fallen The proportion of new cars to total parc declining slightly The combined operating ratio improved slightly in 2010 Private motor insurance COR fell 0.8% to 121.4% in 2010 The COR for private motor fell by 0.8% in 2010 The market saw a £1.7bn increase in reserve developments during 2010 The 2010 accident year witnessed a fall in both loss and expense ratios Claims costs are high and will continue to grow Claims costs have doubled in recent years Motor bodily injury claims are the most expensive to settle Volumes of personal injury claims continue to rise Legal fees continue to be a leading cause of costs In some cases legal costs exceed the amount of compensation paid Referral fees will continue to be a source of income and costs for the industry The RTA PI scheme has eased some of the problems associated with costs and time RTA PI portal provides a fixed-fee claims process The Legal Services Act should reduce legal costs Motor claims continue to have the highest success rate among all types of personal injury claims The personal injury market continues to attract new entrants There are now 2,500 businesses in the personal injury claims management sector Road casualties data The number of traffic accidents continues to decline Casualties have fallen consistently over the last five years Premium rates hardened throughout the second half of 2010 Policy prices are climbing as firms look to balance their books Age remains a key factor in the cost of premiums European equalities rulings continue to impose costs Age and geography affect rate increases Premium rate increases vary by age Regional variation is a significant marker of premium prices Fraud costs the industry £1.9bn a year Combating fraud is seen as an important way to reduce costs The industry is cooperating to tackle fraud Continuous enforcement will mean less uninsured drivers DISTRIBUTION Introduction The most popular sales method is the direct channel Half of the private motor policies sold in 2010 were distributed through direct insurers Brokers distributed approximately 30% of motor insurance GWP in 2010 The share held by corporate partnerships contracted further still in 2010 Bank and building society motor insurance GWP sales rose to 7% in 2010 A handful of leading insurance brands distributed the majority of insurance policies 12 major groups hold the majority of the UK motor insurance market Nearly a third of motor insurance policies were sold by the top five direct insurance providers The main focus of aggregators is on increasing their share of the motor insurance market Aggregators target their advertising toward the commoditized car insurance sector Three of the major aggregators were among the top 10 insurance advertisers in 2010 The top 10 insurance advertisers have increased their expenditure Gocompare.com and Comparethemarket.com dramatically increased their advertising expenditure in 2010 RBS brands Direct Line and Churchill continued to spend heavily on advertising in 2010 Acromas increased its marketing budget by 10% Motor insurance continues to be a main focus of brokers' advertising spend Insurers are shifting focus to aggregators and are lowering direct advertising Half of the top 10 insurance advertisers' budget was spent on television campaigns Television advertising remains the most popular marketing medium Direct mail has increased in prominence as a secondary advertising medium The radio, cinema, and outdoor marketing platforms were used to a greater extent in 2010 The press and Internet were less popular with insurance advertisers than in 2009 CUSTOMER FOCUS Introduction Private motor insurance penetration rates have increased to 83.1% There has been a sharp rise in the penetration rate among those aged between 18 and 24 Motor insurance penetration rises with income level Social grade and income affect penetration in similar ways Internet sales account for the majority of transactions Private motor insurance is mostly sold over the Internet Older consumers prefer buying over the phone Online purchasing is the most popular method across all income groups Aggregators are popular across all social groups Aggregators are used principally for quotes Consumers in the 18–24 age bracket are product aware, but look for better advice on other sites Older customers are far more likely to stay with their providers Age has a strong correlation with loyalty Retention rates are highest among the lowest and highest earners Price has to be the primary focus in marketing campaigns Price was the most commonly cited reason for selecting a motor insurance provider Other than price, reputation and convenience are key drivers of choice Highest and lowest income households are least likely to use aggregators at renewal The highest proportion of consumers research and buy insurance policies from Comparethemarket.com Consumers aged 18–24 are the most likely to buy an insurance product from a top 10 brand Tendency to claim on bodily injury motor insurance varies by age and income 6.2% of 25–34 year-olds made a motor bodily injury claim, the highest proportion of all respondents Respondents with a household income of £75,000–99,999 reported the highest proportion of motor bodily injury claims COMPETITIVE DYNAMICS Introduction The top 10 insurers still dominate the market and grew their combined market share by 5% RBS Insurance lost some of its GWP and market share in 2010 Aviva grew its market share in 2010 Liverpool Victoria had a strong year and is expanding AXA has announced that it will no longer accept payments for referral fees RSA continues to increase premium rates esure.com was bought in 2011 and is looking to expand Ageas has strengthened its personal insurance presence via a number of notable partnerships Kwik-Fit has sold off its insurance wing to Ageas Zurich is looking to re-enter the UK private motor market directly The majority of the top 10 insurers' GWP come from comprehensive policies Comprehensive business accounts for the majority of the top insurers’ books RBS has the most policies in force LV= had the lowest COR but all of the top 10 made underwriting losses The CORs of the top players show the struggle for profitability in the market The top 10 made a combined underwriting loss of £1.4bn The AA continues be the largest private motor broker The AA still dominates broker-distributed private motor insurance, with Swinton in second place Lloyds Banking Group has exited the private motor insurance market with the sale of esure Lloyds Banking Group is no longer in the market RBSI will provide motor insurance for Sainsbury's Bank Banks have a small presence in the motor insurance market, with the exception of Tesco Bank Lloyds has lost its position as the largest provider of motor insurance among bancassurers The top affinity and retailer insurance providers saw their market shares decrease RAC and Kwik-Fit retained their market shares in the motor insurance sector Allianz has won a deal to provide general insurance to BMW customers Telematics are entering the market for higher risk drivers Industry experts state that premium inflation is encouraging some consumers to use telematics Young Marmalade is using telematics to target young and learner drivers Co-operative Insurance has launched a pay-as-you-drive product for young drivers Insurers are using mobile apps to advertise and engage with consumers Admiral has selected FICO analytics to avoid motor insurance fraud FUTURE DECODED Introduction The market will continue to grow until 2015 due to premium increases Rate increases will drive market growth Fraud will become more complex but the industry will fight back Consumers will look for more tailored and adaptable polices Personalization will allow providers to increase value and consumer loyalty New entrants may change market dynamics Optimistic scenario If premium increases are sustained the market will reach £10.8bn in 2015 Neutral scenario Premium increases will plateau in 2013 and the market will reach £10.6bn in 2015 Pessimistic scenario GWP will only reach £9.7bn by 2015 in the face of heavy claims inflation APPENDIX Definitions Association of British Insurers (ABI) members Bancassurers Brokers Brandassurers Combined operating ratio (COR) Commission expenses Comprehensive motor insurance Channel Direct channel Earned premiums Gross premium Net premium Non-comprehensive motor insurance Platform Reserve development Written premiums Methodology Datamonitor’s General Insurance Consumer Survey Primary and secondary research Lloyd's of London and ABI data Advertising and marketing spend data Further reading Ask the analyst Datamonitor consulting Disclaimer [Inhaltsverzeichnis ausblenden] |
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| Hinweis: | * Der Rechnungsbetrag für diese Studie wird in $ (Dollar) ausgewiesen. Kunden aus dem Inland bekommen von uns eine Rechnung in Euro, umgerechnet zum letztwöchigen Schlusskurs | |||||||||||
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