Published on : Oct 17, 2018
Albany, New York, October 17, 2018: Market Research Hub (MRH) has added a new report titled “UK Private Motor Insurance: Market Dynamics & Opportunities 2018”, which discusses the overall private motor insurance sector across U.K. by focusing on the changing trends and influential factors. According to market statistics, gross written premiums (GWP) for the private motor insurance market in 2017 grew by 7.9% to acquire a market value of 13.1bn. Readers can learn about the growing opportunities and competitive landscape active in the U.K. private motor insurance market which is reshaping the sector quite prominently.
This rise in GWP is due to increasing premiums, which have touched a record high as a result of rising insurance premium tax (IPT), change of the Ogden discount rate (ranging between 2.5% to -0.75%) and increasing car repair costs. The research report starts with the executive summary followed by key findings and market dynamics. This section includes all the important drivers and restraints which have been analyzed by research experts. Later on, information linked to competitive dynamics is provided that talks about the major players operational in the U.K. private motor insurance market. Companies like Direct Line, Aviva, Ageas, etc., are studied based on their market presence and product deliveries. It should be noted that, Direct Line and Aviva are currently leading the private motor market in U.K; the market shares by Direct Line and Aviva were 12.3% and 10.0% respectively in 2017.
In U.K., the Civil Liability Bill aims to improvise personal injury motor claims; however, it has been postponed to April 2020, with Brexit as the primary reason. It means the market has slipped away from reforms which will reduce claims costs and permit insurers to deliver additional savings to customers. Also, this delay would not impact another review associated to the Ogden discount. This rate is expected to rise to a mark between 0% and 1% that should offer some amnesty to the insurance industry.
The report includes some interesting facts which are researched for enlightening the readers carefully about the U.K. private motor insurance market. From the popularity of telematics policies to driverless cars which are expected to become the mainstream option by 2045, this report offers a wide collection of facets which are beneficial for investors and new entrants who are wishing to build a strong establishment in the concerned market. Furthermore, insurers are launching usage-based, car sharing, as well as P2P policies which majorly aims to target the millennials.
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