CAR INSURANCE - IRELAND - MAY 2019

CAR INSURANCE - IRELAND - MAY 2019

May 2019 Mintel BankingN/A Price :
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This report analyses the private car insurance market in NI (Northern Ireland) and RoI (Republic of Ireland). This includes an analysis of the main drivers impacting upon the sector, together with an assessment of the size and direction of the market. In addition, drawing on extensive consumer research (Toluna, February 2019), this report analyses the level of ownership of car insurance among Irish consumers, the type of insurance owned, the main providers of insurance to Irish consumers, the channels used to purchase car insurance, renewal behaviour, and general attitudes towards car insurance and car insurers.

"Despite reductions in premiums, the cost of car insurance both for NI and RoI motorists remains high by historical standards. As a result, consumers have a heightened focus on doing whatever they can to get the cheapest possible premium. This may herald a period of more sensitive price-awareness among consumers."

Table of contents
OVERVIEW
What you need to know
Issues covered in this Report
Definitions
EXECUTIVE SUMMARY
The market
Figure 1: Gross written premiums, private motor insurance, IoI, RoI and NI, 2014-19
Forecast
Figure 2: Gross written premiums, private motor insurance index, NI and RoI, 2014-23
Market factors
Car insurance premiums in UK increasing but below recent highs
RoI insurance premiums down 6% in year ending March 2019
Majority of Irish consumers own their own cars – mostly second-hand
A quarter of consumers could easily handle higher car insurance premiums
Companies and brands
The consumer
Majority of motorists in Ireland have fully comprehensive car insurance
Figure 3: Types of car insurance owned, NI and RoI, February 2019
AXA the clear leader in NI with 20% market share
Figure 4: Providers that consumers currently have their car insurance with, NI, February 2019
Aviva and AXA joint leaders in RoI market
Figure 5: Providers that consumers currently have their car insurance with, RoI, February 2019
Most Irish consumers buying motor cover via online channels
Figure 6: Methods used to purchase current car insurance policy, NI and RoI, February 2019
Majority of Irish consumers shop around at car insurance renewal time
Figure 7: Car insurance renewal behaviour, NI and RoI, February 2019
Consumers keen to act to reduce premiums as far as possible
Figure 8: Attitudes towards car insurance, NI and RoI, February 2019
What it means
THE MARKET – WHAT YOU NEED TO KNOW
UK motor premiums on the up, but still below recent peak
Premiums in RoI down almost 6% in 12 months to end Q1 2019
Seven in 10 Irish consumers own their own cars – primarily second-hand
Around one in four consumers could absorb higher car insurance premiums
MARKET SIZE AND FORECAST
Value of motor insurance market in Ireland tops €2 billion in 2019
Figure 9: Gross written premiums, private motor insurance, IoI, RoI and NI, 2014-23
Pace of growth expected to moderate somewhat in coming years
Figure 10: Gross written premiums, private motor insurance index, NI and RoI, 2014-23
MARKET DRIVERS
UK (including NI) premiums edging upwards, but below mid-2017 highs
Figure 11: Car insurance premiums, comprehensive cover, average, UK (including NI), 2016-18
Car insurance in NI among most expensive in UK
Figure 12: Car insurance premiums, average, by region, UK (including NI), Q4 2018
Motorists aged 17-22 paying premiums of more than £1,300
Figure 13: Car insurance premiums, average, by age, UK (including NI), Q4 2018
RoI insurance premiums down 6% during 12 months ending Q1 2019
Figure 14: Private motor insurance premiums index, RoI, March 2009-March 2019
Car ownership at seven in 10 consumers across Ireland
Figure 15: Car ownership, NI and RoI, February 2019
Increase in number of consumers driving new cars
Figure 16: Details of car ownership, NI and RoI, February 2019
Quarter of consumers could comfortably cover higher premiums
Figure 17: Consumers’ assessment of own financial situation, NI and RoI, March 2019
COMPANIES AND BRANDS – WHAT YOU NEED TO KNOW
Telematics box policies beginning to become more widely available
Irish insurers may feel that high premiums justified
Brexit-risks affecting operators in UK and Ireland
Technology-focussed future for car insurance seems likely in Ireland
WHO’S INNOVATING?
By Miles raises funding to improve customer service
Electric Vehicle insurance policies becoming more relevant in UK and Ireland
New purpose-built insurance innovation centre to open in 2020
Valeo investing in Research and Development in Tuam
COMPANIES AND BRANDS
Abbey Insurance Brokers (NI Only)
Key facts
Product portfolio
Recent developments
Admiral
Key facts
Product portfolio
Recent developments
Allianz
Key facts
Product portfolio
Recent developments
Allied Irish Bank
Key facts
Product portfolio
Aviva
Key facts
Product portfolio
Recent developments
AXA
Key facts
Product portfolio
Recent developments
Bank of Ireland
Key facts
Product portfolio
Direct Line Group
Key facts
Product portfolio
Recent developments
FBD
Key facts
Product portfolio
Recent developments
Liberty Insurance
Key facts
Product portfolio
Recent developments
One Direct (Ireland) Ltd.
Key facts
Product portfolio
Ulster Bank
Key facts
Product portfolio
Zurich Insurance Group
Key facts
Product portfolio
Recent developments
123.ie (RSA Insurance)
Key facts
Product portfolio
Recent developments
THE CONSUMER – WHAT YOU NEED TO KNOW
Most Irish motorists hold fully comprehensive motor insurance
AXA leading NI car insurance market with 20% share, while RoI sees Aviva and AXA vie for control
More than half of all car insurance policies purchased online
Most consumers shop around for better deals at renewal point
Consumers willing to play part in bringing down cost of cover
TYPE OF CAR INSURANCE OWNED
Most Irish motorists have fully comprehensive car insurance
Figure 18: Types of car insurance owned, NI and RoI, February 2019
Ownership of fully comprehensive cover increases with age
Figure 19: Ownership of fully comprehensive car insurance, by gender and age, NI and RoI, January 2019
High earners more likely to have fully comprehensive cover
Figure 20: Ownership of fully comprehensive car insurance, by social class and gross annual household income, NI and RoI, February 2019
PREFERRED INSURANCE PROVIDERS
AXA the main provider in fragmented NI market
Figure 21: Providers that consumers currently have their car insurance with, NI, February 2019
AXA especially popular among C2DEFs and younger consumers in NI
Aviva and AXA share top spot in RoI car insurance market
Figure 22: Providers that consumers currently have their car insurance with, RoI, February 2019
Aviva and AXA strongest among C2DEFs, Allianz strongest among ABC1s in RoI
METHODS USED TO PURCHASE POLICY
Majority of consumers now purchasing motor insurance online
Figure 23: Methods used to purchase current car insurance policy, NI and RoI, February 2019
Continuing shift towards greater online use when arranging car insurance
Figure 24: Methods used to purchase current car insurance policy, NI, 2016 and 2019
Consumers aged 25-54 purchasing online, directly from insurer
Figure 25: Consumers who purchased current car insurance policy online – directly through the insurance provider, by age group, NI and RoI, February 2019
Women and consumers aged 45+ most likely to purchase by telephone
Figure 26: Consumers who purchased current car insurance policy over the phone, by gender and age, NI and RoI, February 2019
RENEWAL BEHAVIOUR
Around seven in 10 shopped around at time of last renewal
Figure 27: Car insurance renewal behaviour, NI and RoI, February 2019
C2DEFs and low-income households most likely to not shop around
Figure 28: Consumers who stayed with their current insurer without shopping around, by social class and gross annual household income, NI and RoI, February 2019
Tendency to shop around but remain increases with age
Figure 29: Consumers who stayed with their existing insurer but only after shopping around, by age, NI and RoI, February 2019
Higher-income consumers most likely to switch insurers
Figure 30: Consumers who switched to a different insurer, by gross annual household income, NI and RoI, February 2019
ATTITUDES TOWARDS CAR INSURANCE
Strong consumer focus on getting lowest-possible premiums
Figure 31: Attitudes towards car insurance, February 2019
Consumers open to using technology to reduce costs
Figure 32: Attitudes towards tech-related aspects of car insurance, February 2019
More than two thirds have confidence in claims process
Figure 33: Attitudes towards claims-related aspects of car insurance, February 2019
Practical measures taken to keep premiums as low as possible
Figure 34: Attitudes towards price/premiums-related aspects of car insurance, February 2019
Evidence of frustration over lack of transparency and control
Figure 35: Attitudes towards information/control-related aspects of car insurance, February 2019
APPENDIX – DATA SOURCES, ABBREVIATIONS AND SUPPORTING INFORMATION
Data sources
Abbreviations

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