In 2019, IRN Research estimate the motor insurance market generated gross written premiums (GWP) of just over £14.2 billion, a rise of around 2% over 2018. Given the impact of COVID-19 on the market, IRN expect GWP to decline by 8% in 2020. Key factors behind this decline were premium rebates given to customers by some leading insurers; premium rate reductions reflecting reduced claims frequency; reduced demand for car insurance in the lockdowns.
The briefing (54pp, PDF), is available directly from IRN Research, priced at £200.
