UK Motor Insurance Market Worth over £14 billion
27 Mar 2019
UK Motor Insurance Premiums Rise by 4%
In 2018, IRN Research estimate the motor insurance market generated premiums of just over £14 billion, a rise of around 4% over 2017. Between 2013 and 2015, GWP remained relatively flat, but it has grown since.
Between 2018 and 2023, IRN Research predict that motor insurance GWP will rise by 23% to finish at just over £17 billion. Growth will be steady, if unspectacular, over this period, averaging a little over 4% per year.
UK Motor insurance being re-shaped by technology, consumer behaviour and regulatory reforms
Key factors impacting the market today and in the future are:
- Increasing consumer switching
- Continued growth in sales via digital channels
- Regulatory changes which will see reform to whiplash claims, which will help insurer margins
- Insurers becoming more nimble and flexible
- The pressure on insurers (and possibly regulatory reform) to end price walking
- The growing use of InsurTech by insurers and a growing challenge to the major insurers from new InsurTech start-ups.
- The continued growth in the number of cars on the road, the growing popularity of higher value marques and SUV-type cross-over vehicles.
- The possible impact of Brexit on the ability of UK drivers to drive in Europe and risk that UK insurers will become subject to the New European
- Insurance Directive, which could widen the scope of vehicles that need insurance.
UK Motor Insurance Report Coverage
This report looks at the motor insurance market, where motor insurance is defined as insurance which covers individuals against the cost of repairing or replacing a vehicle and costs that arise due to injuries caused to other people and damage to their vehicles. Depending on the policy purchased, insurance may also cover the contents included within the vehicle or replacing its contents.
The report (50pp, PDF), is available directly from IRN Research, priced at £250. UK sterling price is plus VAT so total price is £300.