Follow on Google News News By Tag Industry News News By Place Country(s) Industry News
Follow on Google News | New market study, "UK Private Motor Insurance 2010", has been publishedRecently published research from Datamonitor, "UK Private Motor Insurance 2010", is now available at Fast Market Research
Scope * Detailed information and data about the current state of the market and how insurers are responding to poor profitability. * The findings of Datamonitor's 2010 consumer survey which assessed the opinions and purchasing trends of over 3,000 individuals. * An update of the latest developments in the aggregator space. * Financial results of the top UK, Lloyds of London and non-UK domiciled insurers in the market. Highlights In 2009, the non-comprehensive motor sector experienced a further decline and it now accounts for only 8.2% of all private motor policies in force. This share has fallen from 16.3% (2.9 million) in 1999 as private motor insurers have moved away from this sector of the market. The market made little reserve releases, indicating that the pool of reserveswhich is often used to protect an insurer against prior years' claimshas all but dried up. In fact a few insurers, such as RBS, made a reserve strengthening, thus making its reported year COR higher than its accident year ratio. Datamonitor's survey showed that over half of all car insurance policyholders surveyed are now visiting price comparison sites at renewal. This comes as no surprise considering that these websites have heavily advertised throughout the past few years and so generated sufficient traffic from consumers. Reasons to Purchase * Comprehensively understand most aspects of the market and the views of market players interviewed by Datamonitor. * See how the industry is responding to poor profitability and rising clams costs. * Make conclusions based on the current purchasing trends and preferences of UK consumers buying private motor insurance. For more information or to purchase this report, go to: - http://www.fastmr.com/ Partial Table of Contents: Overview 1 Catalyst 1 Summary 1 Executive Summary 2 The private motor market shrunk slightly in 2009 2 The total market declined by 1% to GBP9.2 billion GWP 2 Over the past decade, the proportion of non-comprehensive policies has fallen 2 Claims costs are continuing to escalate 2 Claims inflation has been driven by personal injury claims and credit hire costs 2 Although claims frequency fell slightly to 16.7% in 2009 2 RBS Group is the largest provider of car insurance in the UK 3 There were a number of exits and sales within the market 4 Lloyds Banking Group is no longer in the market 4 GMAC Financial Services is looking to sell Provident 4 HSBC has placed its motor insurance business into run-off 4 QBE has also exited that market 4 KGM Motor had a difficult 2009 and it is currently up for sale 4 Quinn Direct will write considerably less UK business as a result of being in administration 5 Markerstudy is looking to shed private motor business from Zenith following its acquisition in late 2009 5 Market growth will be stunted in 2010 followed by successive increases from 2011 onwards 5 Rate increases will drive market growth 5 Table of Contents 6 Table of figures 7 Table of tables 8 Market Context 9 Introduction 9 The private motor market shrunk slightly in 2009 9 The total market declined by 1% to GBP9.2 billion GWP 9 Lloyd's of London insurers have a significant presence in the UK motor market 11 Datamonitor estimate that Lloyd's of London motor GWP increased to GBP967m in 2009 12 The number of motor insurance policies remained static 12 There were 24.8 million private motor policies in force during 2009 12 Over the past decade, the proportion of non-comprehensive policies has fallen 13 The combined ratio took a turn for the worse in 2009 15 Private motor insurance losses pushed the 2009 accident year combined operating ratio up to 122.9% 15 The rate of increase in the COR was 8.2 percentage points in 2009 16 Reserve releases were considerably lower in 2009 18 The loss ratio increased in 2009, while the expense ratio fell 19 Claims costs are continuing to escalate 21 Claims inflation has been driven by personal injury claims and credit hire costs 21 More recent statistics show that theft related claims costs have increased significantly since 2005 23 On average, motor bodily injury claims are the most expensive to settle 23 Fraudulent claims rose during the recession and are believed to have cost GBP1.9 billion in 2009 25 Continuous enforcement insurance should help lower the levels of uninsured driving 25 BIBA is calling for brokers to embrace DVLA vehicle registration data to improve data validation 26 Credit hire organizations have come under greater scrutiny over the past year 26 Over the past two years bilateral agreements between insurers have become more popular 26 The new low value personal injury claims process should help lower claims costs 27 The new process applies to road traffic accident personal injury clams of between GBP1,000 and GBP10,000 27 The changing cost structure has affected all those in the personal injury market 27 There are three stages for a low value personal injury RTA claim 27 Full Table of Contents is available at: -- http://www.fastmr.com/ About Datamonitor The Datamonitor Group is a world-leading provider of premium global business information, delivering independent data, analysis and opinion across the Automotive, Consumer Markets, Energy & Utilities, Financial Services, Logistics & Express, Pharmaceutical & Healthcare, Retail, Technology and Telecoms industries. Datamonitor's market intelligence products and services ensure that you will achieve your desired commercial goals by giving you the insight you need to best respond to your competitive environment. View more research from Datamonitor at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Account Phone Number