Clarke Motorsport

TitleClarke Motorsport
ProductsMotor, racing, set-up
Company typeOther
Website
Email
Phone44-01189-232 381
Fax44-01189-867 216
Mobile07719691175
Address28 Blandford Road, Reading, Berkshire, United Kingdom
ZipRG29RF
CountryUnited Kingdom
ProductsMotor, racing, set-up
Num of employeesLess than 5 People
Establish year1999
Contact personnone
MarketsWestern Europe
SalesBelow US$1 Million

United Kingdom Private Motor Insurance Market Analysis and Forecast to 2025: Future Opportunities in Usage-based, Car Sharing and P2P Policies - Resea

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Thu, 13 Jan 2022 01:04:00

DUBLIN--(BUSINESS WIRE)--The "United Kingdom (UK) Private Motor Insurance Market Analysis and Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.


Gross written premiums in the UK private motor insurance market declined in 2020. This was caused by a fall in both the average cost of premiums and the total number of policies written. The number of vehicles on the roads in 2020 fell significantly on the previous year as national lockdowns and other national restrictions, introduced to curb the spread of COVID-19, kept consumers at home for long periods of the year, reducing traffic, collisions, and claims.

The Civil Liability Act is expected to reduce bodily injury claims, which should push premiums down. The demand for usage-based insurance products continues to grow, and insurers must react to this change in the market to remain competitive. Going forward, the market is expected to recover slowly, a result of reduced mobility in the short term, maintaining a low level of road accidents and claims for now, which will maintain lower premium prices than before the pandemic.

This report analyzes UK private motor insurance, looking at market size as well as changes in premiums, claims, road casualties, the motor parc, regulations, and future opportunities. It discusses the impact of COVID-19 on driving behavior and the further implications related to claims. It also looks at the leading competitors and how the market is likely to change due to telematics and driverless cars, as well as providing future forecasts of market size up to 2025.

Report Scope

  • Average premiums fell to £465, compared to £472 in 2019.
  • Direct Line remains the market leader, while Allianz is now the second biggest player after completing its acquisition of LV=.
  • The cost of personal injury remains the biggest claim cost to insurers at an average of £12,009 per claim and a total cost of over £3bn to the industry.
  • Road traffic accidents fell heavily in 2020, as did total claims, a result of the two national lockdowns in 2020.

Key Topics Covered:

1. Executive Summary

1.1 Market overview

1.2 Key findings

1.3 Critical success factors

2. Market Dynamics

2.1 The private motor insurance market contracted again in 2020

2.2 Factors influencing premiums in 2020

2.3 The motor claims landscape in 2020

2.4 RTAs and their link to claims

3. Competitor Dynamics

3.1 Direct Line remains the market leader for motor insurance

3.2 Analysis of the market leaders

3.3 Newcomers and insurtechs gain traction

4. The Market Going Forward

4.1 Sluggish recovery in the private motor insurance market

4.2 The Civil Liability Act will reform personal injury motor claims

4.3 Other factors will also contribute to a rise in premiums

4.4 Future opportunities in usage-based, car sharing, and P2P policies

4.5 Technology continues to reshape the motor insurance landscape

4.6 Connected cars, the Internet of Things, and smart motorways

4.7 The shift towards electric vehicles presents a challenge to insurers

4.8 Fully autonomous vehicles will disrupt the motor insurance landscape

Companies Mentioned

  • Direct Line
  • Aviva
  • Admiral
  • Ageas
  • LV=
  • Advantage
  • Munich Re
  • esure
  • AXA
  • Covea
  • By Miles
  • Tesla
  • Marmalade
  • Marshmallow
  • Vitality
  • Abacai
  • Carrot

For more information about this report visit https://www.researchandmarkets.com/r/m6ap3u

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