DUBLIN -- Research and Markets (http://www.researchandmarkets.com/research/0ccac5/uk_private_motor_i) has announced the addition of the "UK Private Motor Insurance 2009" report to their offering.
The report is an invaluable guide to the UK private motor insurance market, providing insight into competitor strategies, profitability and performance as well as overall market growth and trends. It examines trends in distribution, such as the growing role of aggregators, identifies the key providers and provides unique market share estimates.
Scope
* Private motor insurance distribution trends analyzed by channel, platform and provider.
* Analysis of the effects aggregators are having on the distribution and underwriting of private motor insurance.
* Detailed market growth and profitability forecasts based on The in-house model and expertise.
Highlights of this title:
* Many insurers feel that aggregators have resulted in business generally being written by those with the lowest rates. This has meant that insurers that have raised rates have had to, at least temporarily; accept a loss of market share for the affected risks, depressing premium income growth.
* Of the top 10 groups, Lloyds Banking Group, through its underwriting vehicle esure, achieved the largest growth in GWP in 2008. According to the HBOS 2008 annual report, this growth was supported by the additional spending on marketing and new business acquisition activities.
Key reasons to purchase this title
* Understand what motivates consumers to buy motor insurance and which consumers are most likely to switch provider at renewal.
* Benchmark your company against your competitors based on market share data and profitability ratios.
* Develop your future business plans from an informed viewpoint with the market forecast.
Some Key Topics Covered:
* Liverpool Victoria Group and Lloyds Banking Group have made significant progress
* Liverpool Victoria Group has made a big step forward in the private motor market
* Lloyds Banking Group has become the second biggest distributor of motor insurance
* The market is starting to see growth and premium rate increases, spurred by unprofitability
* The market is estimated to have grown by approximately 4% in 2008
* Increasing premium rates were the primary reason for the expansion of the market, though rates have risen faster than GWP
* Private motor insurance losses worsened in 2008
* The direct channel is the primary route to market and aggregators are increasingly important
* The direct channel continues to be the dominant route to market for private motor insurance
* Motor insurance advertising expenditure rose as aggregators raised their marketing spend
* Internet and telephone distribution are prerequisites for significant market share
* Nearly half of consumers purchased their motor insurance over the internet
* Many consumers continued to arrange their motor cover over the telephone
* Price is the primary factor for consumers regardless of the platform they used to arrange their cover
* AXA, Liverpool Victoria Group, Lloyds Banking Group and Zurich gained market share in 2008
* Lloyds Banking Group recorded the largest growth in both GWP and market share in 2008
* The market leading RBS group had a superior COR compared to the overall market
* Lloyds market insurers have significant exposure to the UK motor market, much of it accounted for by ERS
* Losses in the market are expected to reduce as premiums increase
* The UK private motor insurance market is predicted to be worth 12.5 billion in 2013
* Losses are expected to reduce as premium rates rise
For more information visit http://www.researchandmarkets.com/research/0ccac5/uk_private_motor_i
Source: Datamonitor
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