UK Motorcycle Insurance 2007
Datamonitor
February 27, 2008 40 Pages - SKU: DFMN1695116
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Countries covered: United Kingdom
Introduction
The UK motorcycle insurance market experienced significant competitive pressures in both 2006 and 2007. This report examines the reasons behind this competition, as well as providing information on GWP, premium rates, and bike numbers. It also provides a GWP forecast up to and including 2011, making it essential reading for those with an interest in motorcycle insurance.
Scope
Analysis of market size and the drivers behind recent developments. Detailed competitor analysis, comparing the relative performance of all major and emerging motorcycle insurers. Detailed market forecast based on Datamonitor's in-house model and expertise.
Highlights
Competitive conditions in the market kept premium rates soft in 2006. Insurers, particularly the largest players in the market, were reported to have targeted growth in what remained a profitable market. According to industry executives interviewed by Datamonitor motorcyclists typically prefer to purchase through specialist brokers, and it is mainly brokers that have high brand awareness in the market, achieved through advertising and high profile sponsorships.
Reasons to Purchase
Benchmark your company against your competitors based on current and past performance in the market. Target your motorcycle insurance proposition through a better knowledge of the trends in bike ownership. Develop your future business plans from an informed viewpoint with Datamonitor's market forecast.
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- Overview
- Catalyst
- Summary
- Table of Contents
- Table of figures
- Table of tables
- Market Context
- Introduction
- UK motorcycle insurance GWP grew slightly in 2006 but contracted in 2007 due to falling premium rates
- Slow growth in bike numbers and lower premium rates resulted in only a slight increase in motorcycle GWP in 2006
- Competitive pressure on premium rates resulted in an estimated market contraction of 1.0% in 2007
- Premium rates fell again in 2007, while vehicle numbers continued to slowly increase
- Premium rates declined for motorcycle risks in both 2006 and 2007
- The motorcycle parc has continued to expand, bolstering the size of the market
- The motorcycle parc has become older, though new registrations have not fallen much since 2004
- Approximately the same number of new bikes were registered in 2006 as in 2005
- Almost half of all motorcycles on Britain's roads were first registered more than five years ago
- The motorcycle market remains bifurcated, with the largest and smallest models the most popular
- The Suzuki GSXR 1000 became the most sought after motorcycle in 2007
- Green bikes may rise in popularity in the future
- Casualty and theft rates influence the claims bill for motorcycle insurance
- Claims involving personal injury continued to drive claims inflation due to high medical and legal costs
- Casualty rates are down, which should result in lower claims frequency for insurers
- The pass rate for motorcycle tests have fallen slightly over the last decade
- Theft rates also influence the motorcycle claims bill
- Competitive Dynamics
- Introduction
- Few of the top motorcycle insurers managed to increase market share in 2006
- Only two top 10 insurers, Equity Red Star and QBE, increased their market share in 2006
- The majority of the top 10 motorcycle insurers lost premium income and market share in 2006
- Some insurers began recording motorcycle premium income for the first time in 2006
- Distribution is dominated by a few specialist brokers
- Specialist brokers Carole Nash, Bennetts and Devitt dominate the distribution of motorcycle insurance
- Carole Nash, now part of Groupama, is the largest motorcycle insurance broker in the UK
- Bennetts is the second largest broker in the UK distributing over 200,000 motorcycle policies a year
- Devitt, which is owned by RBSI, focuses on distributing insurance through motorcycle dealers
- Motorcycle dealers and manufacturers have long been a key route to market for motorcycle insurance
- Brokers advertising via the press dominated motorcycle insurance advertising in 2006
- The amount spent on motorcycle advertisement increased in 2006 and brokers dominated the top 10
- Press advertising in trade publications dominated the spend of the top advertisers
- Future Decoded
- Introduction
- Motorcycle insurance GWP is forecast to increase in the near term before contracting again
- A number of factors influence future GWP growth in the motorcycle market
- Motorcycle GWP is expected to grow in most of the forecast period as competitive pressure lessens
- APPENDIX
- Supplementary data
- Definitions
- Premium income measures
- Earned premiums
- Gross Premium
- Net Premium
- Written premiums
- Other definitions
- Channel
- Direct insurer/writer
- Brokers
- Bancassurers
- Brandassurers
- Platform
- 2005-06 definitions for line of business
- Motor
- Total private motor
- Private motor comprehensive
- Private motor non-comprehensive
- Motorcycle
- Pre-2005 definitions for lines of business
- Motor
- Methodology
- Primary and secondary research
- Market size
- Changes in market size information
- Market size methodology
- Lloyd's players and underwriting result figures
- Competitor data
- CIS
- GWP versus GEP reporting
- Home-Foreign, overseas and facultative reinsurance business
- Advertising statistics
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Tables
- Table 1: UK motorcycle insurance GWP, 2002-07e (£m)
- Table 2: Motorcycle parc in Great Britain by body type, 2002-06 (000s)
- Table 3: Motorcycles registered for the first time in Great Britain by body type, 2002-06 (000s)
- Table 4: Motorcycle parc by age of first registration by body type, 2006 (000)
- Table 5: Motorcycle parc by engine size and body type, 2002-06 (000s)
- Table 6: Top 10 new motorcycle registrations by brand, year to date, November 2007
- Table 7: Road traffic casualties in Great Britain, 1996-2006
- Table 8: Number of motorcycle tests and pass rate in Great Britain, 1997/98-2006/07
- Table 9: Theft of and from motor vehicles in the UK, 1996-2006/7
- Table 10: Top 10 motorcycle insurers by market share, 2002-06
- Table 11: UK motorcycle insurance competitors by premium income, 2002-06 (£000)
- Table 12: Policy numbers and market share of top three UK motorcycle insurance brokers, 2007
- Table 13: Top 10 motorcycle insurance advertisers, 2005-06 (£)
- Table 14: Top 10 motorcycle insurance advertisers by media, 2006 (£)
- Table 15: Key variables affecting motorcycle insurance GWP, 2007e-12f
- Table 16: UK motorcycle insurance GWP forecast, 2002-12f (£m)
- Table 17: Licensed motorcycles in Great Britain by taxation class as a proportion of total vehicle stock, 2002-06 (000s)
- Table 18: New motorcycle registrations in Great Britain by taxation class, 2002-06 (000s)
- List of Figures
- Figure 1: Motorcycle GWP declined in 2007 after a slight increase in 2006
- Figure 2: Bike numbers are growing, but at a slower rate than in previous years
- Figure 3: The number of new bike registrations have remained almost flat since 2004
- Figure 4: Bikes over 500cc, touring and superbikes, have dominated the market over the last five years
- Figure 5: Motorcycle casualties as a proportion of total road casualties have fallen since 2003
- Figure 6: Motorcycle test pass rates have fallen between 1997 and 2006, but increased in the last year
- Figure 7: Theft of and from motor vehicles continued to decline in 2006/7
- Figure 8: The market leader, Equity Red Star, increased its market share in 2006
- Figure 9: The RBSI broker Devitt spent the largest amount marketing motorcycle insurance in 2006
- Figure 10: Advertising in the press was the favored medium for motorcycle insurance providers in 2006
- Figure 11: UK motorcycle premium income is forecast to increase slowly through most of the forecast period
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