Motor Insurance in the United Kingdom industry profile provides top-line qualitative and quantitative summary information including: market size (value 2012-16, and forecast to 2021). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
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Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the motor insurance market in the United Kingdom
Leading company profiles reveal details of key motor insurance market players’ global operations and financial performance
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Essential resource for top-line data and analysis covering the United Kingdom motor insurance market. Includes market size and segmentation data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.
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What was the size of the United Kingdom motor insurance market by value in 2016?
What will be the size of the United Kingdom motor insurance market in 2021?
What factors are affecting the strength of competition in the United Kingdom motor insurance market?
How has the market performed over the last five years?
What are the main segments that make up the United Kingdom's motor insurance market?
The motor insurance market consists of motor insurance for personal and commercial vehicles, including cars, light & heavy trucks, vans, motorcycles and mopeds. The value of the motor insurance market reflects gross premium incomes. Gross premium income is defined as the insurer’s premium income for the year from its policies, calculated without reduction for reinsurance premiums paid or payable by the insurer. Any currency conversions used in the creation of this profile have been calculated using constant 2016 annual average exchange rates. The motor insurance market depends on a variety of economic and non-economic factors, and future performance is difficult to predict. The forecast given in this report is intended as a rough guide to the direction in which the market is likely to move. This forecast is based on a correlation between past market growth and the growth of base drivers, such as population numbers, GDP growth, and long-term interest rates. The UK motor insurance market is expected to generate total gross premium income of $36.9bn in 2016, representing a compound annual growth rate (CAGR) of 2% between 2012 and 2016. The personal segment is expected to be the market's most lucrative in 2016, with total gross premium income of $29.1bn, equivalent to 78.9% of the market's overall value. With recent drops in the price of oil and an increased employment rate, the UK has seen an increase in the number of cars on the road, with use for commuting and business up.