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United Kingdom (UK) Commercial Motor Insurance Market Dynamics, Competitor Landscape, Growth Opportunities and Forecast, 2022-2026

Publisher GlobalData
Published Mar 09, 2023
Length 38 Pages
SKU # GBDT17855614

Description

United Kingdom (UK) Commercial Motor Insurance Market Dynamics, Competitor Landscape, Growth Opportunities and Forecast, 2022-2026

Summary

This report analyzes the UK commercial motor insurance market, looking at drivers of uptake. It explores the claims landscape in 2021, as well as the broader motor market and upcoming regulatory changes. Incumbent competitors are analyzed and compared, along with newcomers and insurtechs within the space. Future impactors in the market (including inflation) and emerging technologies such as artificial intelligence and autonomous vehicles are also discussed.

The growth in gross written premiums (GWP) in the UK commercial motor insurance market was driven by an increase in the number of light goods vehicles (LGVs) on the road in 2021, as COVID-related lockdowns and behaviors established during the pandemic drove demand for home deliveries. Despite the number of miles driven on UK roads for all vehicle types increasing, claims recorded by the Compensation Recovery Unit (CRU) fell by 13.3% in 2021 compared to 2020, providing good evidence in favor of the Civil Liability Act. The cost-of-living crisis and the Russia/Ukraine conflict are already having an impact on the motor insurance market. Consumers are reducing the amount of fuel they are using, which will lead to reduced mileage on insurance policies. In addition, increased costs around car ownership will prevent new businesses and SMEs from entering the market

Scope
  • The commercial motor insurance market grew by 6.1% in 2021, reaching GBP5.5 billion in GWP.
  • The total number of commercial vehicles on UK roads increased in 2021.
  • The number of claims recorded fell by 13.3% in 2021, despite the increased number of vehicles on UK roads.
  • Aviva remains the market leader with a 12.1% share of the market.
Reasons to Buy
  • Understand how COVID-19 and other factors have affected commercial motor insurance.
  • Determine how the market leaders have maintained their position and evolved their product offerings in the past year.
  • Understand the effects of the cost-of-living crisis.
  • Ascertain how newcomers and insurtechs are disrupting and driving innovation.
  • Identify areas for growth and development in the market going forward.
  • Recognize the short-term and long-term challenges facing commercial motor insurers.

Table of Contents

38 Pages
    • Market overview
    • Key findings
    • Critical success factors
    • UK commercial motor insurance grew once more in 2021
    • The commercial motor insurance claims landscape
    • Overview of the market leaders
    • Insurtechs and newcomers
    • The commercial motor market will continue to grow
    • Technology continues to reshape the commercial motor insurance landscape
    • EVs continue to grow in popularity among commercial fleets
    • Autonomous vehicles in the commercial landscape
    • Technological change puts gig employees at risk
    • Abbreviations, acronyms, and initialisms
    • Methodology
    • Secondary sources
    • Further reading
  • About GlobalData
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