The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
This report explores the current size of the commercial motor insurance market in GWP terms, as well as factors such as the cost of premiums, the number of commercial vehicles, and the number of total claims in order to determine the drivers of the current and future market. The report also looks at technological advancements in commercial vehicles and the different policy adaptations key providers are implementing to keep up with the rapidly changing market.
Despite the decrease in the total number of commercial vehicles in the UK, the commercial motor insurance market grew by a significant 11.8% in 2018. This was driven by higher premiums, as insurers passed the growing cost of claims on to customers. As the use of sophisticated technologies in vehicles increases - pushing up the cost of repairs in the process - insurers should expect pressure on claims to remain high. On the other hand, telematics and dash cams are becoming increasingly beneficial for accident prevention. And the introduction of the Civil Liability Act in 2020 has the potential to reduce the cost of claims, albeit not in the short term. Nine out of the top 10 insurers in the market remained unchanged in 2018, and with no new entrants on the horizon competition is likely to remain focused on price.
- Gross written premiums (GWP) in the UK commercial motor insurance space reached ?4,788m in 2018.
- In 2018 the number of commercial vehicles on the road in the UK decreased by 1.3%, while new commercial vehicle registrations decreased by 5.4%.
- The total number of claims settled in 2018 reached its lowest recorded level of 654,810. However, the total cost of claims is increasing.
- RSA remains the market leader, with its market share standing at 12.8% in 2018.
Reasons To Buy
- Identify key factors that are influencing the cost of premiums.
- Learn how current and future policy regulation will influence the market.
- Looks at all the current and possible technologies that will change the way commercial vehicles are insured.
- Looks at competitors’ current share of the market and their product offerings.