Research and Markets: UK Market for Online Insurance Grows to 13%

February 28, 2006

Research and Markets ( ) reported the addition of UK Motor Insurance 2005 to their offering.

In the face of increasing competitive pressures, the UK motor insurance market is currently in a soft cycle phase. This report examines the markets performance in terms of GWP, profitability, competitor performance and strategy. It also provides forecasts for GWP and underwriting results to 2010, making it essential reading for anyone with an interest in the UK motor insurance market.

Scope of this title:

* Extensive coverage of GWP, underwriting result and claims is provided for comprehensive, non-comprehensive, motorcycle, fleet and commercial vehicle
* Consumer data provides insight into motor insurance purchasing habits and competitor data reveals key players performances and strategies
* Analysis of the major competitive issues, supported by interviews with senior industry executives and data from a range of secondary sources
* GWP and underwriting result forecasts to 2010, based on Our in-house expertise and proprietary models

Highlights of this title:

Increased competition and falling premium rates caused GWP to decline in both the commercial and private motor markets in 2004. The private motor sector was particularly competitive with new entrants and established players both competing on price to grow or retain market share.

The motor markets recent underwriting losses have increased due to the poor performance of the private sector. However, the underwriting cycle is becoming less volatile, mainly due to the more consolidated competitive structure of the motor insurance market.

The Internet as a platform for buying motor insurance has grown from 2 per cent in 2001 to 13 per cent in 2005. Online consumers display relatively lower levels of loyalty and are more price sensitive. Insurers who focus on Internet distribution may therefore find it harder to retain the customers they acquire through this platform.

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