UK Private Motor Insurance 2012 After continued hardening in 2011, softening rates have returned in 2012. Insurers achieving profitability last year will benefit here while others face a stark choice between driving for profit and defending market share. In this environment it will be key to achieve full potential from distribution, find opportunities in customer behavior and understand position in relation to the competition. Features and benefits
Benchmark your performance against the whole market by book growth, profitability, and claims experience.
Discover how both insurers and consumers are responding to new and emerging products.
Inform your brand strategy with insight into competitors’ advertising approaches and consumer preferences by distribution channel.
Compare market sentiment and reaction with your own in regards to new developments and legislation.
Aid your scenario modeling with a forecast of the future health of the market.
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Highlights Despite seeing a huge single-year improvement in profitability in 2011, the private motor insurance market still collectively declared an underwriting loss, with a COR of 104.5%. This was a 17.7 percentage point improvement on the 2009 trough in profitability and a 16.9 point improvement on 2010. Of consumers surveyed that purchased car insurance from a comparison site, 37% selected the cheapest quote. The results highlighted that price is not the sole consideration when selecting policies on comparison sites, with just under two thirds of comparison-site-purchasing consumers selecting policies other than the top, cheapest result.
Ageas stand out as an insurer to watch in 2012, emerging from 2011 with a strong gain in book size and market share. Ageas’ book doubled from 2010 to £1.03bn, seeing the insurer rocket into 4th place in the market with a 9.2% share of private motor insurance business. Your key questions answered
How does my performance in 2011 compare to that of the whole market or the top 10 insurers?
What emerging threats are facing the market and how are insurers responding to these?
How are consumers responding to telematics, multi-car products and mobile phone apps?
Which insurers and brands performed the best in 2011 and should be the ones to watch in 2012?
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Published on Oct 4, 2012
Despite seeing a huge single-year improvement in profitability in 2011, the private motor insurance market still collectively declared an un...