Private Motor Insurance in UK 2016 Key Trends and Opportunities

Gross written premiums in the UK’s private motor insurance category rose by 6.7% in 2011, slowing from the expansion recorded in 2010. The market is dominated by comprehensive policies, with some insurers having axed third-party, non-comprehensive policies in the past few years. Private motor insurance gross written premiums represent 0.9% of the country’s GDP, in line with the European average. Motor insurance density in the UK is the higher than in its European counterparts, and has followed a clear upward trend.

Factors driving growth in the category include mandatory motor third-party liability insurance, rising disposable incomes and a steady increase in private car registrations. The difficult macroeconomic environment is a challenge. A strong return to growth is not expected until 2014, but as this recovery gains traction, premium growth rates in the private motor insurance category are expected to settle around 3%. Adverse factors such as a steep increase in motoring costs and regulatory changes are expected to mitigate growth momentum.

Complete Report Copy @ http://www.rnrmarketresearch.com/private-motor-insurance-in-the-uk-key-trends-and-opportunities-to-2016-market-report.html

Claims paid by private motor insurers have risen by 15% since 2008, in line with an increase in payouts for whiplash claims. The rise has been sharp enough to prompt intervention from the government and a change in the law on referral fees to try and curb the number of personal injury claims. Direct sales remain the main channel for distribution of private motor insurance, but the role of online aggregators has grown rapidly over the last five years. While price comparison websites enhance pricing transparency for consumers, intensified competition for rankings is likely to keep premium rates low.

Request a Sample Copy @ http://www.rnrmarketresearch.com/contacts/request-sample?rname=100587

Long-term struggles to achieve profitability have adversely affected car insurers for over a decade. Although 2011 marked a healthy improvement over 2010, low returns on investments and limited premium growth, coupled with high claims payouts, mean profitability is likely to remain elusive.

The UK private motor insurance category is expected to grow by an average of 3.4% over the next five years. Despite adverse factors, a prevailing expansion will be underpinned by the country’s strengthening economy, renewed confidence and lower costs among insurance firms.

Reasons to buy

• Receive an assessment of the competitive dynamics in the UKs private motor insurance industry.
• Understand the demand-side dynamics, key market trends and growth opportunities within the private motor insurance in the UK.
• Plan for the future by identifying the growth opportunities and market dynamics within key segments of this industry.
• Gain insights into key regulations governing the UKs private motor insurance industry and its impact on companies and the industry's future.
• Gain the knowledge needed in order to make strategic business decisions using in depth historic and forecast industry data related to the industry and each segment within it.

Order/Buy a Report Copy @ http://www.rnrmarketresearch.com/contacts/purchase?rname=100587

For more details contact Mr. Priyank Tiwari: sales@rnrmarketresearch.com / +18883915441

Website: http://www.rnrmarketresearch.com