Motor Insurance - UK - March 2015
“Motor insurers have endured a prolonged period of difficult trading conditions, characterised by falling average premiums. However, improved household finances will provide a more accepting environment for insurers to introduce premium rises in the coming year, returning the market to growth.”
– Rich Shepherd, Financial Services Research Analyst
This report covers the following issues:
- The eCall initiative will boost telematics by normalising in-car technology
- A niche built on flexibility?
- Comparison is key, but recognised brands have the advantage
The motor insurance market has been dogged by stagnant premium prices since the recession. This has resulted in three consecutive years of shrinking premium incomes. However, the growing strength of household finances is starting to produce an environment in which insurers can consider pushing up premiums. This, alongside the constant demand for a product which is a legal requirement for all drivers, should see the market return to growth, and potentially profit, in the next year or so.
Most people are interested in a range of benefits that can be purchased as additions to main policies. Just under a quarter of consumers would be willing to pay for breakdown cover and the same proportion to protect their no-claims bonus, while other benefits have slightly lower levels of interest. The main trend, however, is that consumer sentiment is often limited to an interest in having benefits, but not a willingness to pay for them.
This report examines the UK car insurance market. It includes an examination and forecast of the size of the market, and discussion of the key players and their recent activities. The report also presents Mintel’s exclusive consumer research. This looks at ownership of insurance, how it is bought, how consumers behave when their policies are up for renewal and their attitudes towards car insurance and add-on benefits.
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