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Description

Description

"Despite the impact of the COVID-19 virus, the legal necessity of car insurance is set to see the total value of gross written premiums for private motor insurance remain stable, with the value expected to reach €2.2 billion – however a dramatic reduction in new car purchasing (and in turn policies for these vehicles) and consumers likely seeking to maximise cost saving, it could dampen growth in the short-to-medium term. Consumers are likely to work harder to get the best quote possible when renewing, and more likely to use price comparison sites as a result. "
– Brian O’Connor, Senior Consumer Analyst, 27th May 2020

Key Issues Covered in this Report

  • The impact of COVID-19 on consumer behaviour and market dynamics in the car insurance sector
  • How have car insurance premiums changed between 2018-20 and what impact will the COVID-19 lockdown have
  • What types of car insurance do drivers prefer
  • Examining renewal behaviours and what factors are most important to Irish drivers when renewing their car insurance
  • What car insurance policies do drivers prioritize

What's included

What's included

Table of contents

Table of contents

  1. Overview

    • What you need to know
      • Key Issues Covered in this Report
        • Issues covered in this Report
          • Definitions
          • Executive Summary

              • The market
                • Figure 1: Estimated gross written premiums, private motor insurance, by type of policy, IoI, 2020
              • Market Factors
                • Premiums remain high for consumers
                  • RoI road collisions increase, decrease in NI
                    • Consumers rate their finances as ‘OK’
                      • Car ownership remains high in 2020
                        • Impact of COVID-19 on Insurance
                          • COVID-19 seeing calls for insurance rebates
                            • Figure 2: Indexed estimated gross written premiums, private motor insurance, IoI, RoI and NI, 2015-25
                            • Figure 3: Expected impact of COVID-19 on car insurance, short, medium and long-term, 29th May
                          • Companies and innovations
                            • The Consumer
                              • Comprehensive cover favoured by most drivers
                                • Figure 4: Types of car insurance owned, NI and RoI, January 2020
                              • Most drivers chose to stay with their current provider, but after shopping around
                                • Figure 5: Consumer behaviours during last renewal cycle, NI and RoI, January 2020
                              • Price strongest motivator when choosing provider
                                • Figure 6: Important factors when selecting car insurance provider, NI and RoI, January 2020
                              • Protected no-claims bonus a key policy feature
                                • Figure 7: Policy factors that consumers prioritise, NI and RoI, January 2020
                              • Minimising cost key behaviour for Irish motorists
                                • Figure 8: Attitudes towards car insurance, NI and RoI, January 2020
                              • Strong willingness to use dash cameras
                                • Figure 9: Attitudes towards car insurance, NI and RoI, January 2020
                              • Irish drivers happy with their insurance provisions
                                • Figure 10: Attitudes towards car insurance, NI and RoI, January 2020
                            • The Market – What You Need to Know

                              • COVID-19 seeing calls for insurance rebates
                                • Value of gross written premiums expected to increase again in 2020
                                  • Motorists continue to face increased premiums
                                    • Increase in road collisions, but decline in deaths
                                      • Consumers rate their finances as ‘OK’
                                        • Car ownership remains high in 2020
                                        • The Impact of COVID-19 on Car Insurance

                                            • Short, medium and long-term impact on the industry
                                              • Figure 11: Expected impact of COVID-19 on car insurance, short, medium and long-term, 29th May
                                            • Opportunities and Threats
                                              • Calls for insurers to refund drivers in light of fewer consumers using vehicles
                                                • Aversion to public transport could see more drivers as COVID-19 restrictions ease
                                                  • Figure 12: Selected ways in which the COVID-19 outbreak has changed behaviours for consumers and their families, IoI, March-April 2020
                                                • Sharp decline in car sales could limit value of GWP
                                                  • Figure 13: Total new car registrations (adjusted for COVID-19), IoI, NI and RoI, 2015-25
                                                  • Figure 14: Impact of the COVID-19 outbreak on consumer finances, NI and RoI, May 2020
                                                • Impact on the car insurance market
                                                  • Figure 15: Estimated gross written premiums, private motor insurance, IoI, RoI and NI, 2015-25
                                                • How the crisis will affect car insurance’s key consumer segments
                                                  • Consumers are still wary about venturing out
                                                    • Figure 16: How worried consumers are about the risk of being exposed to COVID-19, IoI, March-May 2020
                                                    • Figure 17: Consumers who are extremely worried about the risk of being exposed to COVID-19, IoI, May 2020
                                                  • Working at home could become the norm for many
                                                    • How a COVID-19 recession will reshape the car insurance sector
                                                      • Sombre financial outlook may see drivers work harder to minimize premiums
                                                        • Figure 18: How consumers feel COVID-19 will make an impact on selected factors, NI and RoI, May 2020
                                                      • Marketing Mix
                                                        • COVID-19: Market context
                                                        • Market Size and Forecast

                                                            • Value of gross written premiums expected to increase again in 2020
                                                              • Figure 19: Estimated gross written premiums, private motor insurance, IoI, RoI and NI, 2015-25
                                                            • Majority of value comes from comprehensive cover
                                                              • Figure 20: Estimated gross written premiums, private motor insurance, by type of policy, IoI, 2020
                                                            • GWP value expected to see growth to 2025
                                                              • Figure 21: Indexed estimated gross written premiums, private motor insurance, RoI and NI, 2015-25
                                                              • Figure 22: Total new car registrations, NI and RoI, 2015-19
                                                          • Market Drivers

                                                            • Average premium costs increase
                                                              • Figure 23: Average cost of insurance premiums for different coverage types, RoI, 2015-18
                                                            • NI premiums remain high
                                                              • Figure 24: Average price of fully comprehensive car insurance, by county, NI, 2019
                                                              • Figure 25: Average price of fully comprehensive car insurance, by age, NI, 2019
                                                            • CPI for car insurance shows fall in cost
                                                              • Figure 26: Consumer price index, motor insurance, UK (inc NI) and RoI, January 2015-January 2020
                                                            • Road deaths decline in RoI during 2015-18, but collisions increase
                                                              • Figure 27: Number of collisions, by type, RoI, 2015-19
                                                              • Figure 28: Number of claims per 1,000 policies, 2015-18
                                                              • Figure 29: Number of claims per 1,000 policies, by type of claim, 2015-18
                                                            • NI sees decline in total collisions during 2018-19
                                                              • Figure 30: Recorded injury road traffic collisions, by type of collision, NI, 2014/15-2018/19
                                                            • Consumers still likely to rate their finances as ‘OK’
                                                              • Figure 31: Financial health of Irish consumers, NI and RoI, 2016-20
                                                            • Car ownership remains high in 2020
                                                              • Figure 32: Ownership of a car, NI and RoI, 2019 and 2020
                                                              • Figure 33: Ownership of a car, by age, NI and RoI, January 2020
                                                              • Figure 34: Actual and projected population (%),NI and RoI, by age, 2017 and 2041/6
                                                            • Car theft and relative offences
                                                              • Figure 35: Number of theft/taking of vehicle and related offences, RoI, Q1 2015-Q3 2019
                                                          • Companies and Brands – What You Need to Know

                                                            • Offering free insurance to medics during the COVID-19 crisis
                                                              • Designating a driver quickly
                                                                • Korean app can estimate damage costs
                                                                • Who’s Innovating?

                                                                  • AXA Ireland and Renault offering support during COVID-19 crisis
                                                                    • GOelegido offers cover for designated drivers
                                                                      • Using AI for damage estimates
                                                                      • Companies and Brands

                                                                          • Abbey Insurance Brokers
                                                                            • Key facts
                                                                              • Product portfolio
                                                                                • Recent developments
                                                                                  • Admiral
                                                                                    • Key facts
                                                                                      • Product portfolio
                                                                                        • Recent developments
                                                                                          • Allianz
                                                                                            • Key facts
                                                                                              • Product portfolio
                                                                                                • Recent developments
                                                                                                  • Allied Irish Bank
                                                                                                    • Key facts
                                                                                                      • Product portfolio
                                                                                                        • Aviva
                                                                                                          • Key facts
                                                                                                            • Product portfolio
                                                                                                              • Recent developments
                                                                                                                • AXA
                                                                                                                  • Key facts
                                                                                                                    • Product portfolio
                                                                                                                      • Recent developments
                                                                                                                        • Bank of Ireland
                                                                                                                          • Key facts
                                                                                                                            • Product portfolio
                                                                                                                              • Recent developments
                                                                                                                                • Direct Line Group
                                                                                                                                  • Key facts
                                                                                                                                    • Product portfolio
                                                                                                                                      • Recent developments
                                                                                                                                        • FBD
                                                                                                                                          • Key facts
                                                                                                                                            • Product portfolio
                                                                                                                                              • Liberty Insurance
                                                                                                                                                • Key facts
                                                                                                                                                  • Product portfolio
                                                                                                                                                    • Recent developments
                                                                                                                                                      • An Post Insurance
                                                                                                                                                        • Key facts
                                                                                                                                                          • Product portfolio
                                                                                                                                                            • Recent developments
                                                                                                                                                              • Ulster Bank
                                                                                                                                                                • Key facts
                                                                                                                                                                  • Product portfolio
                                                                                                                                                                    • 123.ie (RSA Insurance)
                                                                                                                                                                      • Key facts
                                                                                                                                                                        • Product portfolio
                                                                                                                                                                        • The Consumer – What You Need to Know

                                                                                                                                                                          • Comprehensive cover favoured by most drivers
                                                                                                                                                                            • Majority of motorists stayed, but only after shopping around
                                                                                                                                                                              • Price strongest motivator when choosing provider
                                                                                                                                                                                • Protected no-claims bonus a key policy feature
                                                                                                                                                                                  • Minimising cost key behaviour for Irish motorists
                                                                                                                                                                                    • Strong willingness to use dash cameras
                                                                                                                                                                                      • Irish drivers happy with their insurance provisions
                                                                                                                                                                                      • Type of Car Insurance Owned

                                                                                                                                                                                          • Most Irish motorists have fully comprehensive car insurance
                                                                                                                                                                                            • Figure 36: Types of car insurance owned, NI and RoI, January 2020
                                                                                                                                                                                          • Mature consumers those most likely to have full coverage
                                                                                                                                                                                            • Figure 37: Consumers with fully comprehensive car insurance, by age, NI and RoI, January 2020
                                                                                                                                                                                            • Figure 38: Consumers with fully comprehensive car insurance, by social class, NI and RoI, January 2020
                                                                                                                                                                                        • Renewal Behaviour

                                                                                                                                                                                            • Majority of motorists stayed, but only after shopping around
                                                                                                                                                                                              • Figure 39: Consumer behaviours during last renewal cycle, NI and RoI, January 2020
                                                                                                                                                                                            • RoI men more likely to stay, while women more likely to switch
                                                                                                                                                                                              • Figure 40: Selected consumer behaviours during last renewal cycle, by gender, NI and RoI, January 2020
                                                                                                                                                                                            • Consumers of low affluence in RoI more likely to not shop around
                                                                                                                                                                                              • Figure 41: Selected consumer behaviours during last renewal cycle, by social class, NI and RoI, January 2020
                                                                                                                                                                                          • Important Factors when Choosing Providers

                                                                                                                                                                                              • Price the clear motivator when choosing insurance provider
                                                                                                                                                                                                • Figure 42: Important factors when selecting car insurance provider, NI and RoI, January 2020
                                                                                                                                                                                              • Price more likely to influence women drivers
                                                                                                                                                                                                • Figure 43: Consumers who consider price an important factor, by gender, NI and RoI, January 2020
                                                                                                                                                                                              • Quality of cover second most important factor
                                                                                                                                                                                                • Figure 44: Consumers who consider quality of cover an important factor, by age, NI and RoI, January 2020
                                                                                                                                                                                                • Figure 45: Consumers who consider customer service an important factor, by age, NI and RoI, January 2020
                                                                                                                                                                                              • RoI women more inclined to consider ethical brands
                                                                                                                                                                                                • Figure 46: Consumers who consider an ethical brand an important factor, by gender, NI and RoI, January 2020
                                                                                                                                                                                            • Policy Considerations

                                                                                                                                                                                                • Protected no-claims bonus a key policy feature
                                                                                                                                                                                                  • Figure 47: Policy factors that consumers prioritise, NI and RoI, January 2020
                                                                                                                                                                                                • No-claims protection most important to mature consumers
                                                                                                                                                                                                  • Figure 48: Consumers who prioritise protected no-claims bonuses on car insurance policies, by age, NI and RoI, January 2020
                                                                                                                                                                                                • RoI consumers 7 percentage points more likely to prioritise breakdown cover
                                                                                                                                                                                                  • Figure 49: Consumers who prioritise protected breakdown cover on car insurance policies, by area type, NI and RoI, January 2020
                                                                                                                                                                                                • Courtesy car more likely to appeal to NI drivers
                                                                                                                                                                                                • Price Comparisons

                                                                                                                                                                                                    • Strong consumer focus on getting lowest possible premiums
                                                                                                                                                                                                      • Figure 50: Attitudes towards car insurance, NI and RoI, January 2020
                                                                                                                                                                                                      • Figure 51: Agreement with the statement ‘I believe you have to shop around at renewal to get the best deal’, by age, NI and RoI, January 2020
                                                                                                                                                                                                    • NI consumers more likely to have used price comparison websites
                                                                                                                                                                                                      • Figure 52: Agreement with the statement ‘I have used a price comparison site to look for cheaper insurance in the last 12 months’, by age, NI and RoI, January 2020
                                                                                                                                                                                                  • Technology Behaviours

                                                                                                                                                                                                      • Three quarters of drivers willing to use a dash cam
                                                                                                                                                                                                        • Figure 53: Attitudes towards car insurance, January 2020
                                                                                                                                                                                                      • RoI consumers more likely to seek car management app
                                                                                                                                                                                                        • Figure 54: Agreement with the statement ‘I would like to be able to manage various aspects of owning a car (eg car insurance, MOT) through one app’, by age, NI and RoI, January 2020
                                                                                                                                                                                                        • Figure 55: Device ownership, by age, NI and RoI, January 2020
                                                                                                                                                                                                    • Car Insurance Behaviours

                                                                                                                                                                                                        • Strong satisfaction among drivers with their current policies
                                                                                                                                                                                                          • Figure 56: Attitudes towards car insurance, NI and RoI, January 2020
                                                                                                                                                                                                          • Figure 57: Agreement with the statement ‘I've made a claim on my car insurance in the last 3 years’, by age, NI and RoI, January 2020
                                                                                                                                                                                                        • Women more likely to be satisfied with policy
                                                                                                                                                                                                          • Figure 58: Agreement with the statement ‘I am happy with my current policy’, by gender, NI and RoI, January 2020
                                                                                                                                                                                                        • Drivers think greener cars deserve leaner premiums
                                                                                                                                                                                                          • Figure 59: Desired fuel type for future car purchase, NI and RoI, December 2018
                                                                                                                                                                                                      • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                                                                                        • Data sources
                                                                                                                                                                                                          • Abbreviations

                                                                                                                                                                                                          About the report

                                                                                                                                                                                                          This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

                                                                                                                                                                                                          • The Consumer

                                                                                                                                                                                                            What They Want. Why They Want It.

                                                                                                                                                                                                          • The Competitors

                                                                                                                                                                                                            Who’s Winning. How To Stay Ahead.

                                                                                                                                                                                                          • The Market

                                                                                                                                                                                                            Size, Segments, Shares And Forecasts: How It All Adds Up.

                                                                                                                                                                                                          • The Innovations

                                                                                                                                                                                                            New Ideas. New Products. New Potential.

                                                                                                                                                                                                          • The Opportunities

                                                                                                                                                                                                            Where The White Space Is. How To Make It Yours.

                                                                                                                                                                                                          • The Trends

                                                                                                                                                                                                            What’s Shaping Demand – Today And Tomorrow.

                                                                                                                                                                                                          Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

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