Motor Insurance - UK - March 2016
"After a period of falling premiums, 2015 saw a sizeable increase in GWP with evidence that further premium increases are likely in 2016. Although those in the industry are likely to welcome the opportunity to boost profits, drivers have become increasingly savvy in recent years when it comes to buying insurance and will look for opportunities to lower their costs where possible."
– Deborah Osguthorpe, Head of UK Financial Services Research
This report examines the following areas:
- Operating in a market of higher premiums
- Competing in an increasingly fragmented market
- Telematics policies set to benefit from further growth in target market
Set against this backdrop, many insurance companies are currently re-examining the way that they approach the market. A growing reliance on the internet for purchasing motor insurance has led to many trimming the amount they spend on above-the-line advertising and promotion. Initiatives to improve their market penetration are being pursued with partnerships and there is an increasing interest in the use of new technology across the market.
This report examines the UK car insurance market. It includes an examination and forecast of the size of the market and market drivers impacting on the sector, as well as 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 insurance is purchased and from whom, how consumers view the use of various insurance channels when looking for information and statements associated with key issues, as well as views on the use of telematics insurance policies.
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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