-
- All Industries /
- Financial Services /
- Insurance /
- UK Motor Insurance Market Report 2022
UK Motor Insurance Market Report 2022
- Multiple Report Formats
- Access to our Clients Portal
- Interactive Databook
- Custom Presentation Tool
The UK Motor Insurance market report identifies consumer attitudes towards ownership of car insurance, policy renewal behaviour and the impact of regulatory changes. This market report covers the market size, market forecast, market segmentation and industry trends for the Motor Insurance Market in the UK.
The motor insurance market will be heavily driven by regulatory and economic factors in 2022, particularly with FCA’s new pricing rules, which mark a new era in the motor insurance market. Regulatory intervention and innovation focus on price transparency.
Alongside these changes, inflation and supply change issues in the motor industry will increase the cost base for insurers, resulting in higher premiums and claims costs to rise for consumers. The new regulatory rules challenge insurers to continue to evolve to ensure consumer loyalty and retention.
Price comparison sites remain key in this motor insurance market, with shopping around remaining embedded in consumer behaviour, and price remains the key differentiator for consumers choosing their renewable policies.
The motor insurance industry must adapt to the changing market and target the growing number of electric car owners ahead of the 2030 deadline.
Economic pressures on car ownership make affordability among younger consumers less feasible, turning them towards alternatives such as public transport or sharing cars with relatives.
Our motor insurance market research identifies inflation as the biggest threat to the market. As consumers face higher prices in 2022, it provides a significant opportunity for innovation that focuses on customer experience and product flexibility and fairness, such as tiered levels of cover or introducing telematics and digital solutions to reward better driving behaviour.
Attention will also turn to environmental pressures as the UK moves closer to the 2030 deadline for ending the sale of petrol and diesel vehicles. The motor insurance industry must adapt to changing market and consumer preferences through tailored and flexible products.
Read on to discover more details or take a look at all of our UK Automotive Market Research.
Product Types: Motor Insurance, Domestic Motor Insurance, Private Car Insurance.
Brands: ABI, Direct Line Insurance Group, Admiral Group, Allianz, AVIVA, Hastings Group, Ageas, esure Insurance, AXA, Markerstudy Covea Insurance.
“Regulatory change marks a new era in the motor insurance market. Pricing and customer retention strategies will evolve throughout 2022 as insurers respond to the changes. Inflation poses a significant challenge for the market, causing claims costs and premiums to rise. Innovation demonstrates the opportunities for this market to enhance offerings and focus on evolving consumer needs, including transparency and flexibility.”
Natasha Hayes
Financial Services Analyst, April 2022
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
Access high-quality market research with every purchase of Mintel’s consumer reports. Here’s what else is included in your report purchase:
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out more£ 5,000 – £ 21,600
Mintel’s 2024-25 Global Outlook on Sustainability: A Consumer Study is designed to help you understand what brands and companies should prioritise in order to educate consumers and ensure...
Find out more£ 2,195
Pet insurance remains resilient despite rising premiums Rising veterinary costs, along with broader inflationary trends, have forced insurers to increase premiums. Despite this, and the wider effects of the...
Find out more£ 500
An analysis of consumer behaviour in income protection, including ownership, key target groups, evolving needs and motivations, and opportunities and threats. Stefania Apostol, Senior Financial Services Analyst ...
Find out more£ 2,195
The health insurance market is relatively shielded from macroeconomic challenges, such as the cost of living crisis, with higher-income consumers accounting for a majority of total ownership. However,...
Find out more£ 2,195
Travel insurance demand stabilises post-lockdown Travel insurance continues to expand, but with the post-lockdown surge in travel having slowed, so has growth in premiums. Cover for overseas holidays has...
Find out more£ 2,195
Term assurance is one of the largest sectors in the protection industry, by value and number of policyholders. It is also a mature market that is experiencing minimal...
Find out moreFrom consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out more