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Motor Insurance - UK - March 2014-Market Analysis, Growth, Trends and Forecast

The potential of telematics-based motor insurance is not being realised. Younger motorists who could save the most by using the technology are the least interested, while the reverse is true of older drivers. Motorists’ low estimation of their own driving ability could be behind the problem, with 36% of policyholders believing that their driving is worse than average. If motorists are to habitually use telematics they need to be nudged into doing so, by being shown the benefits – making the ambiguous concept of ‘safe driving’ more tangible.

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Table of Content

Introduction

Market definitions

Abbreviations

Executive Summary

The market

Motor insurance GWP declined in 2013

Figure 1: Forecast of motor insurance GWP (personal lines), 2008-18

Market factors

Premiums decline due to increased competition as a result of the ban on referral fees

Net claims decrease in 2012

Bodily injury claims expected to increase in 2013, despite referral fee ban

The Competition Commission investigation is due by September 2014

‘My Licence’ initiative to reduce fraud and simplify the application process

Companies, brands and innovation

Direct Line Group remains the largest underwriter in the motor insurance market

Figure 2: Top five personal motor underwriters, by gross written premiums, 2012 (UK insurers only)

Post Office stands out from the crowd on trust

Figure 3: Attitudes towards and usage of brands in the motor insurance sector, November 2013

Advertising spend declines for second successive year in 2012/13

The consumer

Motor insurance ownership

Figure 4: Motor insurance ownership, December 2013

Online is the dominant channel in purchasing car insurance

Figure 5: Car insurance purchasing methods, December 2013

Renewal behaviour

Figure 6: Renewal behaviour, December 2013

Interest in add-ons

Figure 7: Interest in additional cover, December 2013

Driving behaviour

Figure 8: Factors that affect car insurance premiums, December 2013

Attitudes towards motor insurance

Figure 9: Attitudes towards car insurance, December 2013

What we think

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Issues and Insights

Motorists’ lack of confidence in their driving ability is holding back telematics

The facts

The implications

Confusing policy documents can damage brand reputation

The facts

The implications

Greater transparency can lead to a more trusted relationship between motorists and insurers

The facts

The implications

Smartphone and tablet channels can help to boost retention rates

The facts

The implications

Trend Application

Developing telematics

Tailored car insurance

Using smartphones and tablets to improve loyalty

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Market Drivers

Key points

Increased competition causes average premiums to decline

Figure 10: AA BIPI motor third party and comprehensive shoparound premium trends, January 2010-January 2014

Net claims continue to decrease improving profitability

Figure 11: NWP and net claims for UK personal motor insurance, 2002-12

The cost of bodily injury claims continues to rise despite safer roads and cars

Figure 12: Average UK motor claims payout, by type, 2008-12

Number of claims is expected to remain stable in 2013

Figure 13: Total number of private UK car insurance claims notified and claims frequency, 2003-13

Number of vehicles on the road remains level

Figure 14: UK car parc, 2003-12

Number of learner drivers remains low

Figure 15: Full GB driving licence holders, 1975/76-2012

The number of new car registrations is creeping upwards

Figure 16: UK new car registrations, 2002-13

The Competition Commission investigation is due by September 2014

The gender directive has not affected premiums as much as expected

‘My Licence’ initiative to reduce fraud and simplify the application process

The EU’s eCall initiative will start in October 2015

SWOT Analysis

Who’s Innovating?

Key points

MORE TH>N offers a discount of up to 20% for using telematics app

RAC uses telematics to diagnose vehicle faults

More technology to reduce the risk of accidents

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