DUBLIN--(BUSINESS WIRE)--The "United Kingdom (UK) Commercial Motor Insurance - Market Dynamics and Opportunities 2021" report has been added to ResearchAndMarkets.com's offering.
This report analyzes UK commercial motor insurance, looking at the market in terms of GWP, claims, road casualties, the motor parc, regulations, and opportunities. It discusses the impact of COVID-19 and further implications related to claims. It also looks at the leading competitors and their product offerings, as well as providing future forecasts of market size up to 2025.
In 2020, 2.3% growth in gross written premiums (GWP) in the UK commercial motor insurance market was driven by an increase in the number of light goods vehicles (LGVs) on the road - an effect of increasing demand for home deliveries amid the COVID-19 pandemic. A large fall in road accidents for the year meant claims were also significantly down on 2019 levels. This came about as roads were utilized at below-average rates from March 2020 onwards, especially in periods of national lockdowns. Despite this fall in the number of claims, the average cost of claims continued to rise, reflecting the increasing complexity and evolving technology fitted into modern vehicles.
As cutting-edge technology becomes more prevalent, these issues will subside as manufacturers, technicians, and insurers get to grips with the repair processes and costs in modern vehicles.
Scope
- GWP in the commercial motor insurance market grew by 2.3% to reach £5.0 billion in 2020.
- The total number of commercial vehicles on UK roads declined by 2.4% in 2020. However, the number of LGVs on roads grew by 97,000, driven by increased demand for home deliveries.
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Total claims notified fell 28.1% in 2020 due to COVID-19-induced lockdowns. But the average cost of claims continued to rise, increasing 3.3% to £3,319 in 2020.
Key Topics Covered:
1. Executive Summary
1.1 Market overview
1.2 Key findings
1.3 Critical success factors
2. Market Dynamics
2.1 The commercial motor market recorded another year of growth in 2020
2.2 The claims landscape in commercial motor
3. Competitor Dynamics
3.1 Overview of the market leaders
3.2 Insurtechs and newcomers
4. The Market Going Forward
4.1 The commercial motor market will continue to grow
4.2 The Civil Liability Act will start impacting the industry
4.3 Technological evolution in the auto industry is affecting motor insurers
4.4 EVs grow in popularity among commercial fleets
4.5 Autonomous vehicles in the commercial landscape
4.6 Technological change will transform the gig economy
Companies Mentioned
- RSA
- Allianz
- Aviva
- AXA
- NFU Mutual
- Admiral
- Zurich
- QBE
- Direct Line Group
- Haven Insurance
- Zego
- Swiss Re
- Ginger
- Flock
- Honcho
For more information about this report visit https://www.researchandmarkets.com/r/97i20s
Source: GlobalData
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