subject: Vision Shopsters: UK Private Motor Insurance 2010 [print this page] Introduction
UK Private Motor Insurance 2010 contains a comprehensive overview of the market. It provides the total market size, policy numbers, profitability ratios, claims costs, premium rate changes, car registrations, distribution, penetration, competitor analysis and forecast for up to 2014 for both market size and profitability ratios.
Scope
*Detailed information and data about the current state of the market and how insurers are responding to poor profitability.
*The findings of Datamonitor's 2010 consumer survey which assessed the opinions and purchasing trends of over 3,000 individuals.
*An update of the latest developments in the aggregator space.
*Financial results of the top UK, Lloyds of London and non-UK domiciled insurers in the market.
Highlights
In 2009, the non-comprehensive motor sector experienced a further decline and it now accounts for only 8.2% of all private motor policies in force. This share has fallen from 16.3% (2.9 million) in 1999 as private motor insurers have moved away from this sector of the market.
The market made little reserve releases, indicating that the pool of reserveswhich is often used to protect an insurer against prior years' claimshas all but dried up. In fact a few insurers, such as RBS, made a reserve strengthening, thus making its reported year COR higher than its accident year ratio.
Datamonitor's survey showed that over half of all car insurance policyholders surveyed are now visiting price comparison sites at renewal. This comes as no surprise considering that these websites have heavily advertised throughout the past few years and so generated sufficient traffic from consumers.
Reasons to Purchase
*Comprehensively understand most aspects of the market and the views of market players interviewed by Datamonitor.
*See how the industry is responding to poor profitability and rising clams costs.
*Make conclusions based on the current purchasing trends and preferences of UK consumers buying private motor insurance.
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