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UK Commercial Motor Insurance 2007 (Datamonitor)
- Market: Finance and Banking
- Published Date: 20/02/2008
- Report Title: UK Commercial Motor Insurance 2007
- Table of Contents: View Table of Contents
- Report Type: Market Report
- Country: UK
- Number of Pages: 114
Introduction
A comprehensive guide to the UK commercial motor insurance market, analyzing trends in market performance based on premium income and profitability.
Scope
Analysis of the main factors influencing market size and profitability in the commercial motor market Analysis of the major competitive issues shaping the market, supported by interviews with senior industry executives and data from secondary sources Detailed market forecasts based on industry interviews and in-house expertise
Highlights
The market's decline in 2006 was primarily the result of lower premium rates in both of the main segments of the commercial motor insurance market. Both commercial vehicle and fleet experienced a soft market and sustained high levels of competition in 2006, which kept premium rates declining throughout the year. New company car registrations declined by 3.3% in 2006. As company cars make up a large portion of the commercial vehicle market , this is unwelcome news for many insurers, particularly those in the fleet market, who will no longer be able to rely upon a fast growing car parc to make up for the reductions they have put through on premium rates. National brokers saw their distribution share decline, while chain brokers and telebrokers increased their share of commercial insurance distribution. This has occurred as a result of consolidation, as the growth of broker networks and chains have concentrated business in the hands of players like Towergate, Cobra and large regional players.
Reasons to Purchase
Benchmark your company against your competitors using data on current and past performances in the market Develop your future business plans with the help of market forecasts Understand the trends behind SMEs insurance purchasing behavior, to better target this market segment.
A comprehensive guide to the UK commercial motor insurance market, analyzing trends in market performance based on premium income and profitability.
Scope
Analysis of the main factors influencing market size and profitability in the commercial motor market Analysis of the major competitive issues shaping the market, supported by interviews with senior industry executives and data from secondary sources Detailed market forecasts based on industry interviews and in-house expertise
Highlights
The market's decline in 2006 was primarily the result of lower premium rates in both of the main segments of the commercial motor insurance market. Both commercial vehicle and fleet experienced a soft market and sustained high levels of competition in 2006, which kept premium rates declining throughout the year. New company car registrations declined by 3.3% in 2006. As company cars make up a large portion of the commercial vehicle market , this is unwelcome news for many insurers, particularly those in the fleet market, who will no longer be able to rely upon a fast growing car parc to make up for the reductions they have put through on premium rates. National brokers saw their distribution share decline, while chain brokers and telebrokers increased their share of commercial insurance distribution. This has occurred as a result of consolidation, as the growth of broker networks and chains have concentrated business in the hands of players like Towergate, Cobra and large regional players.
Reasons to Purchase
Benchmark your company against your competitors using data on current and past performances in the market Develop your future business plans with the help of market forecasts Understand the trends behind SMEs insurance purchasing behavior, to better target this market segment.
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