UK commercial motor insurance market opportunities to 2025, with RSA. AXA. Allianz, Zurich, Admiral and QBE – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Commercial Motor Insurance in the United Kingdom (UK) – Market Dynamics and Opportunities 2021” report has been added to from ResearchAndMarkets.com offer.
This report analyzes commercial motor insurance in the UK, examining the market in terms of GWP, claims, road accidents, vehicle fleet, regulations and opportunities. It discusses the impact of COVID-19 and other claims implications. It also examines key competitors and their product offerings, along with future market size predictions to 2025.
In 2020, the 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 commercial vehicles (LGVs) on the road – an effect of the increase in demand for home deliveries in the context of the COVID -19 pandemic. A sharp drop in road accidents for the year also led to a significant drop in claims from 2019 levels. This came as roads were used at below average rates from March 2020 , especially during periods of national closure. Despite this decline in the number of claims, the average cost of claims continued to rise, reflecting the increasing complexity and technological evolution of modern vehicles.
As advanced technology becomes more prevalent, these problems will disappear as manufacturers, technicians and insurers become familiar with modern vehicle repair processes and costs.
GWP in the commercial motor insurance market increased by 2.3% to £5.0 billion in 2020.
The total number of commercial vehicles on UK roads fell by 2.4% in 2020. However, the number of LCVs on the roads increased by 97,000, due to increased demand for home deliveries.
The total number of notified requests fell by 28.1% in 2020 due to COVID-19-induced blockages. But the average claims cost continued to rise, rising 3.3% to £3,319 in 2020.
Main topics covered:
1.1 Market Overview
1.2 Main results
1.3 Critical success factors
2. Market dynamics
2.1 Commercial Automotive Market Recorded Another Year of Growth in 2020
2.2 The Commercial Automobile Claims Landscape
3. Competitor dynamics
3.1 Overview of Market Leaders
3.2 Insurtechs and new entrants
4. The market in the future
4.1 The commercial automobile market will continue to grow
4.2 The Civil Liability Act will begin to impact the industry
4.3 Technological developments in the automotive industry affect motor insurers
4.4 Electric vehicles are gaining popularity among commercial fleets
4.5 Autonomous Vehicles in the Commercial Landscape
4.6 Technological change will transform the gig economy
Direct line group
For more information on this report, visit https://www.researchandmarkets.com/r/97i20s
Source: Global Data
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