本報告已在2011年08月17日停止出版。
更改為出版
UK Private Motor Insurance 2011
出版日期 : 2011年07月
商品編碼: 208570
本報告書針對英國汽車保險市場，提供整體市場規模、簽訂契約人數、利率與保險支付金額、加入保險後費用的變動、車輛登錄數量、流通形態、普及率與競爭分析、到2014年為止的市場規模，以及收益預測的概要情報等介紹，內容概要摘記如下。
概要
重點摘要
- 2009年的家用汽車市場稍有減少
- 保險支付金額持續上升
- RBS Group是最大的英國汽車保險供應商
- 業界中持續有退出市場、變賣事業的情況發收
- 2010年市場成長雖呈現停滯狀態，但2011年以後每年會持續發展
市場狀況
- 導論
- 2009年的家用汽車市場稍有減少
- 維持現狀的汽車保險契約數
- 合算比率（COR：combined operating ratio）轉惡的2009年
- 保險支付金額持續上升
- 新式低額人身傷害的請求方式應對於降低支付金額有所貢獻
- 保險支付頻度與2008年相同
- 下半期的保險料率呈現穩固狀態
- 個人新車登陸數在2009年有所增加
流通
- 導論
- 個人汽車保險多數採直接契約的方式
- 個人汽車保險市場有明顯影響力的RBSI品牌
- 由收集網路情報的工具主導銷售的情況增加
- 2009年汽車市場的廣告支出總額有減少
- 占有半數TV廣告支出總額的4大價格比較網站
- 仲介業者將過半的廣告費用投入信件促銷
顧客焦點
- 導論
- 個人汽車所有率提升至80.1%
- 過半數的契約來自於網路及電話銷售
- 年長的顧客較少變更汽車保險的供應商
- 行銷宣傳的第一訴求點在於費用的著名
- 超過60%的消費者在更新保險時會利用價格比較網站做查詢
競爭動態
- 導論
- 前10大個人汽車保險公司的市佔率稍有增加
- 前11∼20大的個人汽車保險公司中有數間已退出市場
- 大型保險公司主要將重點放在綜合汽車保險
- RBS、Aviva、RSA、Fortis擁有較市場平均的合算比率高的好業績
- 前10大公司中有過半數為了緩和合算比率而動用備用費
- Zurich與Acromas等不以英國為主要發展地的保險公司活耀於市場中
- 2009年多數的Lloyds of London syndicate已浸透該領與
解讀未來
- 導論
- 2010年市場成長呈現停滯但在2011年以後會越趨好轉
- 合算比率受到費用更改的影響而有少數的改善
附錄
圖表
Abstract
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.
Table of Contents
Overview
Executive Summary
- The private motor market shrunk slightly in 2009
- The total market declined by 1% to £9.2 billion GWP
- Over the past decade, the proportion of non-comprehensive policies has
fallen
- Claims costs are continuing to escalate
- Claims inflation has been driven by personal injury claims and credit hire
costs
- Although claims frequency fell slightly to 16.7% in 2009
- RBS Group is the largest provider of car insurance in the UK
- There were a number of exits and sales within the market
- Lloyds Banking Group is no longer in the market
- GMAC Financial Services is looking to sell Provident
- HSBC has placed its motor insurance business into run-off
- QBE has also exited that market
- KGM Motor had a difficult 2009 and it is currently up for sale
- Quinn Direct will write considerably less UK business as a result of being
in administration
- Markerstudy is looking to shed private motor business from Zenith
following its acquisition in late 2009
- Market growth will be stunted in 2010 followed by successive increases
from 2011 onwards
- Rate increases will drive market growth
- Table of Contents
- Table of figures
- Table of tables
Market Context
- Introduction
- The private motor market shrunk slightly in 2009
- The total market declined by 1% to £9.2 billion GWP
- Lloyd' s of London insurers have a significant presence in the UK motor
market
- Datamonitor estimate that Lloyd' s of London motor GWP increased to
£967m in 2009
- The number of motor insurance policies remained static
- There were 24.8 million private motor policies in force during 2009
- Over the past decade, the proportion of non-comprehensive policies has
fallen
- The combined ratio took a turn for the worse in 2009
- Private motor insurance losses pushed the 2009 accident year combined
operating ratio up to 122.9%
- The rate of increase in the COR was 8.2 percentage points in 2009
- Reserve releases were considerably lower in 2009
- The loss ratio increased in 2009, while the expense ratio fell
- Claims costs are continuing to escalate
- Claims inflation has been driven by personal injury claims and credit hire
costs
- More recent statistics show that theft related claims costs have increased
significantly since 2005
- On average, motor bodily injury claims are the most expensive to settle
- Fraudulent claims rose during the recession and are believed to have cost
£1.9 billion in 2009
- Continuous enforcement insurance should help lower the levels of uninsured
driving
- BIBA is calling for brokers to embrace DVLA vehicle registration data to
improve data validation
- Credit hire organizations have come under greater scrutiny over the past
year
- Over the past two years bilateral agreements between insurers have become
more popular
- The new low value personal injury claims process should help lower claims
costs
- The new process applies to road traffic accident personal injury clams of
between £1,000 and £10,000
- The changing cost structure has affected all those in the personal injury
market
- There are three stages for a low value personal injury RTA claim
- Stage one is focused on providing early notification of claims to
defendants and insurers
- Stage two permits the use of medical evidence and most cases should be
settled within this phase
- Stage three proceeds when both parties cannot agree on quantum (settlement)
- Electronic motor certificates will also save on postal and administration
costs
- Claims frequency remained at similar levels to 2008
- Claims frequency fell slightly to 16.7% in 2009
- A number of insurers have noticed a rise in car part theft related claims
- RTA casualties are now thought to number 800,000 per annum
- The number of road traffic accidents reported to the police fell by 4.1%
in 2009
- The number of accidents as a proportion of the total car parc continued to
fall in 2009
- Similarly, casualty rates are dropping in line with falling road traffic
accidents
- Premium rates hardened throughout the second half of the year
- Insurers are responding to poor profitability by making rate corrections
- In a bid to price more accurately, insurers are increasingly using
point-of-sale validation
- The AA British Insurance Premium Index recorded a large increase in
premiums in Q4 2009
- Comprehensive average and shoparound prices grew progressively from Q2
2009 onwards
- Non-comprehensive prices showed an even larger jump in prices during 2009
- Car drivers in the North West of England pay the highest premiums
- Rates differ considerably between gender and age
- The number of new private car registrations increased during 2009
- The scrappage scheme provided a much needed boosted for the new car market
- However, fewer individuals had access to motor finance to purchase new or
used cars
- The vast majority of cars on the road are aged between six and 13 years
- Growth in the total motorcycle parc was stagnant in 2009
- The number of multicar households has been static since 2005
Distribution
- Introduction
- Private motor insurance is mostly sold direct
- The direct channel continues to be the dominant route to market
- Brokered private motor insurance accounts for 31% of the market
- Corporate partnerships are an important way to distribute private motor
products
- Banks and building societies have a market share of 6%
- RBSI brands have a prominent presence in the private motor market
- Direct Line is the number one private motor insurance brand
- The top five direct insurers comprise over a quarter of the motor
insurance market distribution
- The AA was the market leader for broker-distributed private motor insurance
- Bancassurers have a relatively small market presence
- The top five brandassurers hold a lower market share than in 2008
- Aggregator-instigated sales have increased
- Half of new motor business sales are initiated through a price comparison
site
- The OFT is currently investigating aggregators as to whether they are
misleading customer
- Total advertising expenditure in the motor market fell in 2009
- Direct insurers and aggregators have toned down their advertising spend
- Brandassurers and bancassurers increased their marketing spends
significantly in 2009
- Of the top 10 advertisers, GoCompare.com, Aviva and CompareTheMarket.com
increased their spending
- Most of the top 10 motor advertisers focus their resources on advertising
via television
- Direct mail advertising was a more popular strategy with the top 11-20
motor insurance advertisers
- The top four price comparison sites accounted for almost half of total TV
advertising spend
- Price comparison sites invest heavily in TV advertisement
- GoCompare.com was the number one motor insurance TV advertiser in 2009
- Brokers channel most of their advertising spend through direct mail
promotion
- Brokers tend to favor direct mail as a means to advertise motor insurance
Customer Focus
- Introduction
- Private motor penetration rates have increased to 80.1%
- Penetration is lowest among people aged between 18 and 34
- Penetration rises with income level
- Social grade of consumers has less influence on penetration rates
- Internet- and telephone-based sales account for most transactions
- Private motor insurance is mostly sold via the internet
- Elder consumers prefer buying their insurance over the telephone
- Low income households tend to buy cover over the phone
- Apart from for social grades A and E, the internet is the most used
platform for arranging motor insurance
- Older customers are less likely to switch car insurance provider
- Retention rates are around 55% in the private motor market
- Customers aged between 25-34 were most likely to shop around for
alternative quotations
- Retention rates appear to be highest for the lowest and highest earners
- Price has to be the primary focus in marketing campaigns
- Price was the most commonly cited reason for selecting a motor insurance
provider
- In contrast to older customers, those aged between 25-34 years of age are
the most price-sensitive
- Over 60% of all consumers visit price comparison websites at renewal
- Price comparison websites appeal particularly to those aged between 25 and
34 years
- Low income households are less likely to use aggregators at renewal
- Only 41.8% actually go on to buy policy via a price comparison website
- Older customers are less likely to purchase a policy after visiting a
price comparison website
- It is more difficult to differentiate aggregator purchasing behavior among
different household incomes
Competitive Dynamics
- Introduction
- Most of the top 10 private motor insurers grew their market share slightly
- RBS Insurance increased its GWP and market share in 2009
- Aviva saw its total GWP contract but remained the second largest private
motor insurance group
- RSA achieved a 5% increase in GWP
- LV= increased its market share significantly
- Lloyds Banking Group is no longer in the market
- Fortis insurance is soon to benefit from its new partnership with Tesco
Bank
- Fortis witnessed its private motor book decrease by 9.7% in GWP in 2009
- Fortis' new five-year partnership with Tesco Bank will generate
considerable new private motor business
- Munich Re will continue to write the largest share of Admiral' s book
- AXA increased its car insurance proposition to cater for older, more
experienced customers
- AXA achieved significant GWP growth in its private motor insurance book
- The group launched a direct AXA-branded car insurance product in 2010
- AXA have partnered with Complectus to launch misfuelling insurance
- There were a few exits from the market out of the top 11-20 private motor
insurers
- GMAC Financial Services is looking to sell Provident
- Groupama plans to raise rates by 10% for its private car policies in 2010
- Allianz also increased its private motor rates
- Binomial, which underwrites via Sabre Insurance, increased its total motor
book
- Admiral Group had a strong 2009
- HSBC has placed its motor insurance business into run-off
- QBE has also exited that market
- The largest insurers focus mainly on comprehensive car insurance
- Comprehensive business accounts for the majority of the top insurers' books
- RBS has the most policies in force
- RBS, Aviva, RSA and Fortis performed better than the market average COR
- The accident year COR of the total motor market deteriorated further in
2009
- Fortis' and RSA' s CORs were well below the market average in 2009
- RBS and Aviva had a more testing year, but both managed to perform better
than the market average
- Most of the top 10 made a slight reserve release to lower their reported
year COR
- The lack of reserves left in the market was evident in 2009
- The commission ratio increased for most of the top 10 private motor
insurance groups
- Non-UK domiciled insurers such as Zurich and Acromas are significant
players
- Zurich has transferred its UK book to Ireland
- Zurich is now regulated by the Irish Financial Regulator
- Zurich intends to increase rates by 20% in personal motor to improve
profitability
- The Acromas Group underwrites all of its private motor policies sold via
the Saga brand
- Quinn Direct will write considerably less UK business as a result of being
in administration
- Markerstudy is looking to shed private motor business from Zenith
following its acquisition in late 2009
- A number of Lloyds of London Syndicates increased their exposure in 2009
- Lloyd' s market insurers have a significant presence in the UK motor market
- Datamonitor calculates that Lloyd' s of London motor GWP increased to
£967m in 2009
- Equity Red Star is the largest UK motor insurer in the Lloyd' s of London
market
- Chaucer plans to up its motor rates by 14% throughout 2010
- Amlin grew its motor fleet business during 2009
- KGM Motor had a difficult 2009 and it is currently up for sale
Future Decoded
- Introduction
- Market growth will be stunted in 2010 followed by successive increases
from 2011 onwards
- Rate increases will drive market growth
- The total UK private motor market will be worth £10.8 billion in GWP
in 2014
- The COR will see some improvements as rate corrections feed into results
- Premium rate increases will improving underwriting results and help lower
the COR
APPENDIX
- Further data
- Definitions
- ABI members
- Bancassurers
- Brokers
- Brandassurers
- Combined ratio
- Commission expenses
- Comprehensive motor insurance
- Channel
- Direct insurer/writer
- Earned premiums
- Gross premium
- Net premium
- Non-comprehensive motor insurance
- Platform
- Reserve development
- Written premiums
- Methodology
- Datamonitor' s Insurance Consumer Survey
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
List of Tables
- Table 1: Private motor GWP by line of business, 2006-09p (£000s)
- Table 2: UK motor insurance NWP split between ABI members and Lloyd' s
(£m), 2008
- Table 3: Motor policies in force, 1999-2009 (000s)
- Table 4: Accident and reported year COR, private motor market (%), 2005-09
- Table 5: Average motor claim cost and claims inflation (£), 2003-08
- Table 6: Number of claims settled, costs and average claim value for
private motor theft claims, 2005-09
- Table 7: Average motor claims payout and percentage of total claims by
type (£), 2008
- Table 8: Comprehensive and non-comprehensive claims and exposure, UK
private motor (000s), 2005-09
- Table 9: Total number of reported road traffic accidents in Great Britain
(000s), 1998-2009
- Table 10: Road traffic accidents relative to registered vehicles in Great
Britain (000s), 1998-2009
- Table 11: Reported deaths, seriously and slightly injured casualties from
Great Britain RTAs, 2003-Q3 2009
- Table 12: Average and shoparound private motor insurance prices (£),
Q2 2007-Q1 2010
- Table 13: Average car insurance premiums split by region (£), Q4
2009-Q1 2010
- Table 14: Example of average premiums quotes by gender and age (£),
Q1 2010
- Table 15: New private car registrations in Great Britain by body type
(000s), 2005-09
- Table 16: Cars licensed by years since first registration in Great Britain
(000s), 2000-09
- Table 17: Total motorcycle car parc and new registrations in Great Britain
(000s), 2004-09
- Table 18: Great Britain households with a private car (%), 2002-08
- Table 19: Private motor insurance GWP distribution by channel (all
business) (%), 2005-09e
- Table 20: Top 10 insurance companies distribution share, by age group (%),
2010
- Table 21: Estimated aggregator-instigated private motor sales (%), 2007e
-2009e
- Table 22: Advertising expenditure, by channel of top insurance providers
(£), 2008-09
- Table 23: Advertising expenditure spent by channel of top motor insurance
advertisers (£), 2009
- Table 24: Top 10 motor insurance advertisers (£), 2008-09
- Table 25: Top 10 motor insurance advertisers' advertising expenditure by
channel (%), 2009
- Table 26: Top 11-20 motor insurance advertisers' advertising expenditure
by channel (%), 2009
- Table 27: Top 10 motor insurance television advertisers, 2008-09 (£)
- Table 28: Top 10 motor insurance direct mail advertisers (£), 2008-09
- Table 29: Distribution of private motor insurance by age group and
platform (%), 2010
- Table 30: Distribution of private motor insurance by household income and
platform (%), 2010
- Table 31: Distribution of private motor insurance by social grade and
platform (%), 2010
- Table 32: Propensity to switch provider and likelihood of getting other
quotes by age (%), 2010
- Table 33: Propensity to switch motor insurance provider by household
income (%), 2010
- Table 34: Commonly cited reasons for selecting a car insurance provider,
by age group (%), 2010
- Table 35: Reasons for visiting a price comparison site, by age and
household income (%), 2010
- Table 36: GWP and market share of the top 10 UK private motor insurance
groups, 2008-09
- Table 37: GWP and market share of the top 11-20 UK private motor insurance
groups, 2008-09
- Table 38: Top 10 private motor insurers' comprehensive and
non-comprehensive books (000s), 2008-09
- Table 39: Private comprehensive and non-comprehensive vehicle years for
the top 10 insurers (000s), 2009
- Table 40: Top 10 motor insurance groups accident year combined ratio and
underwriting results, 2009
- Table 41: Top 10 motor insurance groups reported year combined ratio and
underwriting results, 2009
- Table 42: Commission ratios for the top 10 private motor insurers (%),
2008-09
- Table 43: UK motor insurance NWP split between ABI members and Lloyd' s
(£m), 2008
- Table 44: Motor insurance GWP for selected Lloyd' s insurers with large UK
motor exposure (£000s), 2008-09
- Table 45: Key variables affecting private motor insurance GWP, 2010f-14f
- Table 46: Private motor GWP by line of business (£m), 2006-14f
- Table 47: Forecast for the accident year combined ratio, UK private motor
market (%), 2005-14f
- Table 48: Advertising expenditure spent by channel of top motor insurance
advertisers (£), 2008
- Table 49: Datamonitor' s consumer survey sample size by age and income, 2010
List of Figures
- Figure 1: The RBS group maintains dominance over the motor market
- Figure 2: Comprehensive private motor insurance now accounts for 88% of
total premiums
- Figure 3: Lloyd' s of London players underwrote £781m of motor
business in 2008
- Figure 4: Almost 90% of all policies in force are for comprehensive cover
- Figure 5: The private motor market has been moving away from
non-comprehensive cover
- Figure 6: Soaring claims costs forced the private motor COR up to 122.9%
in 2009
- Figure 7: Both the total and private motor market saw the COR jump
significantly in 2009
- Figure 8: There were little reserve releases to bolster the reported year
COR in 2009
- Figure 9: The accident year loss ratio increased by 7.5 points in 2009
- Figure 10: Meanwhile, the reported year loss ratio increased by a
staggering 15.8 points in 2009
- Figure 11: The average claim cost is just under £2,200
- Figure 12: Bodily injury claims are the most expensive for insurers to
settle
- Figure 13: The claims frequency for comprehensive policies have fallen
over the past 10 years
- Figure 14: The DfT now estimates that the number of road traffic accident
casualties is around 800,000 per annum
- Figure 15: Fewer road traffic accidents are lowering the frequency of
claims
- Figure 16: The number of road traffic accidents has steadily fallen since
1998
- Figure 17: 2009 looks to have been another year of declining road
casualties
- Figure 18: Comprehensive rates grew strongly in Q4 2009
- Figure 19: Rate increases were far more pronounced for non-comprehensive
policies during 2009
- Figure 20: Premium prices fall considerably for buyers older than 22 years
of age
- Figure 21: Private car sales picked up in 2009
- Figure 22: Over half of the total car parc was older than six years in 2009
- Figure 23: The total motorcycle car parc stalled in 2009, with
historically low levels of new registrations
- Figure 24: There are on average 1.14 cars per household in Great Britain
- Figure 25: Direct insurers and brokers account for just under 75% of all
private motor sales
- Figure 26: Direct Line is the market leader for private motor insurance
- Figure 27: RBSI-owned Direct Line and Churchill are the largest direct
private motor insurers
- Figure 28: The AA is by far the largest private motor insurance broker
- Figure 29: Lloyds TSB' s market dominance among bancassurers is retained,
albeit by a reduced margin
- Figure 30: Tesco shows a formidable lead above brandassurers
- Figure 31: More than half of new private motor GWP was generated through
an aggregator
- Figure 32: Direct insurers, aggregators and brokers spent less on
advertising during 2009
- Figure 33: TV advertising was most popular among the top 10 largest motor
advertisers in 2009
- Figure 34: Direct mail and TV were popular advertising media for the top
11-20 motor advertisers in 2009
- Figure 35: GoCompare.com' s opera singer, Gio Compario, has significantly
raised the profile of the website
- Figure 36: Private motor penetration is highest among over-65 year olds
- Figure 37: Penetration rates increase for those households earning
£30,000 and above
- Figure 38: Penetration rates are slightly higher for those in the A and B
social economic groups
- Figure 39: The majority of customers buy their car insurance over the
internet or by telephone
- Figure 40: Internet-based providers should target consumers aged between
25-34 years of age
- Figure 41: Telephone-based sales are most popular for the lowest and
highest household incomes
- Figure 42: Most social grades preferred to use the internet to arrange a
car insurance policy
- Figure 43: Retention rates improve significantly as age increases
- Figure 44: Switching car insurance provider is most pronounced for middle
income earners
- Figure 45: Competitive prices will ensure new business and customer
retention
- Figure 46: Non-price factors appeal more to older customers when choosing
a car insurance provider
- Figure 47: Price comparison websites are most popular among those in their
20s and 30s
- Figure 48: Low earners tend to use price comparison sites the least
- Figure 49: Conversion rates on aggregators differ across age groups
- Figure 50: Sales via aggregators are highest for those earning less than
£75,000
- Figure 51: RBS consolidated its position as the number one UK private
motor insurance group
- Figure 52: The top 11-20 insurers found maintaining their market share
more difficult in 2009
- Figure 53: Comprehensive business is the main source of income for most of
the top private motor insurers
- Figure 54: RBS had 7.9 million private motor policies in-force in 2009
- Figure 55: All of the top 10 private motor insurers were running a loss
ratio of above 90% in 2009
- Figure 56: CORs after reserve releases ranged from 111.7% to 135.5% in 2009
- Figure 57: Lloyd' s of London players underwrote £781m of motor
business in 2008
- Figure 58: The UK private motor market will experience strong growth
during 2011 and 2012
- Figure 59: The COR will drop considerably from 2011 onwards
|
