United Kingdom Commercial Motor Insurance Market Dynamics and Opportunities: The Impact of Inflation and Emerging Technology, such as AI and Autonomous Vehicles
DUBLIN, March 8, 2024 /PRNewswire/ -- The "United Kingdom (UK) Commercial Motor Insurance Market Dynamics and Opportunities 2023" report has been added to ResearchAndMarkets.com's offering.
This report analyzes the UK commercial motor insurance market, looking at drivers of uptake. It discusses the claims landscape in 2022, as well as the motor market and upcoming regulatory changes within insurance. Incumbent competitors are analyzed and compared, along with newcomers and insurtechs within the space. Future impactors in the market - including inflation and emerging technology, such as AI and autonomous vehicles - are also covered.
The UK commercial motor insurance market contracted by 0.3% from 2021 to 2022 to reach a value of GBP5.65 billion. This may be attributed to economic pressures causing UK businesses to re-evaluate expenses and potentially downsize their fleets.
Meanwhile, gross and net claims incurred increased by 9.0% and 15.2%, respectively. Claims inflation remains an issue for insurers, attributed to factors such as supply chain issues, labor shortages, and macroeconomic conditions. Allianz overtook Aviva to become the market leader in 2022, accounting for 10.0% of the market.
Report Scope
- The commercial motor insurance market was forecast to grow by 19.4% in 2023e, following a 0.3% decrease in 2022.
- The total number of commercial vehicles increased by 3.1% in 2022.
- The total miles driven by all vehicles increased by 8.8% from 2021 to 2022.
- Gross claims incurred increased by 9.0% in 2022, while net claims incurred increased by 15.2%.
Key Benefits
- Determine how the market leaders have maintained their positions and evolved their product offerings in the past year.
- Understand the effects of the cost-of-living crisis on the market.
- Ascertain how newcomers and insurtechs are disrupting and driving innovation.
- Identify areas for growth and development in the market going forward.
- Recognize the short-term and long-term challenges facing commercial motor insurers
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 UK commercial motor insurance market
2.2 The commercial motor insurance claims landscape
3. Competitor Dynamics
3.1 Overview of the market leaders
3.2 Insurtechs and newcomers
4. The Market Going Forward
4.1 Technology continues to reshape the commercial motor insurance landscape
4.2 EVs are more commonly used in the commercial landscape
4.3 Autonomous vehicles in the commercial landscape
Company Coverage
- Allianz
- Aviva
- Direct Line
- Zurich
- NFU Mutual
- QBE
- Humn.ai
- AXA
- RSA
- QIC
- Haven
- LV=
- ElectriX
- Zego
- Friss
- Ageas
- Churchill
- Ezoo
- Drive Fuze
- Flock
- Bikmo
- Blike
- Uber
- Deliveroo
- Stuart
- WTW
- Confused.com
- Amazon
- Tesla
- Asda
- Wayve
For more information about this report visit https://www.researchandmarkets.com/r/44memr
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SOURCE Research and Markets
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