UK General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

The UK General Insurance Market Overview

The gross written premium of the UK general insurance market was GBP98.8 billion in 2022 and is expected to achieve a CAGR of more than 3% during 2023-2027. The UK general insurance market research report provides in-depth market analysis, information, and insights into The UK’s general insurance segment. It also provides values for key performance indicators such as gross written premium, loss ratio, retail, and commercial split, premium by line of business, and reinsurance premiums during the review period and forecast period.

The UK General Insurance Market Outlook, 2022-2026 (GBP Billion)

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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of the UK economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

The UK General Insurance Market Trends

Gig economy insurance, electric vehicles, embedded insurance, multiline insurance, subscription insurance plans, and hyper-personalized products are some of the key trends driving the UK general insurance market.

Embedded insurance is an approach by integrating insurance with the products offered by third-party providers, specifically are purchased online to provide customers with a seamless and simple purchasing journey at a low cost. For instance, Amazon Insurance Store was launched in October 2022. It has a wide range of smart technology products, such as Amazon Echo, which already gives it a strong presence within UK households.

Furthermore, in August 2022, Urban Jungle entered the motor insurance market, making it the first UK insurtech business to go multiline and offer both home and car cover. It is offering consumers the ability to design their own policy and only pay for the cover they deem necessary. This includes having the option to make changes to their policy as and when they want to online, free of charge.

The UK General Insurance Market Segmentation by Lines of Business

The key lines of business in the UK general insurance market are motor, property, MAT, liability, non-life PA&H, financial lines, and miscellaneous. In 2022, the motor segment held the highest share.

The UK General Insurance Market Analysis by Lines of Business, 2022 (%)

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The UK General Insurance Market Segmentation by Distribution Channel

The key distribution channels in the UK GI industry are direct marketing, insurance brokers, bancassurance, agencies, and other distribution channels. In 2022, insurance brokers accounted for the highest UK GI market, followed by direct marketing.

The UK General Insurance Market Analysis by Distribution Channel, 2022 (%)

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The UK General Insurance Market - Competitive Landscape

The leading general insurance companies in The UK general insurance market are Aviva Insurance, UK Insurance, Royal & Sun Alliance, AIG Europe, Axa Insurance UK, Admiral Group, Allianz Insurance, and BUPA Insurance among others. In 2021, Aviva Insurance was the leading insurer.

The UK General Insurance Market Analysis by Companies, 2021 (%)

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Segments Covered in the Report

The UK General Insurance Market Lines of Business Outlook (Value, GBP Billion, 2017-2026)

• Property Insurance
• Motor Insurance
• Liability Insurance
• Financial Lines Insurance
• MAT Insurance
• Non-Life PA&H Insurance

The UK General Insurance Market Distribution Channel Outlook (Value, GBP Billion, 2017-2026)

• Direct Marketing
• Insurance Brokers
• Bancassurance
• Agencies
• Other Distribution Channels

Scope

This report provides a comprehensive analysis of the general insurance segment in the UK –

• It provides historical values for the UK general insurance segment for the report’s review period and projected figures for the forecast period.
• It offers a detailed analysis of the key categories in The UK’s general insurance segment and market forecasts until 2026.
• It profiles the top general insurance companies in The UK and outlines the key regulations affecting them.

Key Highlights

• Key insights and dynamics of the UK general insurance segment.

• A comprehensive overview of the UK economy, government initiatives, and investment opportunities.

• The UK insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.

• The UK general insurance industry’s market structure giving details of lines of business.

• The UK general insurance reinsurance business’s market structure giving details of premium ceded along with cession rates.

• Distribution channels deployed by the Uk general insurers.

• Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the UK general insurance segment.
• Understand the demand-side dynamics, key market trends, and growth opportunities in the UK general insurance segment.
• Assess the competitive dynamics in the general insurance segment.
• Identify growth opportunities and market dynamics in key product categories.
• Gain insights into key regulations governing the UK’s general insurance industry, and their impact on companies and the industry’s future.