United Kingdom (UK) General Insurance (Personal and Commercial Lines) Market Snapshot – Analyzing Gross Written Premiums (GWP), Drivers, Growth Potential and Product Distribution
The UK general insurance market grew by 6.2% in 2021. Strong performances in commercial lines, by virtue of hardening market rates, have more than compensated for reduced premiums and lower uptake in the important (motor and home) personal lines.
This report gives a brief overview of both personal and commercial lines in the UK general insurance market. In the personal lines, this includes private motor, household, travel, and pet. In the commercial lines, this includes commercial motor, commercial property, and employers’ liability. The report presents some underlying drivers of gross written premiums (GWP) in these markets, as well as areas for future growth. The report goes on to discuss product distribution within both segments of the market.
Key UK General Insurance Industry Segments
The key segments in the UK general insurance industry are the personal line and commercial line. The personal line led the UK general insurance market in 2021.
Personal Line: The key segments of this line are private motor insurance, household insurance, pet insurance, and travel insurance. The total personal insurance market is expected to decline. Falls in the two primary lines of personal insurance, motor, and household, are the primary contributors to this fall.
Commercial Line: The total commercial lines market experienced another year of strong growth in 2021. The key segments of commercial lines are commercial motor, commercial property, and employers’ liability.
UK General Insurance Industry Analysis, by Segments
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UK General Insurance Market Segmentation by Distribution Channel
Some of the leading distribution channels in the general insurance market in the UK are direct, broker, banks, and affinity. After the uncertainty of the pandemic, consumers will increasingly turn to reliable and reputable insurers directly for insurance in the personal line. However, brokers will become increasingly important to businesses in the future.
UK General Insurance Industry Analysis, by Distribution Channel (Personal Line)
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UK General Insurance Market Report Overview
|Market Size (2021)||GBP50.2 billion (GWP)|
|Key Personal Line Segments||Private Motor Insurance, Household Insurance, Pet Insurance, and Travel Insurance|
|Key Commercial Line Segments||Commercial Motor, Commercial Property, and Employers’ Liability|
|Key Distribution Channels||Direct, Broker, Banks, and Affinity|
• The total UK general insurance market grew by 6.2% in 2021.
• The total personal insurance market contracted by 3.5% in 2021, falling to GBP28.22 billion in GWP.
• The total commercial lines market experienced growth in GWP in 2021, rising to GBP26.61 billion, an increase of 18.8% on 2020.
• The direct channel is expected to have lost some of the share of distribution in personal lines, decreasing its share by 0.5 percentage points (pp) to 48.9% in 2022.
• We estimate that brokers will remain the dominant distribution channel for commercial lines in 2022, increasing their share by 0.1pp to 79.7%.
Reasons to Buy
• Understand how certain core markets in the UK general insurance market are expected to have performed in 2021.
• Ascertain how underlying factors and drivers in these markets will shape them going forward.
• Explore the future market shares in the distribution of both commercial and personal lines to 2026f.
Table of Contents
Total General Insurance
Frequently Asked Questions
The gross written premium of the UK general insurance industry was GBP50.2 billion in 2021.
The UK general insurance industry is expected to achieve a CAGR of more than 2% during 2021-2026.
The key segments of the personal line are private motor insurance, household insurance, pet insurance, and travel insurance
The key segments of the commercial line are commercial motor, commercial property, and employers’ liability.
Some of the leading distribution channels in the general insurance market in the UK are direct, broker, banks, and affinity.
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