UK Personal Insurance Claims Market by Private Motor Insurance, Household Insurance, Travel Insurance and Pet Insurance 2023

United Kingdom (UK) Personal Insurance Claims Market Report Overview

Inflation remains the key challenge faced by insurers in 2023. Rapidly rising inflation has raised costs for insurers, but at the same time has left consumers in financial difficulty and unable to purchase policies. Improved digitalization and automation across claims channels; improved fraud detection methods; and new methods of insurance payout such as parametric insurance will help insurers reduce claims costs going forward.

This report analyzes the claims landscape across four key personal lines: motor, home, travel, and pet insurance. Claims fraud, method, channel, and satisfaction are all examined across each line. Insights into the future of the claims landscape (and how to mitigate the impact of claims inflation) are also covered by the report.

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UK Personal Insurance Claims Market by Line of Insurance

The key lines of insurance or types in the UK personal insurance claims market are motor, home, travel, and pet. In 2022, the pet insurance accounted for the highest claims made in the UK personal insurance claims market. The growth can be attributed to various causes, such as more consumers leaving their home unattended post-pandemic and an aging pet population for pets purchased mid-pandemic. However, the travel insurance line had the highest percentage of claims approved during 2022, primarily due to cancellations.

UK Personal Insurance Claims Market Analysis by Approved Insurance Claims, 2022 (%)

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UK Personal Insurance Claims Market by Claim Methods

Some of the key insurance claiming methods across all the lines are on the phone (telephone), through the provider’s website, by email, by post, and through provider’s app among others. In 2022, consumers for motor and home insurance mostly preferred making their claims over the phone. For the other lines, provider’s website and email were the most viable choices.

UK Personal Insurance Claims Market Analysis by Claims Method, 2022 (%)

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UK Personal Insurance Claims Market by Claim Channels

The key claim channels in the UK personal insurance claims market are directly with the insurer, bank, third party, and brokers. In 2022, majority of the claims across all the lines of insurance were made directly with the insurer.

UK Personal Insurance Claims Market Analysis by Claims Channel, 2022 (%)

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UK Personal Insurance Claims Market by Claim Satisfaction Parameters

Some of the mostly considered claim satisfaction parameters in the UK personal insurance claims market were speed of resolution, ability to choose preferred claim method, claims automation, and interaction with claims handler among others. In 2022, majority of UK personal insurance claimants were satisfied with the speed of resolution satisfaction parameter. Swift claims turnaround and a fast claims process was the most sought for parameter among the consumers in UK pet, motor, and travel insurance lines.

UK Personal Insurance Claims Market Analysis by Claim Satisfaction Parameters, 2022 (%)

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Key Segments Covered in this Report.

UK Personal Insurance Claims Line of Insurance Outlook (%, 2022)

• Motor
• Home
• Travel
• Pet

UK Personal Insurance Claims Method Outlook (%, 2022)

• On the Phone (Telephone)
• Through the Provider’s Website
• By Email
• Through the Provider’s App
• By Post
• Others

UK Personal Insurance Claims Channel Outlook (%, 2022)

• Directly with the Insurer
• Broker
• Bank
• Third Party

UK Personal Insurance Claims Satisfaction Parameter Outlook (%, 2022)

• Speed of Resolution
• Ability to Choose Preferred Claim Method
• Claims Automation
• Interaction with Claims Handler
• Others

Scope

• Around 20% of motor and home insurance customers made a claim in 2022, with this figure falling to around 10% in the travel line and rising to over 30% in the pet line. Across all four lines, over 75% of claims were accepted.

• In the motor and home insurance lines, telephone remained the most popular claim method in 2022. Yet in the travel and pet lines, telephone has dropped in popularity, with more consumers preferring digital methods.

• Results from GlobalData’s 2022 UK Insurance Consumer Survey indicate that consumers place value on speed and simplicity in the claims process, as well as freedom to choose their method of claim.

Key Highlights

• Around 20% of motor and home insurance customers made a claim in 2022, with this figure falling to around 10% in the travel line and rising to over 30% in the pet line. Across all four lines, over 75% of claims were accepted.
• In the motor and home insurance lines, telephone remained the most popular claim method in 2022. Yet in the travel and pet lines, the telephone has dropped in popularity, with more consumers preferring digital methods.
• Results from GlobalData’s 2022 UK Insurance Consumer Survey indicate that consumers place value on speed and simplicity in the claims process, as well as the freedom to choose their method of claim.

Reasons to Buy

• Determine the extent of claims inflation across the four key personal lines and ways to react to these growing costs.
• Understand how policyholders derive satisfaction from the claims process and use the insights to create new solutions for customers.
• See the role of technology in reducing the impact, frequency, and handling costs of claims.