United Kingdom (UK) Private Motor Insurance Market Size, Trends, Competitor Dynamics and Opportunities

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UK Private Motor Insurance Market Report Overview

The gross written premium of the United Kingdom (UK) private motor insurance market size is estimated to be GBP14.71 billion in 2023. Going forward, the cost-of-living crisis and rising claims will continue to impact the motor insurance market. The average premiums are forecast to have reached all-time highs in 2023, driven by the rising cost of claims.  The UK private motor insurance market is expected to achieve a CAGR of more than 3% during 2023-2026.

UK Private Motor Insurance Market Outlook 2023-2026 (GBP Billion)

UK Private Motor Insurance Market Outlook 2023-2026 (GBP Billion)

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The UK private motor insurance market research report explores the claims landscape in 2023, as well as the motor market and upcoming regulatory changes within the insurance industry. Incumbent competitors are analyzed and compared, along with newcomers and insurtechs operating in this space. Future impactors on the market including inflation as well as emerging technologies such as artificial intelligence and autonomous vehicles are also examined.

Market Size (2023) GBP14.71 Billion
CAGR >3%
Forecast Period 2023-2026
Passenger Types •       Car Occupants

•       Pedestrians

•       Motorcycle Users

•       Pedal Cyclists

•       Others

Leading Motor Insurers •       Admiral

•       Direct Line

•       Allianz

•       Aviva

•       Advantage Insurance

•       Covéa

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UK Private Motor Insurance Market Dynamics

As the transition to electric EVs gains momentum due to government mandates and consumers’ growing preference for cleaner transportation options, insurers must proactively adapt their offerings to cater to this evolving market. Insuring EVs presents unique challenges compared to traditional internal combustion engine (ICE) vehicles, such as handling complex battery technology, assessing repair costs, and addressing specialized maintenance requirements. To succeed in this shifting landscape, insurers should invest in hiring experts well-versed in EV insurance intricacies.

Insurers should also utilize artificial intelligence (AI) technology as they stand to benefit significantly. AI-driven predictive analytics can revolutionize risk assessment by analyzing vast datasets to identify high-risk policyholders and situations. This enables insurers to take proactive measures, such as offering personalized safety recommendations or adjusting pricing based on driving behavior.

UK Private Motor Insurance Market Segmentation by Passenger Types

The key passenger types in the UK private motor insurance market include car occupants, pedestrians, motorcycle users, and pedal cyclists. Car occupants made up the highest proportion of casualties in 2022.

UK Private Motor Insurance Market Analysis by Passenger Types 2022 (%)

UK Private Motor Insurance Market Analysis by Passenger Types 2022 (%)

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UK Private Motor Insurance Market - Competitive Landscape

Some of the leading private motor insurers in the UK are:

  • Admiral
  • Direct Line
  • Allianz
  • Aviva
  • Advantage Insurance
  • Covéa

Admiral led the private motor insurance industry in 2022. Its market share grew by more than 1 pp. Direct Line remained in second place.

UK Private Motor Insurance Market Analysis by Motor Insurers 2023 (%)

UK Private Motor Insurance Market Analysis by Motor Insurers 2023 (%)

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Segments Covered in the Report

UK Private Motor Insurance Passenger Types Outlook (Value, GBP Billion, 2023-2026)

  • Car Occupants
  • Pedestrians
  • Motorcycle Users
  • Pedal Cyclists

Scope

• The UK private motor insurance market is expected to grow by 19.1% in 2023e, following a 1.7% increase in 2022.

• Average premiums remained unchanged from 2021 to 2022, standing at GBP434.

• Total policies written increased by 0.4% from 2021 to 2022.

• The total number of claims notified increased by 17.1% from 2021 to 2022, while gross claims paid increased by 13.3%.

Reasons to Buy

  • Determine the underlying factors affecting the private motor insurance market.
  • Understand the impact of new regulations on the industry.
  • Observe the actions and reactions of incumbent market leaders and insurtech newcomers.
  • Understand the effects of the cost-of-living crisis.
  • Anticipate new challenges and changes in the market going forward.


  • 1. Executive Summary

  • 1.1 Market overview

  • 1.2 Key findings

  • 1.3 Critical success factors

  • 2. Market Dynamics

  • 2.1 The private motor insurance market grew in 2022 and 2023

  • 2.2 Average premiums began to rise towards the end of 2022

  • 2.3 The motor claims landscape in 2022

  • 2.4 RTAs and their link to claims

  • 3. Competitor Dynamics

  • 3.1 Admiral remains the market leader

  • 3.2 Analysis of the market leaders

  • 3.3 Newcomers and insurtechs gain traction

  • 4. The Market Going Forward

  • 4.1 The UK private motor insurance market is expected to reach GBP15.01 billion by 2027

  • 4.2 Future opportunities in the private motor insurance market

  • 4.3 Connected cars, the Internet of Things, and smart motorways

  • 4.4 The EV market is expected to keep growing

  • 4.5 Fully autonomous vehicles will disrupt motor insurance

  • 5. Appendix

  • 5.1 Abbreviations, acronyms, and initialisms

  • 5.2 Methodology

  • 5.3 Secondary sources

  • 5.4 Further reading

  • About GlobalData

  • Contact Us


Table of Contents

1. Executive Summary

1.1 Market overview

1.2 Key findings

1.3 Critical success factors

2. Market Dynamics

2.1 The private motor insurance market grew in 2022 and 2023

2.2 Average premiums began to rise towards the end of 2022

2.3 The motor claims landscape in 2022

2.4 RTAs and their link to claims

3. Competitor Dynamics

3.1 Admiral remains the market leader

3.2 Analysis of the market leaders

3.3 Newcomers and insurtechs gain traction

4. The Market Going Forward

4.1 The UK private motor insurance market is expected to reach GBP15.01 billion by 2027

4.2 Future opportunities in the private motor insurance market

4.3 Connected cars, the Internet of Things, and smart motorways

4.4 The EV market is expected to keep growing

4.5 Fully autonomous vehicles will disrupt motor insurance

5. Appendix

5.1 Abbreviations, acronyms, and initialisms

5.2 Methodology

5.3 Secondary sources

5.4 Further reading

About GlobalData

Contact Us

Table

Table 1: Number of claims settled, average cost, and gross claims paid, by claim type, 2018-22

Table 2: GWP and market share of the top 10 private motor insurers in the UK, 2020-22

Figures

Figure 1: The private motor insurance industry increased by 1.7% in 2022

Figure 2: The average private motor insurance premium remained at GBP434 in 2022

Figure 3: Average premiums rose by 20.1% from Q2 2022 to Q2 2023

Figure 4: Consumer price inflation is expected to have peaked in 2022

Figure 5: Claims notified and claims frequency both increased in 2022

Figure 6: The number of claims settled increased by 13.1% from 2021 to 2022

Figure 7: The number of claims recorded by the CRU fell by 5.2% in 2022

Figure 8: Casualty numbers increased from 2021 to 2022

Figure 9: The average petrol price increased by 23.8% from 2021 to 2022

Figure 10: New car registrations fell by 1.5% in 2022

Figure 11: EVs are becoming increasingly popular in the UK

Figure 12: Admiral strengthened its position as market leader in the private motor insurance market

Figure 13: UK private motor insurance GWP is expected to reach GBP15.01 billion in 2027

Figure 14: Younger consumers are more likely to purchase telematics insurance policies

Figure 15: CCC Intelligent Solutions automates the claims process using AI technology

Figure 16: Industry insiders cited the cost of repairs as the biggest challenge for insurers in the move to EVs

Figure 17: Forecasting methodology

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