United Kingdom (UK) Commercial Motor Insurance Market Dynamics, Competitor Landscape, Growth Opportunities and Forecast to 2026
All the vital news, analysis, and commentary curated by our industry experts.
UK Commercial Motor Insurance Market Overview
The gross written premium (GWP) in the UK commercial motor insurance market was valued at GBP5.5 billion in 2021 and is expected to grow at a CAGR of more than 2% during 2021-2026. The growth in gross written premiums (GWP) in the UK commercial motor insurance market was driven by an increase in the number of light goods vehicles (LGVs) on the road in 2021, as COVID-related lockdowns and behaviors established during the pandemic drove demand for home deliveries.
The UK commercial motor insurance market research report will help to understand how COVID-19 and other factors have affected commercial motor insurance. The report will also help to determine how the market leaders have maintained their position and evolved their product offerings in the past year.
UK Commercial Motor Insurance Market Outlook 2021-2026 (GBP Billion)
For more UK commercial motor insurance market forecast, download a free report sample
UK Commercial Motor Insurance Market Dynamics
In the first half of 2021, nation-wide lockdowns in several countries and other COVID-19 pandemic related restrictions led to a significant reduction in mobility and the number of vehicles on the road compared with pre-pandemic times. Also, the average cost of maintenance and repairs increased throughout 2021, as supply chain issues made it increasingly difficult for manufacturers to acquire spare parts (particularly semiconductors), which are becoming more prevalent in vehicles as technology improves.
A lasting effect of the COVID-19 pandemic is the e-commerce boom and greater demand for home deliveries. As a result of the increased demand for these services, cargo vehicles became more and more packed, which drove up the cost of insurance for items in transit. Simply put, a van or truck carrying more cargo will have to pay a higher insurance premium to protect its now more expensive cargo from theft or accident loss.
UK Commercial Motor Insurance Market – Growth Opportunities
As more expensive technologies become common in commercial vehicles, insurers will face increased claims costs. These rising costs will drive higher premiums – increasing GWP. However, in the long run, as EV technologies and adoption increase in the UK market, an increasing number of suppliers will look to manufacture the parts required for these repairs. As the market shifts from ICE vehicles to EVs, mechanics will be retrained to service the latter rather than the former. These factors will contribute to reducing repair costs over time and thus reducing premiums.
With the emergence of EVs, connected cars, autonomous vehicles, and transportation-as-a-service, the motor industry is undergoing unprecedented systemic change. Insurers must be ready to act upon these changes as they start to play even more prominent roles in the industry and wider society. Client-oriented, data-driven, and usage-based policies are becoming increasingly popular among fleet owners, providing another opportunity for insurers to grow or consolidate in the market.
UK Commercial Motor Insurance Market – Competitive Landscape
The key players in the UK commercial motor insurance market are Aviva, RSA Insurance, Allianz, Admiral, AXA, NFU Mutual, Zurich Insurance, QBE Insurance, Direct Line Group, and Haven Insurance. Aviva led the UK commercial motor insurance market in 2021.
UK Commercial Motor Insurance Market Analysis, by Key Players
For more insights on the UK commercial motor insurance market players, download a free report sample
UK Commercial Motor Insurance Market Report Overview
|GWP (2021)||GBP5.5 Billion|
|Key Players||Aviva, RSA Insurance, Allianz, Admiral, AXA, NFU Mutual, Zurich Insurance, QBE Insurance, Direct Line Group, and Haven Insurance|
- The commercial motor insurance market grew in 2021, reaching GBP5.5 billion in GWP.
- The total number of commercial vehicles on UK roads increased in 2021.
- The number of claims recorded fell in 2021, despite the increased number of vehicles on UK roads.
- Aviva remains the market leader.
Reasons to Buy
- Understand how COVID-19 and other factors have affected commercial motor insurance.
- Determine how the market leaders have maintained their position and evolved their product offerings in the past year.
- Understand the effects of the cost-of-living crisis.
- 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.
Hambro Perks Leaders Fund
Lynk & Co
Table of Contents
- 1. Executive Summary
- 1.1. Market overview
- 1.2. Key findings
- 1.3. Critical success factors
- 2. Market Dynamics
- 2.1. UK commercial motor insurance grew once more in 2021
- 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. The commercial motor market will continue to grow
- 4.2. Technology continues to reshape the commercial motor insurance landscape
- 4.3. EVs continue to grow in popularity among commercial fleets
- 4.4. Autonomous vehicles in the commercial landscape
- 4.5. Technological change puts gig employees at risk
- 5. Appendix
- 5.1. Abbreviations, acronyms, and initialisms
- 5.2. Methodology
- 5.3. Secondary sources
- 5.4. Further reading
- 6. About GlobalData
- 7. Contact Us
Frequently asked questions
What is the UK commercial motor insurance GWP in 2021?
The UK commercial motor insurance GWP was valued at GBP5.5 billion in 2021.
What is the UK commercial motor insurance market growth rate?
The UK commercial motor insurance market is expected to grow at a CAGR of more than 2% during 2021-2026.
Which are the key players in the UK commercial motor insurance market?
The key players in the UK commercial motor insurance market are Aviva, RSA Insurance, Allianz, Admiral, AXA, NFU Mutual, Zurich Insurance, QBE Insurance, Direct Line Group, and Haven Insurance.
Which player leads in the UK commercial motor insurance market?
Aviva led the UK commercial motor insurance market in 2021.
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.
Business Intelligence & Marketing Manager, SAL Heavy Lift
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
Market Analyst & Management, Liebherr-Werk
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Head of Key Accounts, Saab AB
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Marketing Intelligence Manager, Portugal Foods
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.
Head of Customer Insight and Research, Standard Chartered
Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.
I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.
I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.
Head of Consumer Sensory Insights, Givaudan
“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.
Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”
Senior Account Manager, TSYS
GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise. The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.
I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.
One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.