United Kingdom (UK) General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028

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United Kingdom (UK) General Insurance Market Report Overview

The gross written premium of the United Kingdom (UK) general insurance market was GBP122.1 billion ($150.8 billion) in 2023 and will achieve a CAGR of more than 5% during 2024-2028. The UK general insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s general insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

UK General Insurance Market Outlook, 2023-2028 (GBP Billion)

UK General Insurance Market Outlook, 2023-2028 (GBP Billion)

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The UK general insurance market report also gives a comprehensive overview of the Hungarian economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it also includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2023) GBP122.1 billion ($150.8 billion)
CAGR (2024-2028) >5%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·       Motor

·       Property

·       MAT

·       Liability

·       General Insurance PA&H

·       Financial Lines

Leading Companies ·       Aviva

·       UK Insurance

·       RSA

·       AXA

·       Admiral

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UK General Insurance Market Trends

Sustainability initiatives and micromobility and mobility as a service (MaaS) developments are a few of the trends impacting the UK general insurance market. Furthermore, the surge in sales of autonomous vehicles and growth in the popularity of embedded insurance, pet insurance, and cyber insurance will also propel UK general insurance market growth.

  • Consumers are facing financial difficulties and had to cut bills where possible which led to their willingness to pay more for sustainable policies weakening over the last year or two. In an era of evolving challenges, pension providers and wealth managers need to navigate a crucial path by upholding ESG principles. The rise in younger consumers embracing sustainable investments underscores the enduring significance of ESG commitments.
  • Embedded insurance is emerging as a high-growth distribution model driven by regulatory changes, technological advancements, and shifting consumer expectations. Tesla is a leading example of embedded motor insurance. Tesla Insurance offers competitive and comprehensive coverage specifically tailored to Tesla vehicle owners. What sets it apart is its in-depth understanding of Tesla vehicles, technology, safety features, and repair costs.

UK General Insurance Market Segmentation by Lines of Business

Motor insurance was the leading general insurance line of business in 2023

The key lines of business in the UK general insurance industry are property, motor, liability, MAT, general insurance PA&H, and miscellaneous. Motor accounted for the largest LOB accounting for the largest general insurance market share in 2023, followed by property and liability.

Insurers have passed a portion of the financial burden onto policyholders via higher insurance premiums to offset mounting costs arising from supply chain disruptions and labor shortages in the automotive repair sector. The primary driver behind the increase in premiums in 2023 was the rising claims costs.

UK General Insurance Market Analysis by Lines of Business, 2023 (%)

UK General Insurance Market Analysis by Lines of Business, 2023 (%)

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UK General Insurance Market - Competitive Landscape

Aviva was the largest general insurer in 2022

A few of the leading general insurance companies in the UK are:

  • Aviva
  • UK Insurance
  • RSA
  • AXA
  • Admiral

Aviva: In April 2024, Aviva enhanced its Direct Home insurance to provide greater coverage for customers. The changes will apply to new home insurance policies bought directly from Aviva from March 20, 2024, and will be applied to existing customers at renewal. The enhancements are the latest development from Aviva’s home insurance product suite, which offers a choice of products to suit different needs and budgets.

UK General Insurance Market Analysis by Companies, 2022 (%)

UK General Insurance Market Analysis by Companies, 2022 (%)

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UK General Insurance Market - Latest Developments

  • In August 2023, Aviva expanded its underwriting appetite to include engineered timber in commercial developments to reinforce its sustainability commitments. The built environment in the UK accounts for 40% of carbon emissions. Aviva aims to help the construction and real estate sectors reduce their carbon footprint by collaborating with contractors who want to build more sustainably.
  • In May 2023, Sky launched a product that aims to disrupt the home insurance industry. Sky Protect Smart House Insurance is a new service that combines home insurance with smart home technologies. This package (which is underwritten by Zurich) includes smart home devices worth up to GBP250 ($318.3), such as a video doorbell, an indoor camera, leak detectors, motion sensors, and contact sensors.

Segments Covered in the Report

UK General Insurance Lines of Business Outlook (Value, GBP Billion, 2019-2028)

  • Property
  • Motor
  • Liability
  • MAT
  • General Insurance PA&H
  • Miscellaneous

Scope

This report provides:

  • A comprehensive analysis of the general insurance segment in the UK.

  • Historical values for UK’s general insurance segment for the report’s 2019–23 review period, and projected figures for the 2024–28 forecast period.

  • Profiles of the top general insurance companies in the UK and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of the UK’s general insurance segment.
  • A comprehensive overview of the UK’s economy, government initiatives, and investment opportunities.
  • UK’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • The UK’s general insurance industry’s market structure gives details of lines of business.
  • UK’s general reinsurance business market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by the UK’s general insurers.
  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to the UK’s general insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the UK’s general insurance segment.
  • Assess the competitive dynamics in the general insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Aviva
U K Insurance
RSA
AXA
AIG
Allianz
Admiral
Bupa

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channels

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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