United Kingdom (UK) General Insurance Market Essentials (Personal and Commercial Lines) and Distribution, 2023 Update
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United Kingdom (UK) General Insurance Market Report Overview
The United Kingdom (UK) general insurance market was valued at GBP 55.92 billion in 2022. The total general insurance market is likely to grow at a CAGR of more than 2% between 2022 and 2027. While the uncertain macroeconomic environment is expected to slow growth within the travel and home insurance markets, rising average premiums and increasing demand are expected to drive growth within the motor and pet insurance markets. Additionally, the consistent growth within commercial lines will be driven by hard market rates and increased demand from companies that are more cautious of risks following the cost-of-living crisis.
United Kingdom (UK) General Insurance Market Outlook 2022-2027 (GBP Billion)
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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.
|Market Size (2022)||GBP 55.92 billion|
|Key Lines of Business||Personal Lines and Commercial Lines|
|Key Distribution Channels||Brokers, Direct, Affinity, and Bank|
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UK General Insurance Market Segmentation by Lines of Business
The key lines of business in the UK general insurance market are commercial lines and personal lines. In 2022, the personal lines of the business segment held the highest UK general insurance market share. The most prominent personal lines of insurance include household insurance, travel insurance, private motor insurance, and pet insurance.
UK General Insurance Market Analysis by Lines of Business, 2022 (%)
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UK General Insurance Market Segmentation by Distribution
The key distribution channels in the UK general insurance market are brokers, direct, affinity, and banks. In 2022, the direct channel dominated the UK general insurance market share, and the channel is expected to remain the most popular distribution channel for personal insurance. However, commercial insurance premiums witnessed the dominance of brokers as the most preferred distribution channel in 2022. Furthermore, businesses will increasingly value brokers in the future because of the level of expertise they can provide during such uncertain economic conditions.
UK General Insurance Market Analysis by Distribution Channels in Personal Lines, 2022 (%)
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Segments Covered in this Report
UK General Insurance Line of Business Outlook (GBP Billion, 2018-2027)
- Personal Lines
- Commercial Lines
UK General Insurance Distribution Channel Outlook (GBP Billion, 2022-2027)
• The total UK general insurance market grew by 2.0% in 2022.
• The total personal insurance market increased by 0.7% in 2022, rising to GBP28.41 billion in GWP.
• The total commercial lines market experienced a 3.4% growth in GWP in 2022, rising to GBP27.51 billion.
• The direct channel is expected to increase its share of distribution in personal lines to 49.5% by 2027f.
- The total UK general insurance market grew in 2021.
- The total commercial lines market experienced growth in GWP in 2021
- The direct channel is expected to have lost some of the share of distribution in personal lines
Reasons to Buy
- Understand how certain core markets in the UK general insurance market are expected to have performed in 2022.
- 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 2027f.
Table of Contents
Total General Insurance
Frequently asked questions
What was the UK general insurance market size in 2022?
The UK general insurance market size was GBP 55.92 billion in 2022.
What will be the UK general insurance market CAGR during 2022-2027?
The UK general insurance market will grow at a CAGR of over 2% during 2022-2027.
Which was the leading line of business in the UK general insurance market?
The personal lines segment dominated the UK general insurance market in 2022.
Which was the leading distribution channel for personal lines of business in the UK general insurance market?
Direct distribution channel was the most preferred distribution channel for personal lines of business in the UK general insurance market in 2022.
Which was the leading distribution channel for commercial lines of business in the UK general insurance market?
Brokers were the leading distribution channel for commercial lines of business in the UK general insurance market.
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