United Kingdom (UK) General Insurance Market Essentials (Personal and Commercial Lines) and Distribution, H2 2023 Update

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United Kingdom (UK) General Insurance Market Report Overview

In 2022, both personal lines and commercial lines experienced growth and contributed to an overall growth rate of the total insurance market. Notably, personal lines outperformed commercial lines when it came to their individual market growth. Strong performances by personal and commercial insurance lines and increasing premiums aided the UK insurance market growth in 2023. Rising inflation and disruptions in the supply chain led to increased claim costs for insurers in 2023. This resulted in increasing premiums and hence growth in the market.

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This United Kingdom (UK) General Insurance market research report provides an in-depth market analysis, including insights into both personal and commercial lines. For the former line of business, the report includes details of private motor, household, travel, and pet insurance. For the latter, the report includes information on commercial motor, commercial property, and employers’ liability insurance. The report also presents some underlying drivers of gross written premiums (GWP), as well as areas for future growth. Furthermore, the report discusses product distribution within both segments of the market.

Key Lines of Business ·        Personal Lines

·        Commercial Lines

Key Distribution Channels ·        Brokers

·        Direct

·        Affinity

·        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 2023, the personal lines of business segment held the highest UK general insurance market share. The most prominent personal lines of insurance include private motor insurance, household insurance, pet insurance, and travel insurance. In 2024, in the private motor insurance market, claims is expected to decrease as inflation and supply chain networks recover. However, the rising costs of vehicles throughout 2023 (including second-hand cars) may price out new drivers and prompt some existing participants to exit the market.

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 Segmentation by Distribution Channels

The key distribution channels in the UK general insurance market are brokers, direct channels, affinity, and banks. In 2023, the direct channel was the most popular distribution channel for personal insurance while brokers dominated the commercial insurance market. Customer demands for direct channel in the personal insurance market continue to evolve to reflect social change. Digital transformations improve both the customer journey as well as firms’ agility, which leads to increased direct sales. Moreover, after the uncertainty of the cost-of-living crisis, consumers will increasingly turn to reliable and reputable insurers directly for insurance.

UK General Insurance Market Analysis by Distribution Channels in Personal Lines on Business, 2023 (%)

UK General Insurance Market Analysis by Distribution Channels in Personal Lines on Business, 2023 (%)

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Segments Covered in this Report

UK General Insurance Line of Business Outlook (2023)

  • Personal Lines
  • Commercial Lines

UK General Insurance Distribution Channel Outlook (2023)

  • Brokers
  • Direct
  • Affinity
  • Bank

Scope

The total personal insurance market increased by 10.1% in 2022 and is expected to have grown by 13.3% in 2023, reaching a value of GBP36.17 billion.

The total commercial lines market experienced a 6.3% growth in GWP in 2022 and is expected to have risen by 12.5% in 2023, reaching a value of GBP37.51 billion.

The direct channel is expected to increase its share of distribution in personal lines to 51.5% in 2023. Meanwhile, GlobalData expects that the bank channel will lose some of its share in 2023.

Key Highlights

  • 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 performed in 2022 and are expected to perform in 2023.
  • Ascertain how underlying factors and drivers in these markets will shape the market going forward.
  • Explore the estimated market shares in the distribution of commercial and personal lines from 2018 -2023.

Table of Contents

Executive Summary

Total General Insurance

Personal Insurance

Commercial Insurance

Distribution

Appendix

Frequently asked questions

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