UK Commercial Motor Insurance: Market Dynamics and Opportunities



Verdict Financial

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The commercial motor insurance market has had to push against a "new normal" of lackluster growth, fighting conditions where rate increases beyond a "head above water" level remain difficult. At the same time, the market faces a number of issues including personal injury claims, hardened reinsurance rates, and the uncertainty of the impact of LASPO.

Compare a whole market view, informed by a series of insurer interviews, against your own experience and expectations.
Develop strategies to benefit from opportunities arising in the market and prepare for emerging challenges.

How is this space expected to perform in the next five years?
What are other insurers in the market most concerned by, and are there consequences you haven't considered?

Key Highlights
The last 12-18 months have seen a flurry of government-initiated investigations and reviews of the general insurance market with the aim of improving market competitiveness and reducing provider costs - and hence premiums.

Along with the improved economic outlook, demand for services and transportation is increasing thanks to stronger business activity levels. This was reflected in a 7% increase in large goods vehicle operator licenses in 2013-14 to 26,224, compared to 24,498 in 2012-13 according to Department for Transport statistics.