Uk Motor Insurance Market

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UK Motor Insurance Market - By Product Type (Third-Party, Third-Party Fire And Theft, Comprehensive) By Channel (Direct, Agency, Banks, Others), Trend Analysis, Competitive Market Share & Forecast, 2018–2028

  • Published Date: September 2022
  • Report ID: BWC22368
  • Available Format: PDF
  • Page: 141

Report Overview

Auto insurance companies’ rapid adoption of insurtech and innovative tracking and digital technologies is expected to expand UK Motor Insurance Market during the forecast period.

UK Motor Insurance Market - Industry Trends & Forecast Report, 2028

In terms of direct written premiums, the UK motor insurance market is expected to rise at a compound annual growth rate (CAGR) of 3.6% during the forecast period (2022–2028) to reach a market size of USD 27.44 billion by 2028. Recover in Underwriting of Motor Insurance: This information displays the annual underwriting profit or loss for the UK motor insurance industry from 2008 to 2018. With the exception of 2015, only 2017 and 2018 among the years listed have shown a profit. In the UK, underwriting profits in 2018 totaled 515 million pounds. The year 2010 saw the largest underwriting loss over this time period, with automobile insurance companies reporting an annual underwriting loss of nearly 1.8 billion GBP. Drivers are required by law to carry a current insurance coverage to protect against third-party hazards. Over 27 million UK automotive insurance policies were written in 2018, with premiums totaling just over 13 billion euros.

UK Motor Insurance Market - Overview

Life insurers have been impacted by Brexit. An increase in interest rates and historically low unemployment are projected to ensure consistent market demand notwithstanding current regulatory obstacles and geopolitical concerns.

Growth Drivers

Increasing Adoption of Innovative Tracking Technologies

The insurance sector is quickly adopting telematics or usage-based motor insurance. The Telematics system tracks the car using GPS and onboard diagnostics to offer real-time data. It gauges driving habits and aids insurance firms in assessing risk. Automobile insurers now have the chance to connect with more consumers and better comprehend their demands globally thanks to digitally enabled vehicle insurance solutions. The e-call system serves as a connection point for insurance firms to other services. The e-call system, which provides an automated message in an emergency case, was introduced in Europe in 2015 (road crash). It established an emergency call that connected the closest emergency agencies using speech and data. Laws pertaining to the right to privacy and data protection have evolved quickly throughout time. To examine the risks that insured want to insure, insurers process data. This makes it easier for insurers to adapt their insurance offerings.

UK Motor Insurance Market - Increasing demand

UK Motor Insurance Market's growth and demand is expected revert to pre-pandemic levels. Automotive Usage Based Insurance (UBI) collects driving data in real-time using state-of-the-art machine-to-machine and in-vehicle technologies. This enables insurers to establish and modify premiums depending on a person's driving behavior rather than just relying on demographics or claim history. Drivers' insurance premiums and risk assessments are totally based on their driving behavior, and safe driving entitles them to lower premiums. With premiums and policies that take actual risk into account, UBI improves profitability and accuracy for insurers. These elements will have an impact on market expansion.


The number of accidents, road collisions, and wrecks is rising daily in the 7.8 billion-person globe of today. The prices of auto insurance rates are significantly influenced by all of these variables. For instance, due to their high disposable income, residents of large cities are willing to pay a significant premium. People texting, chatting on the phone, or engaging in other activities while driving is a problem in every city, and it may be the main factor in accidents. When there is an accident, auto insurance pays for any wounded people, medical expenses, lost earnings, vehicle repairs, and any property damage. People are buying auto insurance as a result to prevent financial losses, which would increase demand for it throughout the period in analysis.

Impact of COVID-19 on UK Motor Insurance Market

The abrupt COVID-19 pandemic breakout in the UK initially had a detrimental impact on the expansion of the country's auto insurance sector. Sales of private and commercial vehicles fell dramatically as a result of client purchasing power declines and mobility limitations. The market is expected to prosper in the post-COVID-19 period as demand for private vehicles could soar due to safety concerns and social distance issues. Additionally, the market for motor insurance is benefiting from insurtech and financial services that make it simple to access automobile insurance through business websites and banking institutions.

UK Motor Insurance Market - By Type

In UK Motor Insurance Market by type, the market is segmented as commercial and retail. Over 90% of the world's motor insurance business was in the retail sector, which benefited from an expanding middle class and rising disposable income in emerging economies. During the period in analysis, it is expected that the retail sector would increase more quickly than the business segment. Retail customers turned their attention more toward saving as a result of the unstable job market and an increase in unemployment rates. Prior to the pandemic, the range of commercial insurance was broadened by increasing business demand for fleet insurance, the growth of rideshare services such as Uber and Lyft, and the demand for logistics brought on by the emergence of online marketplaces such as Alibaba, Flipkart, and Amazon.

UK Motor Insurance Market - By Application

UK Motor Insurance Market is divided into business and personal groups based on applications. Due to the Motor Vehicle Act of 1988's need that all vehicles be insured, personal auto insurance makes up the majority of the market. Over the next few years, the personal auto insurance market is forecast to grow along with disposable income and private vehicle ownership. However, because of the development of cab services such as Uber, the commercial segment is expected to expand at a faster rate during the period in analysis.

Competitive Landscape

Major players in the UK Motor Insurance Market are Aviva, Ageas, BGL Ltd, Ensure Group, Direct Line Group, Covea Insurance Group, Axa Insurance UK Ltd, Co-Op Insurance Services, and DL Insurance Services Limited. The fragmented market is expected to expand during the period in analysis due to the industry's increasing adoption of insurtech, a minor improvement in the underwriting of auto insurance, and a few other factors.

Recent Developments

The FCA Market Study, which has prohibited price walking, established new governance standards, and will eventually work to prevent auto-renewals from being utilized as a barrier to switching, has ruled out price walking. The adoption of new regulations or laws (such as the Civil Liabilities Act), which will probably reduce the amount of lower-value personal injury claims resulting from auto accidents.


Scope of the Report

Attributes  Details
Years Considered Historical Data – 2018–2021 
Base Year – 2021
Estimated Year – 2022
Forecast Period – 2022–2028
Facts Covered Revenues in USD Billion
Market Coverage United Kingdom
Product Service/Segmentation By Product Type, By Channel 
Key Players Aviva, Ageas, BGL Ltd, Ensure Group, Direct Line Group , Covea Insurance Group, Axa Insurance UK Ltd, Co-Op Insurance Services, and DL Insurance Services Limited


By Product Type

  • Third-Party
  • Third-Party Fire and Theft
  • Comprehensive

By Channel

  • Direct
  • Agency
  • Banks
  • Others
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary and Secondary Products
    2. Quantitative Research
      1. Primary and Secondary Products
    3. Breakdown of Primary Research Respondents
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Industry Participants
    5. Market Breakdown & Data Triangulation
  3. Executive Summary
  4. U.K. Motor Insurance Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Porter’s Five Forces Analysis
      1. Bargaining End-use Industry of Suppliers
      2. Bargaining End-use Industry of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
    4. Recent Development
    5. PESTEL Analysis
  5. U.K. Motor Insurance Market Overview
    1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product Type
        1. Third-Party
        2. Third-Party Fire And Theft
        3. Comprehensive
      2. By Channel
        1. Direct
        2. Agency
        3. Banks
        4. Others
  6. Competitive Landscape
    1. List of Key Players and their Offerings
    2. Company Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  7. Impact of Covid-19 Across Motor Insurance Market
  8. Company Profile (Company Overview, Financial Matrix, Key Product Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. Aviva
    2. Ageas
    3. BGL Ltd
    4. Ensure Group
    5. Direct Line Group
    6. Covea Insurance Group
    7. Axa Insurance UK Ltd
    8. Co-Op Insurance Services
    9. DL Insurance Services Limited
    10. Other Prominent Players.
  9. Key Strategic Recommendations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable


List of Figures


Figure 1        U.K. Motor Insurance Segmentation

Figure 2        U.K. Motor Insurance Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        U.K. Motor Insurance Market Size, By Value (USD Million), 2018–2028

Figure 5        U.K. Motor Insurance Market Share, By Coverage Type, By Value, 2018–2028

Figure 6        U.K. Motor Insurance Market Share, By Channel, By Value, 2018–2028


List of Tables


Table 1         U.K. Motor Insurance Market Size, By Coverage Type, By Value, 2018–2028   

Table 2         U.K. Motor Insurance Market Size, By Channel, By Value, 2018–2028            

Table 4         Aviva Company Overview                                          

Table 5         Aviva Financial Overview                                           

Table 6         Ageas Company Overview                                         

Table 7         Ageas Financial Overview                                          

Table 8         BGL Ltd Company Overview                                      

Table 9 BGL Ltd Financial Overview                                      

Table 10        Ensure Group Company Overview                                        

Table 11        Ensure Group Financial Overview                                         

Table 12 Direct Line Group Company Overview                                          

Table 13        Direct Line Group Financial Overview                                              

Table 14        Covea Insurance Group Company Overview                                              

Table 15        Covea Insurance Group Financial Overview                                               

Table 16        Axa Insurance UK Ltd. Company Overview                                      

Table 17        Axa Insurance UK Ltd. Financial Overview          

Table 18        Co-Op Insurance Services Company Overview                                           

Table 19        Co-Op Insurance Services Financial Overview               

Table 20        DL Insurance Services Limited Company Overview                                     

Table 21        DL Insurance Services Limited Financial Overview                            


Market Segmentation

By Product Type

  • Third-Party
  • Third-Party Fire and Theft
  • Comprehensive

By Channel

  • Direct
  • Agency
  • Banks
  • Others
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Frequently Asked Questions (FAQs):

Ans: UK Motor Insurance Market size reached USD 21.50 billion in 2021.
Ans: The major factors driving the growth of the UK Motor Insurance Market are digitally enabled insurance solutions, cutting-edge technologies, and premium policies.
Ans: The key players in the UK Motor Insurance Market are Aviva, Ageas, BGL Ltd, Ensure Group, Direct Line Group, Covea Insurance Group, Axa Insurance UK Ltd, Co-Op Insurance Services, and DL Insurance Services Limited.