A Datamonitor Brief timely UK Motorcycle Insurance Publication Date: Nov-04 Product Code: Reacting to the latest news breaking in your industry focused primary research This report is a consolidated source of information about the UK motorcycle insurance market. It examines trends in market size and claims. The report also provides GEP and gross claims ratio data by competitor. Forecasts of motorcycle GWP up until 2008 are provided, helping the reader to understand the size of the market going forward. Unique survey data and interview results thought-provoking For details of all Datamonitor briefs, go to: www.datamonitor.com/financial services Fresh opinions and out-of-the-box thinking
timely Reacting to the latest news breaking in your industry Scope and coverage Analysis of market size and trends in new bike registrations GEP and gross claims ratio by competitor Unique forecasts of motorcycle insurance GWP up until 2008 Key findings and highlights Scooters make up an increasing proportion of all bikes and have become increasingly attractive to thieves due to their fashionable status. As they cost less to replace than their larger counterparts, the average cost of a motorcycle claim fell in by 1.7 per cent. Highway s motorcycle GEP more than doubled in, moving it into second place by market share. However, its claims ratio saw a particularly large increase, as it was unable to profitably control this growth. Its claims ratio grew significantly as claims costs growth outstripped GEP growth. Interviews with industry executives indicated that premium rates are likely to remain flat in 2004 due to various pressures. Insurers are finding it difficult to raise their premium rates in the face of aggressive pricing from certain players in the market. Furthermore, the subsidized insurance offered by various manufacturers is also holding prices down. Reasons to purchase Target your customers through a better understanding of trends in new bike sales Benchmark yourself against your competitors using our GEP and gross claims ratio analysis Plan your future growth strategy using our forecasts of motorcycle GWP Contact us...
focused Table of contents MARKET CONTEXT Sizing the motorcycle market - Motorcycle GWP grew moderately between 1999 and - Motorcycling has gained in popularity - There are fewer new riders coming into the market - More recent registration figures show a further slowdown - The motorcycle parc is dominated by two types of motorcycle CLAIMS DRIVERS Motorcycle casualties - Total motorcycle casualties decreased in - Slight rise in the number of people killed or seriously injured - Londoners are most likely to have an accident - Motorcycle insurers are particularly concerned about personal injury claims Motorcycle theft - Motorcycle theft claims increased by 7.9 per cent in - The total cost of motorcycle theft claims increased in - Increasing scooter theft brings down the average claims cost COMPETITIVE DYNAMICS Competitor market shares - Highway steps up a gear Claims costs - Total claims costs increased in - Highway's claims costs more than double - The average motorcycle claims ratio dropped in - Highway's book zooms out of control Competitive issues - Insurers and manufacturers are putting pressure on rates - Scooter insurance schemes are a problem for motorcycle insurers - Axa makes a push in motorcycle - Kwik-Fit Insurance Services (KFIS) to sell motorcycle insurance - Towergate Underwriting Group buys motorcycle underwriter Brokers - Swinton furthers its presence in motorcycle broking - Carole Nash acquired the AA's entire motorcycle book - Talking claims service will cut settlement times - Investing in training Advertising - Devitt Dealer Association accounts for nearly 40 per cent of total advertising spending - There is a large gap between Devitt and the other brokers in the market FUTURE DECODED GWP forecast - GWP will increase modestly APPENDIX LIST OF TABLES Table 1: Motorcycle GWP, Table 2: Number of motorcycles licensed in the UK, Contact us...
focused Table 3: Motorcycles registered for the first time, Table 4: New registrations by style, 2002-2004 Table 5: Licensed motorcycles by engine size, Table 6: Road accident casualties in the UK,1992-2002 Table 7: Total number of motorcycle theft claims, Table 8: Total cost of motorcycle theft claims, Table 9: Average cost of motorcycle theft claims, Table 10: Motorcycle insurance GEP by competitor, Table 11: Motorcycle insurance GEP by competitor,, cont. Table 12: Motorcycle claims costs, Table 13: Motorcycle gross claims ratio, Table 14: Top 10 motorcycle insurance advertisers, Table 15: Forecast motorcycle GWP, 1999-2008f Table 16: The total cost of personal injury claims, Table 17: Personal injury claims costs as a percentage of total motor claims costs, 2002 Table 18: Personal injury claims numbers as a percentage of all motor claims numbers Table 19: Motorcycle market share by competitor, LIST OF FIGURES Figure 1: Motorcycle GWP growth picked up in Figure 2: The number of licensed motorcycles in the UK has increased steadily between 1998 and 2002 Figure 3: The number of motorcycles registered for the first time dropped in 2001 and 2002 Figure 4: Powerbikes make up the largest segment of all motorcycles Figure 5: Motorcycle casualties as a proportion of all motor casualties increased between 1996 and 2002 Figure 6: The increasing cost of personal injury claims Figure 7: Motorcycle theft claims make up an increasing proportion of total motor theft claims Figure 8: Motorcycle theft claims costs increased in Figure 9: The average motorcycle theft claims cost dropped in Figure 10: Norwich Union is a significant player in the motorcycle market Figure 11: Equity Red Star is number one in the motorcycle market Figure 12: Highway's claims ratio is well above average in Figure 13: Yamaha is offering free third party, fire and theft insurance on all of its scooters up to 125cc Figure 14: The way manufacturers offer subsidized insurance Figure 15: Axa joins the panels of the two largest motorcycle insurance intermediaries in the UK Figure 16: Devitt Dealer Association spent the most on advertising motorcycle insurance in Figure 17: Motorcycle GWP will continue to increase modestly between 2004 and 2008 Figure 18: Assumptions underlying GWP forecast Figure 19: Datamonitor's core consulting capabilities Contact us...
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