In 2003 the motor sector experienced an encouraging resurgence in growth, holding the much anticipated soft market at bay. However, it is clear that in 2004 the market succumbed to price-competitive behavior, which had the adverse effect of a 2.2% decline in premium income. For the five years to 2004 overall though, the motor market saw gross written premiums increase at a year on year rate of 5.0%.
Source: Datamonitor, "UK Personal General Insurance" (DMFS1809)
