UK private motor insurance market: premium rate inflation to boost GWP

The private motor insurance market is the largest general insurance sector in the UK and, as such, is the most important market for many insurers. Datamonitor predicts that by 2013 the UK private motor insurance market will be worth GBP12.5 billion, largely due to premium rate inflation. In the period 2009-13, gross written premium growth is predicted to average 6.2% on a compound annual basis, with an accelerated growth rate in the early years until 2010 as insurers are spurred to increase premium rates due to unprofitability.

Source: Datamonitor, UK Private Motor Insurance 2009, June 2009, DMFS2365

Source: Datamonitor, UK Private Motor Insurance 2009, June 2009, DMFS2365