UK Commercial Motor Insurance: Market Dynamics and Opportunities 2024

This report analyzes the UK commercial motor insurance market, looking at drivers of uptake. It discusses the claims landscape in 2023, as well as the motor market and upcoming regulatory changes within insurance. Incumbent competitors are analyzed and compared, along with newcomers and insurtechs within this space. Future impactors in the market-including emerging technology such as artificial intelligence and autonomous vehicles-are also covered.

The UK commercial motor insurance market grew by 11.4% from 2022 to 2023 to reach a value of GBP6.29 billion. We expect the market to increase by a further 7.4% in 2024, reaching a value of GBP6.76 billion. Throughout 2023, one of the primary drivers of growth was elevated claims inflation, which continued to increase due to the rising cost of vehicle repairs, parts shortages, and labor expenses. Meanwhile, Aviva overtook Allianz to become the leading provider in 2023, accounting for 12% of the market.

Scope

• The total number of commercial vehicles increased by 1.4% in 2023.
• The total miles driven by all vehicles increased by 2.2% from 2022 to 2023.
• Aviva reclaimed first place with a 34.5% increase in GWP, jumping from GBP562 million to GBP758.1 million. Aviva now accounts for 12% of the market.

Reasons to Buy

• Determine how the market leaders have maintained their positions and evolved their product offerings.
• Understand the ongoing effects of the cost-of-living crisis on the market.
• Ascertain how newcomers and insurtechs are disrupting and driving innovation.
• Identify areas of growth and development in the market going forward.
• Recognize the challenges facing UK businesses and commercial motor insurers.