UK Insurance Market Essentials - H2 2023 Update

UK Insurance Market Essentials - H2 2023 Update


Summary

This report gives a brief overview of both personal and commercial lines in the UK general insurance market. In the personal lines, this includes private motor, household, travel, and pet. In the commercial lines, this includes commercial motor, commercial property, and employers’ liability. The report presents some underlying drivers of gross written premiums (GWP) in these markets, as well as areas for future growth. The report goes on to discuss product distribution within both segments of the market.

The total UK general insurance market increased by 8.2% in 2022 and is expected to have grown by 12.9% in 2023. GlobalData forecasts that over 80% of commercial insurance premiums were written by brokers in 2023, albeit at a slightly lower share than 2022. Meanwhile, a slight recovery is anticipated for the direct channel in 2023 for commercial lines.

Scope
  • The total personal insurance market increased by 10.1% in 2022 and is expected to have grown by 13.3% in 2023, reaching a value of GBP36.17 billion.
  • The total commercial lines market experienced a 6.3% growth in GWP in 2022 and is expected to have risen by 12.5% in 2023, reaching a value of GBP37.51 billion.
  • The direct channel is expected to increase its share of distribution in personal lines to 51.5% in 2023. Meanwhile, GlobalData expects that the bank channel will lose some of its share in 2023.
Reasons to Buy
  • Understand how certain core markets in the UK general insurance market performed in 2022 and are expected to perform in 2023.
  • Ascertain how underlying factors and drivers in these markets will shape them going forward.
  • Explore the market shares in the distribution of both commercial and personal lines from 2018-23e.


  • Executive summary
  • Total General Insurance
    • Total general insurance: State of the market
    • Total general insurance: Future outlook
  • Personal Insurance
    • Personal lines: State of the market
    • Private motor insurance: State of the market
    • Private motor insurance: Future outlook
    • Household insurance: State of the market
    • Household insurance: Future outlook
    • Pet insurance: State of the market
    • Pet insurance: Future outlook
    • Travel insurance: State of the market
    • Travel insurance: Future outlook
  • Commercial Insurance
    • Commercial lines: State of the market
    • Commercial motor: State of the market
    • Commercial motor: Future outlook
    • Commercial property: State of the market
    • Commercial property: Future outlook
    • Employers’ liability: State of the market
    • Employers’ liability: Future outlook
  • Distribution
    • Personal lines
    • Commercial lines
  • Appendix
    • Definitions and methodology
    • Methodology

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