UK Insurance Market Essentials: H2 2024 Update
Summary
This report gives a brief overview of both personal and commercial lines in the UK general insurance market. In the personal lines space, this includes private motor, household, travel, and pet. In the commercial lines space, this includes commercial motor, commercial property, and employers’ liability. The report explores some of the underlying drivers of gross written premium in these markets, as well as areas for future growth. It goes on to discuss product distribution within both segments of the market.
The total UK general insurance market is set to increase by 6.8% in 2024, reaching a value of GBP78.55 billion. Looking ahead, both the personal and commercial insurance markets are set to record growth up to 2028-albeit at a more moderate pace compared to previous years.
Scope
- GlobalData forecasts the total general insurance market to record a CAGR of 5.1% over 2023-28f.
- The total personal insurance market rose by 15.1% in 2023, and is expected to increase by 5.1% in 2024e, reaching a value of GBP41.31 billion.
- The direct channel accounted for 7.9% of commercial insurance in 2023, which is expected to increase steadily to 8.7% in 2028f.
- Understand how certain core markets in the UK general insurance market performed in 2023 and are expected to perform across 2024-28.
- Ascertain how underlying factors and drivers will shape various lines going forward.
- Explore the current and future market shares in the distribution of both commercial and personal lines from 2023 to 2028.
- 1. Executive Summary
- 2. Total General Insurance
- 3. Personal Insurance
- 4. Commercial Insurance
- 5. Distribution
- 6. Appendix
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