Commercial Motor Insurance Industry in the Uk, 2018

ResearchMoz.us include new market research report " Commercial Motor Insurance in the UK, 2018: Indsutry Size, Shares, Growth, Analysis, Trends And Forecast" to its huge collection of research reports.

The UK commercial motor insurance category has recorded growth since 2008, despite the synchronous recessionary backdrop. Gross written premiums rose at an annual rate of 7.2% in 2012, to a total of GBP3.4 billion and a five-year high. During the review period (2008–2012), premiums posted a compound annual growth rate (CAGR) of 5.50%.

View Full Report With TOC: http://www.researchmoz.us/commercial-motor-insurance-in-the-uk-key-trends-and-opportunities-to-2018-report.html

The recession resulted in faltering business confidence, lenders reducing the availability of credit, and a slump in capital spending − including investment in commercial vehicles. Faced with a reduction in the underlying demand for commercial motor insurance, rate rises in the category were largely due to insurers hiking rates to protect profits.

Motor insurance claims rose sharply during the review period, reflecting a higher incidence of fraudulent claims related to staged accidents and the resulting payouts for personal injury and whiplash claims. The number of motor-related personal injury compensation cases registered with the government’s Compensation Recovery Unit surged in the five years to 2012, in contrast to a 15% fall in road traffic accidents during the period.

The motor insurance industry has collectively prioritized a significant reduction in fraud, introducing measures which include the development of software and databases to improve core risk underwriting, as well as systems to detect false or inflated claims. In addition, the growing use of telematics in commercial vehicle policies and the implementation of the Legal Aid, Sentencing and Punishing of Offenders Act (LASPO) in April 2013 will also have a mitigating effect on commercial motor claims.

Find More...