number of road traffic accident casualties

Press release from: ReportBazzarSummaryThe commercial motor insurance market grew slightly in 2015. This is a result of economic growth which has increased business prosperity and therefore the investment in commercial vehicles to support business expansion. The market remains at a COR of just under 100%; however, this has been strengthened by reserve releases. Without releases the market would be unprofitable, as insurers have been unable to keep rates in line with claims inflation. Rates have seen an increase due to a 3.5% rise in IPT in November 2015; however, excluding tax, rates have remained flat due to intensifying market competition. With the market in unprofitable territory it is therefore expected that rates will begin to harden over the next few years until govement reforms are introduced, which may cause a lowering of claims costs.

Claims cost fell initially when LASPO was implemented back in 2013, but the claims environment has now stabilized with some insurers reporting rises as the market has adjusted to the legislation.Request Sample and company cars driving the majority of growth. However, with the UK’s vote to leave the EU it is expected that growth of the motor parc will slow as businesses have less confidence and money to invest in new commercial vehicles until the economy begins to recover. While reforms will provide instant benefits upon implementation, telematics and driverless technology will help to reduce the frequency and severity of claims in the longer term.Key Findings– GWP for the commercial motor insurance market grew by 1.0% to £3.99bn in 2015.

The COR rose by 1.6pp to 99.9% in 2015 but was strengthened by £101.9m in reserve releases.– The commercial motor parc enjoyed another year of growth. In 2015 the total commercial motor parc grew by 3.8% to 7.6 million vehicles.– The claims environment has begun to stabilize with some insurers reporting slight increases since the market has adjusted to LASPO.SynopsisVerdict Financial’s UK Commercial Motor Insurance: Market Dynamics and Opportunities report provides an in-depth analysis of the UK commercial motor insurance market. It looks at market size and performance ratios as well as changes in premiums, claims, road casualties, regulations, and opportunities. It provides a thorough overview of the market along with future forecasts.Browse Report Summary with TOC: www.reportbazzar.com/product/uk-commercial-motor-insuranc...Reasons To Buy– Benchmark yourself against the rest of the market. Ensure you remain competitive as new innovations and insurance models begin to enter the market.– Be prepared for how regulation will impact the commercial motor insurance market over the next few years.

The commercial motor insurance market grew by 1.0% to £3.99bn in 2015Commercial fleet dominates the market and is the driver of GWP growthFleet insurance is gaining share of the commercial motor insurance marketLloyd’s of London accounts Fluctuations in commercial premiums are softer compared to private motorPremium rates will have to increase if the market is to remain profitableClaims are beginning to stabilizeLASPO initially benefitted the commercial motor insurance marketThe ABI reports a rise in the number of commercial claims notified in 2015Whiplash claims account for up to 80% of motor personal injury claims numbersFraud remains a significant issue in the commercial motor insurance marketThe number of road traffic accident casualties will continue to fallThe number of car, motorcycle, and pedestrian RTA casualties is fallingEnquiry Before Buying: www.reportbazzar.com/discount-form/?pid=516550&ptitle=UK+...About Us: Reportbazzar.com is your trusted source for the most inclusive and informative assortment of market research reports designed to empower you with the latest in industry information Vacuum Cleaner DC Motors that translates to time and cost savings for your business. We not only help you give wing to your latent business ideas but also facilitate you in taking the best informed and strategic decisions that guarantee success in your most promising business endeavors.