DUBLIN--(BUSINESS WIRE)--The "United Kingdom (UK) Personal Insurance Claims Market by Private Motor Insurance, Household Insurance, Travel Insurance and Pet Insurance 2022" report has been added to ResearchAndMarkets.com's offering.
This report analyzes the claims landscape across motor, home, travel, and pet insurance. Claims fraud, the methods and channels used for claims, and claim satisfaction are all examined across the lines. The future of the claims landscape is also discussed.
As the UK economy emerges from the COVID-19 pandemic, the primary challenge faced by insurers is a growing inflation rate. In August 2022, the UK inflation rate was at 10.1%. In line with growing inflation, gross claims incurred in 2022 across the four key personal lines all look set to grow compared to 2021.
Repair, rebuild, and replacement costs are all growing, driven by supply-side pressures caused by both the pandemic and Brexit.
Scope
- Around 15% of motor, home, and travel insurance customers made a claim in 2021, with this figure rising to over 30% in the pet line. Of these claims, across all four lines over 80% were accepted.
- Across all four key personal lines, consumers more commonly make a claim over the phone than through any other channel. This is both time-consuming and costly to insurers and claims handlers, who should encourage consumers to make use of simpler and faster digital channels.
- Increased use of devices based upon the Internet of Things, enhanced digitalization across claims channels, and improved fraud detection methods will all act to help insurers reduce the impact of growing claims in the future.
Reasons to Buy
- Determine the extent of claims inflation across the four key personal lines and ways to react to these growing costs.
- Understand how consumers derive satisfaction from the claims process and use these insights to create new solutions for customers.
- See the role of technology in reducing the impact, frequency, and handling costs of claims.
Key Topics Covered:
- Executive summary
- Background
- Private Motor Insurance
- Household Insurance
- Travel Insurance
- Pet Insurance
- Appendix
Companies Mentioned
- Admiral
- Aviva
- Direct Line
- LV=
- Churchill
- Marshmallow
For more information about this report visit
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