Lockton Motor Practice - Insurance Market Update H1 2023

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UK Motor Fleet Insurance Market Update Q2 2023

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Lockton Companies LLP

Lockton Motor Market Update

Following a drop in claims during the COVID 19 pandemic, claims submissions have gone up again in conjunction with th...

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Source: Office for National Statistics

Increase in maintenance cost of motor vehicles in the UK

side view of tranporters

UK Motor Fleet Insurance Market Update Q2 2023 | Lockton Companies LLP

New Car Registrations Year to March 2023

Floor marking charging station for electric cars

Claims inflation drivers

Increase in used car prices

Technological innovation increases costs and repair time

Supply chain issues due to the pandemic, the Russia Ukraine war, and global chip shortages

Increase of vehicle theft

Increase in insurance fraud

Polygon

Changing compensation environment following the whiplash reform e.g. personal distress claims becoming more prevalent

New Car Registrations Year to March 2023

Meanwhile, electric vehicle (EV) numbers on the roads continue to increase. These vehicles are powerful with typicall...

Overall, insurance premium growth has not kept up with claims inflation in 2022. In January 2023, tough reinsurance r...

Floor marking charging station for electric cars

UK Motor Fleet Insurance Market Update Q2 2023 | Lockton Companies LLP

Row of cargo electric trucks against night

Recommendations

Without taking any action, insurance buyers will face a premium increase at renewal. To improve renewal conditions, f...

Row of cargo electric trucks against night

Without taking any action, insurance buyers will face a premium increase at renewal. To improve renewal conditions, f...

UK Motor Fleet Insurance Market Update Q2 2023 | Lockton Companies LLP

Client retention rate

Organic growth in 2022

Lockton is the world’s largest independent insurance broker. What makes Lockton stand apart is also what makes us bet...

LOCKTON overview

9,000+

Associates

97%

Client retention rate

27%

Organic growth in 2022

Clients in over 125 countries

Offices worldwide

Premiums placed

Reinvestment due to our private ownership

Annual charitable donations

Lockton is the world’s largest independent insurance broker. What makes Lockton stand apart is also what makes us bet...

LOCKTON overview

UK Motor Fleet Insurance Market Update Q2 2023 | Lockton Companies LLP

Lockton Companies LLP is authorised and regulated by the Financial Conduct Authority.

global.lockton.com

If you want to learn how to combat rising insurance costs, please contact:

Steve Vachre Motor Practice Leader

T. +44 (0)161 828 3367 E. steve.vachre@lockton.com

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