Brokers expect car insurance industry to grow by 14 per cent by 2019


TrafficThe car insurance industry could grow by 14 per cent by 2019, according to a survey of brokers.

Research seen by Insurance Age has revealed that the sector could enjoy substantial growth over the next three to five years.

A survey of 112 insurance brokers, conducted by EDM Group, revealed that 35 per cent of intermediaries anticipate sector growth between 5.1 per cent and 10 per cent over this timeframe.

The data also revealed a further 19 per cent of brokers are anticipating growth of between 10.1  per cent and 15 per cent.

Craig Campbell, head of insurance sector at EDM Group, said: “Insurance executives and intermediaries clearly have a very positive view on the outlook for the insurance sector over the next three to five years.”

“To capitalise on the opportunities here, we expect to see a significant focus from insurers on improving their levels of efficiency and cutting costs, and this will include how they manage their information and data,” he said.

“For that reason, this is one of our biggest markets, and we expect its importance to us to increase in the coming months and years.”

Only five per cent expect the sector to contract between now and 2019.

A further 47 per cent of brokers said health insurance would see the biggest growth, 44 per cent said life/critical illness and 14 per cent said car insurance.