Launching on Price Comparison Websites has given Aviva the biggest gain in the car insurance market, according to insight from our Insurance Behaviour Tracker.
The figures, which record which insurer customers choose at renewal and the reasons why, show Aviva increased its market share by 1.65% - well above second placed RAC .
Aviva first launched on a PCW in June 2020 and after honing its strategy it followed with a full motor roll out in November.
Aviva affirmed its retail sales had increased by 5% in its recent half year results, adding: “While we continued our disciplined approach to pricing and underwriting in a challenging motor insurance rating environment, we increased market share, benefitting from the successful launch of the Aviva brand on price comparison websites for motor and home.”
Aviva’s online only brand QuoteMeHappy grew too, but by less, posting a 0.3% market share gain which made it the 12th fastest growing brand.
Top 10 brands for momentum (market share increase)
|
|
Brand |
Oct 20 – Mar 21 |
|
1 |
Aviva |
1.65% |
|
2 |
RAC |
0.94% |
|
3 |
LV= |
0.79% |
|
4 |
AA |
0.78% |
|
5 |
1st Central Standard |
0.75% |
|
6 |
Churchill |
0.73% |
|
7 |
Hastings Direct |
0.65% |
|
8 |
Admiral |
0.58% |
|
9 |
AXA |
0.44% |
|
10 |
esure |
0.42% |
That means it’s all change at the top in terms of market share, as the top 5 jostle for position.
LV= is now the largest motor insurance brand in the UK, thanks to a retention rate some 14 points higher than the market average and recent rate cuts.
Direct Line stays at number 2 and all Aviva’s efforts are clearly paying off as it becomes the third biggest motor insurance brand in the UK, up from fifth just six months before.
Meanwhile AXA and RAC have been pushed out of the top 10 by Tesco and esure.
Top ten brands for overall market share
|
|
Brand |
Oct 20 – Mar 21 |
|
1 |
LV= |
9.2% |
|
2 |
Direct Line |
8.2% |
|
3 |
Aviva |
7.5% |
|
4 |
Admiral |
7.5% |
|
5 |
Hastings Direct |
7.1% |
|
6 |
Churchill |
6.0% |
|
7 |
AA |
4.5% |
|
8 |
Saga |
3.9% |
|
9 |
Tesco |
2.9% |
|
10 |
esure |
2.8% |
As a Group, however, Direct Line Group with back up from its Churchill and Privilege, brands are still actually the ones with the most people on cover, with a combined 14.9% market share.
Likewise, in more Aviva good news, with QuoteMeHappy and General Accident added in, the giant has a 11% market share – actually making it bigger than market share headliner LV=.
All in all, it’s a dynamic time in the motor market. According to our latest survey, 15% of drivers planning to buy a new or second hand car in the next year. There is a lot of new business to play for.
Viewsbank survey of 819 motorists, 19-21 August 2021
Clients currently purchasing our IBT data can access more recent insights to view the latest trends. Contact us to discuss the latest movements in the fast-paced motor market and your position in it.
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