GIPP – data has been received


Key Findings from Recent Pricing Shakeup

It has been nearly two months since the major pricing changes in the insurance industry, and the initial data is now available. Here are the key takeaways:

Record Price Rises

• New business prices have surged in January, as anticipated due to the ban on introductory offers and price walking.
• The average R1-5 new premium for home increased by 8.4%, while for motor it rose by 5.7%, marking significant changes.

Young Drivers Trend

• Price changes have not been uniform, with older drivers experiencing higher increases in car insurance premiums.
• Premiums for drivers aged 17-19 decreased by 3.4%, while for over 65s they rose by 8.1%, showing a shift towards youth-focused telematics products.

Home vs. Motor Price Trends

• More than half of the motor market raised new business prices by over 5% in January, compared to 70% of home insurance brands.
• Brands in the home insurance sector adjusted prices to realign portfolios, indicating a shift in the market dynamics.

Future Outlook


• While the price hikes may seem extreme, they were expected as part of the policy changes.
• The market is already showing signs of adjustment, with new entrants likely to benefit from a more profitable environment.
• The long-term impact of these changes is yet to be fully realized, as brands continue to refine their strategies.

For more insights on how the market is evolving in response to the pricing changes, check out the GIPP Performance Tracker. This tool can help you stay informed and adapt your product offerings and pricing strategies accordingly.

Find Out More