Digital insurer Wakam UK has entered the UK motorcycle insurance market through a partnership with specialist intermediary Principal Insurance.
The collaboration combines Wakam UK’s digital underwriting capability with Principal Insurance’s experience in motorcycle insurance distribution and relationships within the rider community, according to FF News.
Both firms said the partnership aims to address structural challenges in the UK motorcycle insurance market, which has seen increasing consolidation and reduced flexibility for many riders.
Mark Christer, CEO at Wakam UK, said: “The UK motorcycle insurance market has, in recent years, undergone significant consolidation and tighter underwriting criteria, resulting in a small number of providers dominating distribution and pricing. For riders that has resulted in limited choice, rising premiums and difficulty securing appropriate cover, particularly for non-standard bikes and specialist rider segments.”
Principal Insurance said riders have faced declining product choice and reduced underwriting appetite across multiple bike categories.
Dave Bowcock, Founder and Managing Director of Principal Insurance, said: “Bikers have increasingly aired their frustrations that competition has been stifled, with fewer providers and a loss of market appetite resulting in the reduced availability of cover across both bike and rider profiles.
“There’s been a loss of flexibility and too few bespoke schemes which have impacted riders, whether they want to insure a scooter, sports, custom or multiple bikes. This collaboration with Wakam UK will tackle market weaknesses and reflects a broader shift towards expert-led partnerships as a way to address complexity in specialist insurance markets, where experience and judgement remain critical.”
The partnership is intended to introduce additional underwriting capacity and specialist expertise to the market.
Jason Sparrow, Head of Partnerships at Wakam UK, said: “Entering a specialist market like motorcycle insurance isn’t about simply adding capacity, it’s about working with people who genuinely understand the nuances of the sector and the needs and wants of riders. The alignment with this partnership is what gives us confidence we can support sustainable growth in this market to support the riding community, rather than applying a one-size-fits-all approach.”
Together the companies plan to launch a multi-million-pound motorcycle insurance programme designed to expand cover availability and increase competition in the market.
The partnership will focus on product development tailored to rider behaviour and specialist bike categories rather than relying on more generic underwriting models.
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